PayNearMe has inked a deal with 7-Eleven to introduce the PayNearMe Bill Pay app, enabling U.S. consumers to pay over 17,000 national and local billers with cash using a convenient barcode scan at participating 7-Eleven stores.
The domestic bill payment service is the first in a line of affordable financial services that the company plans to offer cash-preferring U.S. consumers and extends the reach of PayNearMe’s existing cash merchant processing offering for businesses.
The PayNearMe Bill Pay app serves as a full-service bill payment center, allowing cash users to keep track of payment history, set reminders, and securely pay their bills in under 60 seconds with one trip to their local 7-Eleven store. Most of 7-Eleven’s nearly 8,000 U.S. stores are open 24/7, allowing users with even the tightest schedules to easily and conveniently stay on top of their bills.
The wide range of billers that are payable include cable companies, utilities providers and insurance companies, as well as PayNearMe’s existing merchants such as Greyhound bus, and Indego, the city of Philadelphia’s bike share program.
According to the FDIC, 28 percent of U.S. households have limited or no access to bank accounts. The financially underserved and others who simply prefer to use cash can use this app to pay for bills and services without missing work for trips to a payment office, standing in long lines, and/or filling out complicated forms for money orders.
With money transmitter licenses already secured in all 48 states where they are required, PayNearMe expects to add national and regional retailers to its payment location network in the coming months. Other financial services are expected to follow.
For retailers, the PayNearMe Bill Pay app offers a new way to provide additional value to customers, increase in-store traffic and attract new customers. The app’s cloud-based technology gives retailers the ability to implement PayNearMe with minimal change to their existing systems.
7-Eleven is the first retailer to capitalize on PayNearMe’s technology by partnering with PayNearMe to offer a co-branded app. Called 7-Eleven Bill Pay Operated by PayNearMe, the app features the same 17,000 national and regional billers as PayNearMe Bill Pay, but is marketed exclusively by 7-Eleven to its customers.
Both the PayNearMe Bill Pay and 7-Eleven Bill Pay Operated by PayNearMe apps are available to download for free in the Google Play store or iTunes App Store. Consumers can begin paying bills in three easy steps:
1 Create an account and add a bill. A barcode will be generated on the smartphone for each biller.
2 At the store, show the barcode to the 7-Eleven cashier and tell them the amount you wish to pay.
3 Provide the cash for your payment and get a receipt as proof of payment.
A convenience fee applies, depending upon the biller and the size of the payment, but most of the time, it is approximately $1.99 per payment.
Most payments are posted to the account within 4 business days, though many billers post payments the next business day.
For data, background and forecasts on PayNearMe: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items).