" class="no-js "lang="en-US"> Bringing cash to ecommerce: Online retailers set to effortlessly accept cash payments with Monavate and Kasssh - Fintech Finance
Monday, March 04, 2024

Bringing cash to ecommerce: Online retailers set to effortlessly accept cash payments with Monavate and Kasssh

As cash payments in the UK rise for the first time in a decade, payments technology and solutions provider Monavate has worked with e-commerce payments innovator Kasssh and recently launched a trailblazing cash payment solution for online shoppers in the UK. E-commerce operators can now tap the previously unaddressable segment of UK consumers who favour cash payments, by effortlessly plugging Kasssh’s solution, developed with Monavate, in their existing payments infrastructure, using newly available applications on Shopify and BigCommerce.

The Kasssh payment solution adds a much-needed checkout option for ecommerce operators in the UK, without requiring any alterations to their backend systems and operations. This offers a gateway to a seamless and inclusive shopping experience, as online shoppers can now pay in cash for their online purchases, effortlessly and securely, at over 28,000 Kasssh partner locations – nearby supermarkets, petrol stations, or local newsagents.

Kasssh’s groundbreaking solution is built using the latest technologies offered by Monavate’s proprietary payments platform (MonavateOne). The partnership and the technology solution developed for Kasssh enable ecommerce retailers to accept cash payments with no disruption or development time, in as little as tens of minutes rather than months of development.

The MonavateOne platform enables companies like Kasssh to develop highly customised payments infrastructure with speed, scale and full compliance in the United Kingdom and Europe. The platform provides all the fundamental payments features, plus a whole array of leading-edge ones: BIN sponsorship, card issuance, IBANs, acquiring capabilities, fraud prevention, real-time authorisation, real-time funding, Apple, Samsung and Google Pay, PEPs and sanctions, data insights, as well as value-added issuing services from Banking-as-a-Service to DeFi support.

Alongside the considerable rise in digital payment methods, physical cash remains the second most popular payment method in the United Kingdom, with 18-24 years olds, counterintuitively, being the fastest growing cash using segment. With 1 in 7 of all retail payments in the UK made in cash and cost of living pressures making consumers increasingly budget-conscious, this is the perfect time for e-commerce websites to cross the divide between online shopping and cash payments.

“Our core focus at Monavate is to cut through the unnecessary complexity in the payments landscape and simplify the technology choices that businesses like Kasssh need to navigate when launching their financial products. We’re excited to support Kasssh bring their innovative and inclusive financial service to life, by providing them with the payments architecture and expertise that enables them to launch and scale with ease and speed”, said Scott Lucas, CCO and Co-Founder of Monavate.

“Kasssh is a differentiator for online retail. By incorporating cash payments, we’re ensuring that more customers have the opportunity to enjoy the benefits of online shopping, no matter their payment preference. We are truly excited to bring Kasssh to market and allow both eCommerce retailers and end consumers a way to transact with each other on their own terms. This unique technology is only possible with great partners and Monavate has been with us since the beginning as we share the same outlook on using great technology to help all stakeholders in society”, said Piero Macari, Founder at Kasssh.

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