Digital cash payment service PayNearMe today announced it has acquired financial management and billpay app Prism Money. PayNearMe will leverage Prism Money’s billpay and ACH/card payment capabilities to offer enterprise clients a bill presentment API integration.
The California-based company’s founder and CEO Danny Shader says that Prism enables it to offer government agencies, banks, and businesses “a menu of bill presentment and payment capabilities” that can be customized for the end customer.
As a result of the partnership, Visa (FinDEVr San Francisco 2014 presenter) will offer the new bill-presentment capabilities to its enterprise customers and will add it to the Visa prepaid, consumer-reloadable cards. Tony Chang, VP of prepaid product at Visa, says 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.”
Founded in 2009, PayNearMe enables consumers to pay bills using cash at 17,000+ retail stores across the U.S. by scanning a barcode on their smartphone. Most recently, the company partnered with the Internal Revenue Service to allow underbanked consumers to pay their taxes in cash. It also struck a deal with Dallas Area Rapid Transit to facilitate bus fare purchases on its platform.