PayNearMe Expands Its Payment Platform Beyond Credits

A month after we wrote about PayNearMe’s new option for Facebook users to pay for Credits at their local 7-Eleven, the company’s business plan has become significantly more official: it’s announcing the launch of a full platform today, along with partnerships with virtual currency company Super Rewards, Friendster owner MOL, Amazon.com, Lexicon and several financial services.

PayNearMe’s solution, aimed at people without credit cards or other electronic payment methods, is pretty simple. Users who can’t pay online can now choose how many Credits they want to buy, print out a receipt, and visit their nearest 7-Eleven to pay in cash.

Although people without access to traditional electronic payment aren’t always visible online, they’re a market worth $1.3 trillion annually, according to chief executive Danny Shader. “We’re trying to make it easier for that other quarter of the country to conduct transactions,” he says.

That group is certainly visible to Facebook app developers, who have been reaching out to teens through companies like Rixty, which sells virtual currency through Coinstar machines in supermarkets.

Over time, PayNearMe hopes to expand to even more services. “Our growth strategy is dependent on signing up additional interesting merchants, and having those merchants inform consumers that they can pay this way,” says Shader. “In most cases, we’re better, faster and cheaper than all the alternative ways this audience can pay.”

That plan could also be good for the growth of virtual currency and games driven by micro-transactions. Ease of payment is often the biggest obstacle for users, and each new option can help grow the market considerably.

Marketing with Facebook Insights

Mediabistro Course

Marketing with Facebook Insights

Starting October 2, use Facebook’s analytics tool track and optimize your marketing efforts! Taught by the group marketing manager of social media at Microsoft/BingAds, Geoffrey Colon will show you how to measure key performance indicators and make your data actionable. Register now!

 

Leave a Reply

2 Responses to “PayNearMe Expands Its Payment Platform Beyond Credits”

  1. Paysafecard Launches In-Store Virtual Goods Payments for the US says:

    [...] covered several similar options, most recently PayNearMe, which is just an inversion of the Paysafecard model — for PayNearMe, the customer first sets [...]

  2. Mobile Payments Come to PayNearMe says:

    [...] last covered PayNearMe when it became a Facebook Credits partner. To dig deeper into the social gaming market, check out our new report: Inside Virtual Goods: The [...]

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

Social Media Jobs
of the Day

Marketing Associate

Wainscot Media
Montvale, NJ

Assistant/Associate Professor - Social Media

SYRACUSE UNIVERSITY
Syracuse, NY

Campaign Manager

Interactive One
New York, NY

Digital Marketing Director

McMurry/TMG
Phoenix, AZ

Social Media and Communications Assistant

Carnegie Endowment for International Peace
Washington, DC

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

Mediabistro A division of Prometheus Global Media home | site map | advertising/sponsorships | careers | contact us | help courses | browse jobs | freelancers | content | member benefits | reprints & permissions terms of use | privacy policy Copyright © 2014 Mediabistro Inc. call (212) 389-2000 or email us