While new players are emerging everywhere with mobile payments and POS innovations, few have attempted to innovate with cash, not like PayNearMe.
For the unbanked, Danny Shader, the CEO of PayNearMe, is changing the whole payments game.
Unbanked households are those that do not have checking or savings accounts, relying on cash alone. However, being unbanked or underbanked cuts you out of the mainstream. Cash doesn't work for many kinds of payments: rent, loans, online purchases, airplane tickets and more.
The unbanked constitutes approximately 8% of US households, or 17 million adults.
PayNearMe takes advantage of this market opportunity, helping unbanked households who cannot pay with credit cards cross the divide to pay for a wider network of goods and services with cash. How this works is that if a business has registered with PayNearMe, a person can go to www.paynearme.com, print a unique barcode or send it to their mobile phones, present the barcode to any 7-Eleven store, and pay cash at the register.
Due to its early success, PayNearMe has just booked $10 million in its latest round of financing.
With over 600 million unbanked adults in East Asia and the Pacific, it's solutions like these that are needed to drive financial inclusion. Cards & Payments Asia, the region's largest and most holistic payments event will be focusing on the future of payments in Asian context, examining key emerging markets. Register to attend now by contacting email@example.com, or see more details on our website.