PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

Cash Payment Network Growing Fast in the U.S. and Expanding Overseas

Mercator Advisory Group by Mercator Advisory Group
May 16, 2011
in Analysts Coverage
0
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
PayNearMe, a company that signs up agent locations to provide e-payment services to cash users, has seen rapid growth recently.

PayNearMe last year set up a service with 6,200 7-11 convenience stores that enabled people to make electronic payments with cash through 7-11 stores. In other words, people can buy something on, for example, Amazon.com and pay with cash at 7-11 stores, and immediately get credit with that merchant. The service is growing fast–the cash that went through PayNearMe’s network was up 50% in April from March. The company has signed deals with 68 companies, 25 of which are live so far.

The idea of providing money services through a network of retailer locations is not new. Western Union and Money Gram have been operating in this business model for decades. As a matter of fact, accepting cash payments offline for online transaction is not new either. There have been some examples in international markets, as discussed in detail in Mercator’s report Spending Cash Online: Alternative Payment Channels for e-Commerce 2010. But at least in the U.S., PayNearMe is among the earlier movers.

PayNearMe offers a free prepaid card that can be used for different purchases such as buying greyhound tickets or Amazon gift cards. In addition, the company is trying to provide better integration with merchants’ systems.

In an integration with bill provider InfoSend, people can pay their utility bills using PayNearMe. (About 10% of utility bills are paid in cash or money order, Shader says.) InfoSend will add bar codes on bill statements that people can take to 7-11 stores and use to pay in cash.

In another integration with Ria Financial Services, a money-transfer company and subsidiary of Euronet Worldwide, people can transfer money to relatives overseas or pay bills with cash at 7-11 stores.

Finally, in a PayNearMe deal with Sochitel, people will be able to add cash to remote mobile bill accounts–”value remittance” or “top-up”–enabling people in the U.S. to pay for their family’s mobile bills overseas. Sochitel works with MTN Group, which is a major telecom provider in Africa and the Middle East.

Read the original story here: http://blogs.forbes.com/tomiogeron/2…ternationally/

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

    Must Reads

    cross-border payments

    Cross-Border Payments: Fighting
    E-Commerce Fraud Using Data

    March 20, 2023
    fraud, ChatGPT-4

    How to Fight Fraud While Still Enabling a Great Online Customer Experience

    March 17, 2023
    RTP

    Financial Institutions Without an RTP Strategy Risk Being Left Behind

    March 16, 2023
    visa chargeback

    New Visa Chargeback Guidelines Will Be a Game Changer

    March 15, 2023
    liquidity management

    Liquidity Management Takes on Increasing Importance in Uncertain Economic Times

    March 14, 2023
    payments

    Key Challenges from Growing Payment Methods and Volume

    March 13, 2023
    Data Governance is a Journey, financial data

    How FIs Can Power Their Operations with a Modern Data Architecture

    March 10, 2023
    ISO 20022

    How Banks Can Realize Business Benefits and Reduce Payments Fraud With ISO 20022

    March 9, 2023

    Linkedin-in Twitter

    Advertise With Us | About Us | Terms of Use | Privacy Policy | Subscribe
    ©2023 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    Menu
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • Recent News
    • Resources
    Menu
    • Industry Opinions
    • Recent News
    • Resources
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Register to download the Autorek complimentary report: Payments Industry Outlook 2023: