How they describe themselves: PayNearMe, the cash payment network, enables leading companies in e-commerce, transportation, entertainment, lending, collections, international remittance and beyond to serve the 25% of U.S. households that do not have access to a credit or debit card; those who have plastic but who won’t use it because of concerns over budgeting, security, or privacy; and the 95% of teenagers who prefer to pay with cash. Using PayNearMe, these consumers can complete transactions with cash at a local store, starting with more than 6,200 7-Eleven stores across the United States. When consumers pay with PayNearMe, payees are notified in real-time. Funds are guaranteed 100% good and there’s no risk of fraud or chargebacks.
How they describe their product/innovation: PayNearMe combines a load network with a flexible application development platform that enables consumers to conduct a broad range of remote business transactions. At FinovateSpring, we will demonstrate PayNearMe-based applications in international remittance, retail-enabled bill payment, and mobile payments with cash.