HyperWallet Systems Inc., a leading provider of global payment solutions, today announced that it is integrating its payment services with the PayNearMe electronic cash-transaction network.
PayNearMe allows consumers to use cash to buy goods online, pay utility bills, make rent payments and repay loans, all via convenient printable or mobile barcode technology. PayNearMe's innovative cash-payment option is processed at nearly 10,000 participating 7-Eleven® and ACE Cash Express® stores across the US.
The integration with PayNearMe will enable hyperWALLET, whose global payment solutions and brandable prepaid-card products are utilized by over 150 corporations worldwide, to offer cash as a payment acceptance option for the first time. This new cash-payment acceptance capability will be available to hyperWALLET's customers in early 2014.
"We are pleased to expand our array of supported payment options," states Bill Crowley, Vice President of Product and Services at hyperWALLET Systems Inc. "With PayNearMe, hyperWALLET will offer our corporate customers the ability to add cash payment options directly into their e-commerce websites."
More than 25% of US consumers regularly transact in cash and cash equivalents because they either don't have a bank account or choose not to rely on automatic payments, checks and credit cards. The partnership with PayNearMe allows hyperWALLET's corporate customers to expand their payment options to better serve these cash-paying consumers.
Companies in the direct-selling industry are expected to benefit the most because consumers in this market often buy goods from distributors with cash. These distributors then need an easy way to use this cash to order new goods from the parent company.
"PayNearMe is a great alternative for the underbanked demographic, or for those who simply prefer to pay with cash," said Mr. Crowley. "We believe our integration with PayNearMe will offer substantial value to a variety of companies including direct selling organizations, as it will enable their distributors to pay with cash for products ordered via their websites."
"Cash in circulation has grown 42% since 2008; yet, cash-paying consumers are still finding it difficult to participate in the digital economy because most online businesses only accept credit and debit cards," said Danny Shader, CEO of PayNearMe. "The ability to offer cash as a fast, simple and essential payment option will help hyperWALLET's corporate customers expedite business transactions and open up new markets."
Numerous businesses, such as property management companies, utility providers and financial institutions offer PayNearMe as a payment option to their customers.
To make a payment, individuals bring their cash payment and mobile or printed PayNearMe PaySlip™ to a local 7-Eleven or ACE Cash Express store. PaySlips, which can be printed on paper or rendered on the screen of a smartphone, include a unique barcode and cash payment instructions. At the store, the cashier scans the barcode, accepts the payment and issues a receipt confirming that the payment was accepted and processed. There are no forms to fill out, and the user's account is credited immediately. The whole process takes less than a minute.