Following this announcement, PayNearMe’s clients will be enabled be offer their users the capability to pay bills in an easier and more effective manner with their Cash App accounts. The integration will also provide businesses and companies with more options for convenient and fast payments and transactions.
Users of PayNearMe will also be given the possibility to make transactions within their bill payment workflow while keeping an eye on their financial balance at the same time. The customers won’t need to manually re-enter their card details or bank information, as the application will keep their personal details secure and protected.
The aim of the partnership focuses on making transactions easier to be carried out while keeping the privacy of clients a priority as well. Furthermore, users will be allowed to make the transactions regardless of their location or the time, while being able to choose the payment method they prefer.
All the transactions are saved into a single ledger, which improves the reconciliation process, making it easier for companies to accept any of PayNearMe’s available payment types.
US-based payment platform which develops technology that aims to offer improved payment experiences for businesses and their clients, PayNearMe had multiple partnerships and launches in the last couple of months, covering different geographical areas around the world.
In May 2023, US-based iGaming operator Maverick Gaming selected PayNearMe’s MoneyLine platform in order to provide a wider range of payment methods to its clients, with access to one platform and an integration process.
MoneyLine’s turnkey integration with the IGT PlaySports company was set to enable Maverick with the possibility to process cards, cash, as well as mobile-firs deposit types of methods. These included Apple Pay, PayPay, Venmo, plus other payment options such as push to debit.
Throughout this deal, PayNearMe gave operators the capability to offer cash, cards, ACH, Apple Pay, PayPal, and Venmo for deposits, and several payment options for funds availability to be reduced in minutes, instead of days.
Earlier in 2023, the company announced that it closed USD 45 million in a Series D funding round, which was led by Queensland Investment Corporation (QIC), alongside other fintech enterprises.
According to the press release, PayNearMe was set to use the funds in the process of accelerating its development process, as well as to improve its payment platform and create a data-driven value for its customers. With the needed access to data, businesses and partners of the company were enabled to design personalised experiences for their users, while increasing operational efficiency and uncovering new revenue streams at the same time.
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