7-Eleven in PayNearMe Deal
Transportation, value remittance, bill remittance, money transfer firms can accept consumer cash
Published in CSP Daily News
DALLAS -- 7-Eleven Inc. has forged an agreement with cash-payment network PayNearMe Inc., which has announced four separate deals for extensions of its technology platform that allow consumers to execute remote transactions with cash. Businesses that operate in the transportation, value remittance, bill presentment and money transfer industries can now accept cash payments at most 7-Eleven stores nationwide.
The first deal allows transportation companies to turn nearly 6,200 7-Eleven stores across the country into ticketing offices using PayNearMe's platform. By integrating [image-nocss] with PayNearMe, transportation companies can sell and print tickets at participating 7-Eleven stores' point-of-sale (POS) terminals, increasing customer access so that consumers can pay for their transportation needs with cash.
With the second deal, PayNearMe has announced its new Embedded Barcode Remittance (EBR) Technology, which billers can use to embed PayNearMe Barcodes directly into its customers' statements. By using EBR, billers reduce their cash-processing expenses by accepting cash payments at 7-Eleven stores instead of accepting money orders in the mail or cash at their own facilities. The company expects this capability to have a material impact on billers and bill presentment companies.
PayNearMe's third announcement involves how mobile operators and value remittance providers can work with PayNearMe to offer their prepaid mobile subscribers the ability to add minutes to their accounts at any one of 7-Eleven's nearly 6,200 U.S. convenience stores without the need for dedicated cards. Also, U.S. consumers can pay bills or load gift cards on behalf of friends or family members outside of the country.
Finally, for the fourth deal, PayNearMe joined 7-Eleven and Ria Financial Services Inc., a global money-transfer company and subsidiary of Euronet Worldwide Inc., to announce a service whereby consumers can initiate money transfers or bill payments using their mobile phones and complete these transactions in real time at a 7-Eleven store register. The process is based on a new, free Ria Card, available now at 5,000 7-Eleven stores, which can be used to pay more than 3,000 U.S. billers. This card also can facilitate sending remittances to family and friends in more than 134 countries.
"By combining our services with 7-Eleven's very convenient distribution and PayNearMe's innovative technology, we have created what is probably the easiest and most convenient way to send money or pay bills today in the U.S.," said Michael J. Brown, chairman and CEO of Euronet Worldwide.
"More than five million customers who visit 7-Eleven stores in the US every day can now quickly and easily pay bills or send money around the world," said Juan C. Bianchi, president and CEO of Buena Park, Calif., Ria Financial Services. "By offering Ria's worldwide services through 7-Eleven's convenient U.S. locations and extended hours of operation, consumers can send money or pay bills near home or work when it's most convenient for them. Plus, they can complete their transactions as quickly as they could pay for a carton of milk."
"Enabling consumers to send money or pay bills through Ria's extensive global network complements our strategy of providing access to valuable services at our stores," said Jesus Delgado-Jenkins, 7-Eleven senior vice president of merchandising, marketing and logistics.
"PayNearMe continues to drive innovation in payments for the businesses that wish to serve the large market of consumers who prefer to or must pay with cash," said Danny Shader, CEO of PayNearMe. "We look forward to working with companies who are interested in increasing their addressable market share and payment footprint."
Mountain View, Calif.-based PayNearMe is a cash payment network that enables consumers to pay conveniently with cash for a variety of goods and services from leading companies in e-commerce, consumer finance, transportation and beyond. Consumers pay at a local store, starting at 6,200 7-Eleven stores across the United States. PayNearMe.
7-Eleven, based in Dallas, operates, franchises or licenses more than 8,400 7-Eleven stores in North America. Globally, there are more than 40,800 7-Eleven stores in 16 countries. During 2010, 7-Eleven stores worldwide generated total sales of more than $62.7 billion.