Mobile Payments, Funding Come to PayNearMe

One of the more specialized payment companies we’ve covered is PayNearMe, an outfit that focuses on finding ways for the quarter of United States citizens who don’t have credit cards to pay for goods and services online. The company is announcing $16 million in funding today and a new step to streamlining its payments today by adding mobile to its offerings.

Without credit cards, most of that quarter of the population ends up paying for everything with cash, which presents some obvious problems online. PayNearMe’s first iteration had payers print out a slip, which they carried to a chain like 7-Eleven. Unfortunately, if you’re in the minority without credit cards, you probably also don’t have a printer.

PayNearMe’s new feature is the ability to use a phone to complete the transaction. After entering a transaction, the user will enter their mobile number, and receive a text in return. They can then go to their local 7-Eleven, buy a gift card, and text the number on it back. The only other step is to pay at the counter, in cash.

This payment flow is not a totally obvious or convenient way of paying, but that’s true of other methods available to those people in the cash economy. The question, then, becomes how those people will find out about PayNearMe.

“A subtle distinction between us and most payment companies is that they market to consumers. We market to merchants, who for all intents and purposes market us,” says CEO Danny Shader.

The $16 million funding was led by Khosla Ventures, and makes for a total of $22.3 million so far for PayNearMe. We last covered PayNearMe when it became a Facebook Credits partner.

Social Media 101

Mediabistro Course

Social Media 101

Get hands-on social media training for beginners in our online boot camp, Social Media 101! Starting September 4, social media and marketing experts will teach you the best practices to be successful on social. Register before July 31 to get $50 OFF with early bird pricing. Register now!

 

Leave a Reply

Get the latest news in your inbox
interested in advertising with inside social games?

Social Media Jobs
of the Day

Digital Content Promotion Coordinator

The Dallas Morning News
Dallas, TX

Social Media Coordinator

Northside Media Group - Brooklyn Magazine
Brooklyn, NY

Social Media Manager

National Center for Learning Disabilities
New York, NY

Associate Editor, Social Media/Newsletter

AFAR Media
San Francisco, CA

Social Media Coordinator

Benefit Cosmetics
San Francisco, CA

Featured Company

Join leading companies like this one and recruit from the nation's top media job seekers on the Mediabistro Job Board. Every job post comes with our satisfaction guarantee. Learn More
 

Our Sponsors

Also from Inside Network:   AppData - Facebook & iOS Application Stats   PageData - Engagement Data on Facebook Pages   Facebook Marketing Bible   Inside Network Research
 
home | site map | advertising/sponsorships | about | careers | contact us | help courses | browse jobs | freelancers | events | forums | content | member benefits | reprints & permissions terms of use | privacy policy Copyright © 2014 Mediabistro Inc. call (212) 389-2000 or email us