PayNearMe is capitalizing on the wave of services that are emerging for the unbanked, a group that includes 60 million individuals in the U.S. The “unbanked” refers to consumers who don’t have traditional bank accounts or cannot qualify for credit cards. PayNearMe allows people who don’t have or don’t want to use credit or debit cards to purchase products with cash at more than 6,000 7-Eleven stores in the continental U.S.
The funding round is further evidence of heightened interest in the payments business that also has AT&T, Verizon and T-Mobile creating ISIS, a mobile contactless payment system that will be available to 200 million potential users at launch.
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