Finding a Place for Cash Payments in a Digital World

Some people still bristle at the thought of leaving the house without cash—old habits die hard, and not everyone feels comfortable with new payment technologies like tapping and swiping. Despite the growing reliance on digital payment options, 13% of consumers still prefer using cash for bill payments. For billers, you should recognize that some of your customers still want to use traditional payment methods and may take time to adapt or never switch. This is particularly true for lower-income households earning less than $50,000 annually. They used cash for 28% of payments. This reliance on cash often stems from limited access to credit or banking services. Cash is also favored by consumers 55 or over, who used it for 22% of payments in 2024. 

Considering that consumers make, on average, seven cash payments per month, the question isn’t whether cash is still relevant; it’s about how to serve these customers effectively. Stay tuned as we explore how KUBRA’s Retail Cash Payment (RCP) Network helps you meet all of your customers’ needs. 

KUBRA RCP Network Expands Support for Cash-Paying Customers

Always on the lookout for more ways to create greater customer experiences, KUBRA was thrilled to welcome Kroger and its sub-retailers into its RCP Network. Through its strategic partnership with tech partner Incomm, this expansion adds 2,100 payment locations across 31 states, greatly enhancing the reach and convenience of the KUBRA RCP Network. 

RCP’s Impact on Customer Convenience

1. Three Ways To Pay!

KUBRA EZ-PAY+™ RCP redefines convenience by offering three distinct methods for cash payments, making the process simple and accessible for your customers. They can initiate payments through their mobile phone, print a payment slip with a reusable barcode, or use a barcode on the invoice (if available through their biller). These options allow customers to personalize their payment experience, ensuring RCP meets their diverse needs.

2. Secure Validation

Customers use a unique and reusable barcode containing all the necessary information to validate their cash payment. This eliminates the need for them to present a government ID to the cashier or complete lengthy forms at the retailer, making this payment process secure and convenient. 

3. Pay When, Where, and How They Want

The user-friendly and dynamic map tool available during the RCP process helps customers quickly locate their ideal retail location. Providing detailed and accessible information helps customers easily find the most convenient location.

Meeting Diverse Customer Needs

For many people, having a bank account is a given, but that’s not the case for everyone. Some households are unbanked, meaning no one within the household holds a checking or savings account at a bank or credit union. In 2023, 4.2% of U.S. households were unbanked, representing about 5.6 million households. A household is underbanked if it has a bank or credit union account but has used at least one non-bank financial service in the past year. This group is a much more significant portion of the population, with 14.2% of U.S. households underbanked, representing about 19 million households. 

Serving these populations is essential because they often include lower-income, less-educated households and minority communities. Groups such as single parents, individuals with disabilities, and those with unstable incomes also frequently face challenges in accessing financial services. Ensuring these demographics have access to economic resources can help create a more inclusive system overall.

Benefits of Retail Cash Payment Solutions

• Accept cash payments outside regular business hours
• Address the needs of unbanked, underbanked, and cash-preference customers
• Eliminate the need for hardware maintenance
• Ensure 100% uptime for cash payment networks
• Experience real-time payment validation, posting to customer accounts, and reporting
• Lower the cost of cash acceptance and management
• Reduce customer service lobby lines

Supporting Cash-Paying Customers With Expanded Convenience

Cash may not still be king, but it’s definitely still a vital payment method, particularly for unbanked, underbanked, and cash-preference households. With KUBRA's RCP Network, customers benefit from unparalleled convenience, secure payment validation, and flexible options for managing cash payments.