PayNearMe Expands Cash Payment Network to Enable Mobile Payments

MOUNTAIN VIEW, Calif., Nov. 16, 2010 /PRNewswire/ -- PayNearMe, the cash payment network, today announced a mobile option for consumers who prefer to pay cash for e-commerce purchases, loan re-payments, e-wallet loads and a wide variety of other everyday transactions.

Using only their mobile phones and the new, free PayNearMe Card, consumers can complete transactions with a growing list of payees, including Amazon.com and Facebook.  

PayNearMe Cards are available at more than 6,000 7-Eleven® stores across the U.S. In addition to the launch of PayNearMe Cards, the company also announced that it has secured $16 million in financing (see separate release for details) to continue delivering innovative service offerings, add payment locations, and expand its network of payees.

More than 50% of U.S. adults prefer cash for payment and a quarter of U.S. households lack credit or debit cards. This means American consumers need a secure and convenient way to complete remote transactions with cash.  Because PayNearMe recognized that mobile phones represent a simple and easy way for these consumers to complete cash transactions, the company developed a mobile option based initially on the new, innovative PayNearMe card.

To complete a payment with a PayNearMe Card and a mobile phone, consumers:

1. Provide their mobile number to a business they wish to pay with cash
2. Get a free PayNearMe card from their local 7-Eleven store and reply to a text message from PayNearMe with the Card's unique number
3. Hand that PayNearMe Card and cash to a store associate who completes the transaction in real-time.  After the transaction has been processed, the PayNearMe Card can be re-used or discarded.

As with all PayNearMe transactions, the payee is notified immediately that payment has been received with no risk of fraud, charge-backs or frozen funds.  

Unlike gift or pre-paid cards, which store value and are typically in fixed amounts (or denominations), PayNearMe Cards simply enable mobile cash payments in any amount from $.01 to $1,000. There's no stored value, no hidden fees, no unused balances, and no need– or even ability -- to pay more than the consumer intended to spend.

"By creating mobile cash payments with the free PayNearMe Card, we're making it even easier for consumers to make payments with cash," said Danny Shader, CEO of PayNearMe.  "Now, businesses that accept PayNearMe can serve the large and growing population of consumers who prefer cash and want to use their mobile phones."

PayNearMe is accepted across a range of industries, merchants and payment gateways, including: Amazon.com, Facebook, Progreso Financiero, PaymentVision, MOL AccessPortal, m-Via, Lexicon Marketing, LLC, Adknowledge's Super Rewards, Money to Go and SteelSeries .

About PayNearMe

PayNearMe enables consumers to pay conveniently with cash for a wide variety of goods and services from leading companies in e-commerce, direct response and catalog marketing, consumer finance and beyond at a local store, starting with more than 6,000 7-Eleven stores across the United States. For more information, visit www.paynearme.com.

SOURCE PayNearMe