Alternative payments product, PayNearMe, has made it possible for unbanked smartphone users to make mobile payments.
PayNearMe has announced its launch and that it is now offering consumers a way to use cash mobile payments to purchase products online in a way that is compatible with the “unbanked” experience.
The term “unbanked” refers to consumers who either do not have a bank account or who cannot qualify for a credit card. These individuals have been unable to make most online purchases which typically require one of those two types of payment. With the new PayNearMe service, individuals who don’t have bank accounts or credit cards – or who don’t wish to use them to make their online purchases – can pay for products and services through 7-Eleven store locations across the continental United States.
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The service works when the merchant is participating in the system. This can include the e-commerce or mobile commerce locations. The PayNearMe option lets the consumer pay for debts that are owed or for the purchases. The order is simply placed through this service and the receipt is provided. This must be printed out and brought to a 7-Eleven location. There, the receipt scanned and the payment can be made in cash. When the payment is made, the retailer or merchant is advised so that the order can be filled.
This way, without credit or debit, online purchases can still be made with mobile payments in cash.
The mobile alternative is that instead of printing out the receipt, the mobile device can be brought to the 7-Eleven location to display the link with either a barcode or an email that can be presented. The transaction can be authorized by the cashier who can scan the barcode and complete the purchase when the cash payment is made. Using this system, there is no need for any paper receipts or printouts.
Progreso Financiero and Greyhound are two of the larger organizations that have already been using the PayNearMe system, and they claim that this service is being used on an increasing basis.
This service as a whole is growing by 30 percent every month and is becoming particularly popular in its mobile payments format.