PayNearMe is capitalizing on the wave of services that are emerging for the unbanked, a group that includes 60 million individuals in the U.S. The “unbanked” refers to consumers who don’t have traditional bank accounts or cannot qualify for credit cards. PayNearMe allows people who don’t have or don’t want to use credit or debit cards to purchase products with cash at more than 6,000 7-Eleven stores in the continental U.S.
On participating e-commerce or merchant sites, consumers can use the PayNearMe option to pay for e-commerce purchases, telephone orders, loan repayments, money transfers and more. You simply place your order with PayNearMe and print out the given receipt. You then take that receipt into a 7-Eleven and they scan it and you pay in cash. Once you pay, your order with the retailer or merchant will be fulfilled.
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PayNearMe Rings Up $16M From Khosla And Others For Cash Payments Product