PayNearMe, the cash-payment network, today separately announced four innovative extensions of its technology platform that allow consumers to execute remote transactions with cash.
Businesses that operate in the transportation, value remittance, bill presentment and money transfer industries can now accept cash payments at most 7-Eleven stores nationwide.
The first announcement describes how transportation companies can now instantly turn nearly 6,200 7-Eleven stores across the country into ticketing offices using PayNearMe's platform. By integrating with PayNearMe, transportation companies can sell and print tickets at participating 7-Eleven stores' point-of-sale terminals, dramatically increasing customer access so that millions of consumers can pay for their transportation needs with cash.
Additionally, PayNearMe announced its new Embedded Barcode Remittance (EBR) Technology, which billers can use to embed PayNearMe Barcodes directly into their customers' statements. By using EBR, billers reduce their cash-processing expenses by accepting cash payments at 7-Eleven stores instead of accepting money orders in the mail or cash at their own facilities. This capability is likely to have a material impact on billers and bill presentment companies, as 10 percent of bills ($338 billion) per year are currently paid with cash or money orders.
PayNearMe's third announcement details how mobile operators and value remittance providers can work with PayNearMe to offer their prepaid mobile subscribers the ability to add minutes to their accounts at any one of 7-Eleven, Inc.'s nearly 6,200 convenience stores in the U.S. without the need for dedicated cards. Also, consumers in the U.S. can pay bills or load gift cards on behalf of friends or family members outside of the country.
Finally, PayNearMe joined 7-Eleven, the world's largest convenience store chain, and Ria Financial Services, Inc., the leading global money-transfer company and subsidiary of Euronet Worldwide, Inc. (NASDAQ:EEFT), to announce a service whereby consumers can initiate money transfers or bill payments using their mobile phones and complete these tranansactions in real time at a 7-Eleven store register. The process is based on a new, free Ria Card, available now at 5,000 7-Eleven stores, which can be used to pay more than 3,000 U.S. billers. This card also can facilitate sending remittances to family and friends in more than 134 countries.
"PayNearMe continues to drive innovation in payments for the businesses that wish to serve the large market of consumers who prefer to or must pay with cash," said Danny Shader, CEO of PayNearMe. "We look forward to working with companies who are interested in increasing their addressable market share and payment footprint."