Electronic cash payment network PayNearMe has acquired consumer financial management app Prism Money, enabling the company to offer businesses and financial institutions in-app bill presentment and the ability for consumers to make bill payments via Automated Clearing House (ACH) or credit/debit/prepaid cards.
These capabilities augment PayNearMe's existing cash payment processing capabilities.
Prism Money helps people nationwide track their bank balances, paychecks, billing amounts due, due dates, in addition to allowing them to make payments, all within one easy-to-use app. Through this acquisition, a wide range of enterprises from banks to business to government agencies can now offer their consumers the same features enjoyed by Prism Money users via API integrations with the underlying platform that powers Prism Money and PayNearMe.
Visa will offer PayNearMe's new suite of customizable bill presentment and payment processing capabilities to its enterprise customers, including Visa prepaid consumer reloadable card programs.
"Visa prepaid card providers can now easily integrate bill presentment and same-day bill payment into their existing apps, making it easier than ever for Visa prepaid cardholders to pay bills immediately when they receive wages onto their prepaid cards," said Tony Chang, Vice President, prepaid product at Visa. "PayNearMe will provide new functionality for Visa prepaid cardholders, giving them access to new features that will save them time."
PayNearMe will continue to offer businesses and government agency partners such as Greyhound bus and California Department of Child Support Services the ability to collect cash payments at nearly 17,000 participating 7-Eleven, Family Dollar and ACE Cash Express stores nationwide, and will soon announce new retail partnerships. Prism Money will continue to provide new and existing users with the easiest way to track and pay their bills and balances through the Prism Money app.
"We continue to experience tremendous growth in our retail cash payment business, more than doubling the number of payments in the past year, and processing over $1 billion," said Danny Shader, founder and CEO of PayNearMe. "Adding Prism's powerful bill presentment, bill management and ACH/card payment capabilities enables us to offer a menu of bill presentment and payment capabilities that financial services providers can use to enhance their customer experiences. We look forward to working with Prism's talented, customer-focused team to continue improving the Prism Money app for its users as we grow the PayNearMe platform of offerings for businesses, government agencies, and financial institutions."
"Like Prism Money, PayNearMe is known for combining technological innovations with a maniacal focus on user experiences, so it was a natural fit for us," said Steve Gordon, co-founder of Prism. "Our company cultures are very similar, and we liked each other, which really matters. Importantly, Prism Money users should expect us to continue supporting and improving the Prism Money app."