PayNearMe has created a solution that lets people buy products and make payments using cash. PayNearMe has raised $20 million in funding and announced that their payment volume tripled in 2013.
PayNearMe is a cash transaction service where users can pay bills, rent, loans, tickets, and online purchases. The PayNearMe card is supported at over 17,000 participating 7-Eleven, Family Dollar, and ACE Cash Express stores. Orders are paid for in cash at these locations. Merchants are notified when they payment is received and the customer receives a receipt.
The FDIC estimates that around 10 million American households do not have a bank account, which is around 8.2% of the household count in the country. Many people do not like dealing with banks because they find the fees and minimum balance requirements too high. PayNearMe used to be known as Kwedit and they have raised $65.6 million total. This is the company’s fifth round of funding.