Payment network PayNearMe has announced a new service that expands its reach to additional businesses. PayNearMe Express adopts the same model as the existing remote cash payment service — customers can either print off a receipt or get one sent to their phone and take it to a 7-Eleven or ACE Cash Express to pay — but is suited for situations like rent, lending, collections, education, and insurance. The service is meant to make it more convenient for business owners who don't have a large physical presence to accept cash from, or those such as landlords for whom individual collections can be a hassle.
$10 million in additional investment
The concept of paying for online services with cash at a remote location is common in countries such as Japan, where many customers may not have a credit card or prefer not to use one online. But PayNearMe is gunning for the US market, as alternatives to traditional cash and credit payments gain traction. In tandem with PayNearMe Express' introduction, the company has also announced $10 million in additional investment that will be used to expand the business. With services like Square and NFC systems like Google Wallet that aim to rid the world of hard cash, we'll have to see if the US will take to a modernization of the concept instead.