MOUNTAIN VIEW, Calif. -- Looking to address the needs of consumers who do not have credit or debit card, PayNearMe has launched a mobile cash payment system.
PayNearMe is a cash payment system that lets consumers pay for online purchases, bills and bus tickets at 7-Eleven stores. Previously, consumers would print out a receipt or payment slip for their purchases and submit it with their payment at a participating 7-Eleven outlet. With the new payment option, customers can buy something online -- whether from a personal computer or smartphone -- and call up that link to a payment screen in a 7-Eleven store (or other future retail partners). The store employee can then scan the barcode on the link and accept payment. The money goes directly back to the original merchant, explained a blog post on GigaOM.
The change is in recognition of those consumers without access to credit or debit cards, which is estimated to be around 25 percent of the population. Greyhound and Progreso Financiero, a financial service that makes loans to immigrants, will be among the first companies to offer fully mobile payments with PayNearMe.
PayNearMe came to market 16 months ago. It currently works with 7-Eleven outlets but is looking to expand its retailer network.