PayNearMe, a financial services technology company, has partnered with 7-Eleven, Inc. to introduce the PayNearMe Bill Pay app, enabling U.S. consumers to pay over 17,000 national and local billers with cash using a convenient barcode scan at participating 7-Eleven stores.
The domestic bill payment service is the first in a line of affordable financial services that the company plans to offer cash-preferring U.S. consumers and extends the reach of PayNearMe's existing cash merchant processing offering for businesses.
The PayNearMe Bill Pay app serves as a full-service bill payment center, allowing cash users to keep track of payment history, set reminders, and securely pay their bills in under 60 seconds with one trip to their local 7-Eleven store. Most of 7-Eleven's nearly 8,000 U.S. stores are open 24/7, allowing users with even the tightest schedules to easily and conveniently stay on top of their bills.
The wide range of billers that are payable include cable companies, utilities providers and insurance companies, as well as PayNearMe's existing merchants such as Greyhound bus, and Indego, the city of Philadelphia's bike share program.
According to the FDIC, 28 percent of U.S. households have limited or no access to bank accounts. The financially underserved and others who simply prefer to use cash can use this app to pay for bills and services without missing work for trips to a payment office, standing in long lines, and/or filling out complicated forms for money orders.
"This PayNearMe Bill Pay app is just the beginning," said Danny Shader, PayNearMe's founder and CEO. "Cash users are largely neglected in today's bank-based digital economy. By building a suite of easy-to-use financial services that are also easy for retailers to provide to their customers, we will make it possible for everyone to benefit from the convenience of digital transactions."
With money transmitter licenses already secured in all 48 states where they are required, PayNearMe expects to add national and regional retailers to its payment location network in the coming months. Other financial services are expected to follow.