Mountain View, CA (PRWEB) October 7, 2010
PayNearMe (http://www.paynearme.com), the first cash payment network, announced it has been selected for a “Best of Show” award at this year’s FinovateFall conference. Finovate, held in New York City, showcases the best new financial and banking technology innovations. Out of 56 presenting companies PayNearMe was one of seven selected for a Best of Show award by more than 600 audience members.
PayNearMe combines a modified load network with an application development platform to increase the range of transactions that can be conducted with cash. In contrast to prepaid transactions, where consumers load value onto a card or other instrument and then “push” some or all of those funds to a payee, with PayNearMe, arbitrarily complex transactions are “staged” by the merchant (payee) and completed in real-time when consumers pay at a local store for those staged transactions. The payment process takes less than a minute and is available at retail locations throughout the United States, starting with more than 6,000 7-Eleven stores.
“We were thrilled to be selected as one of the Best of Show applications by the industry leaders and innovators at FinovateFall,” said Danny Shader, PayNearMe’s CEO. “This early recognition of PayNearMe only three weeks after launch reinforces our belief that PayNearMe provides un- and underbanked consumers with payments capability that is more convenient, more capable, and less expensive than any existing alternatives."
PayNearMe’s payment network enables consumers who don’t have credit or debit cards or who prefer to pay with cash to conduct remote business such as e-commerce purchases, telephone orders, loan repayments, or to load funds into e-wallets and more. As an example, with PayNearMe, consumers can purchase Amazon.com Gift Card claim codes for any amount up to $1,000 and pay for them at a local 7-Eleven store by visiting http://www.amazon.com/cashgcresellers or http://www.paynearme.com.
PayNearMe enables consumers to pay conveniently for a wide variety of goods and services from leading companies in e-commerce, direct response and catalog marketing, consumer finance and beyond at a local store, starting with more than 6,000 7-Eleven stores across the United States. For more information, visit http://www.paynearme.com.