Bank Technology News reported last week that alternative payments company, PayNearMe, is working with Progreso Financiero to launch a mobile version of its 7-Eleven cash payments platform in mid-February:

“Progreso will send a bar code to individuals’ smartphones using a text message. 7-Eleven’s clerks would scan the bar code after to complete the payment after receiving users’ cash, Shader says. Progreso, of Menlo Park, Calif., helps Hispanic consumers build credit in the United States and gain access to mainstream financial services.”

The startup also hopes that by the end of March, it will add another brick-and-mortar store where consumers can go to process cash transactions for bills, bus tickets, auto loans and more.

To learn more about PayNearMe, watch its FinovateFall 2011 demo.

Last week, PayNearMe announced PayNearMe Auto, a new version of its service that allows Buy Here Pay Here vehicle dealers to accept cash payments in a broader number of locations:

“PayNearMe Auto is a secure, hosted Web application that dealers can have up and running in less than 15 minutes. Dealers simply enter the buyer’s information and assign the individual a PayNearMe card. To make a payment, the customer hands the card and cash to a store associate at any of the 6,400 participating 7-Eleven stores throughout the United States. Dealers are notified when the payments are made and the customer can use their PayNearMe card repeatedly.”

PayNearMe Auto aims to increase operational efficiency by allowing merchants to securely collect payments off-site.

To learn more about PayNearMe, watch its FinovateFall 2011 demo.

“PayNearMe combines a load network with a flexible application development platform that enables consumers to conduct a broad range of remote business transactions.We will demonstrate PayNearMe-based applications in international remittance, retail-enabled bill payment, and mobile payments with cash.”

Product Launched: September 15, 2010