US cash network PayNearMe and property management solution provider AppFolio have partnered to offer a cash payment option to US renters.
PayNearMe allows consumers to pay for services using cash at 8,200 partner 7-Eleven and ACE Cash Express stores across the US.
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By 2013, AppFolio will integrate PayNearMe payment possibility into its property management website, widening the exiting payment options, such as bank transfer, credit, debit, and cheque.
PayNearMe chief executive Danny Shader said: "AppFolio recognised the need for its customers to offer a compelling cash payment solution, and together we are pleased to help property owners overcome the hurdles associated with accepting cash payments, giving millions of tenants the ability to use cash to pay for rent at the places and times that are convenient for them."
The US is the largest single payments market for non cash-payments. According to the latest World Payment Report by Capgemini, RBS and Efma, 107.2bn in non-cash transactions were processed in 2010.
PayNearMe markets its services to consumers that want to keep their financial information confidential or want to repay short-term loans in settlements, and to individuals that do not own a debit or credit card.
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By GlobalDataUnbanked individuals are estimated at 10m in the US, according to a 2011 survey by the US Federal Deposit Insurance Corporation.
Aside from money transfer companies such as PayNearMe, an increasing number of businesses are starting to tap into this segment of the US population.
In June 2012, US largest retailer Walmart launched Pay With Cash, a service that allows customers to buy goods on the retailer website and pay with cash in physical stores.
Prepaid cards are also taking ground. JPMorgan, the US largest bank by assets, launched Liquid, a prepaid card, in July 2012. The prepaid Synovus Connections Card was rolled out by Synovus bank, a subsidiary of the USD29bn financial services company Synovus in August 2012.
