M-payment: PayNearMe used to make mobile cash payments
- PayNearMe is turning its attention to mobile media and adapting its payment system for Android and iOS.
- The roll out of this new service involved the support of the transport specialists Greyhound and the banking group Progreso Financiero which caters to the Hispanic population. It enables affiliate retailers (including approximately 6,400 7-Eleven stores) to offer their customers cash payment services, validated by the scanned bar code displayed on the mobile and no longer on a paper receipt. It is used for paying bills, loan payments, daily purchases and Greyhound bus tickets. Now users who have selected the "mobile" option when ordering will receive a text message or e-mail containing the bar code which they will show to the retailer to confirm their payment.
- Within the first few days of launching this new option, Greyhound announced that it had been widely adopted by its customers, 50% of whom pay for their tickets exclusively in cash.
Source: Press release by PayNearMe
- PayNearMe reports growth of over 30% in the amount of monthly transactions, since its launch a year and a half ago. Their solution is aimed at the underbanked sector of the population, which accounts for approximately a quarter of Americans, and particularly the Hispanic community. Furthermore, 50% of those people who own a mobile have a smartphone, hence the advantage of developing a mobile solution with a cash payment feature.
- PayNearMe places high hopes on strong growth in the mobile cash payment market. In addition, it marks a closer step towards rendering transactions totally electronic as no printouts are required.