According to PYMNTS Global Cash Index™ – a study on cashMoney in physical form such as banknotes and coins. More usage in the US – the recent proliferation of new paymentA transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More instruments has not affected American consumers’ payment behaviour. Indeed, since 2003 cash usage continues to represent 14-15% of GDP and 32% of transactions were carried out in cash in 2015.
Moreover, the demand for cash is not ready to fall any time soon as some companies are giving consumers the opportunity to pay their bills with paperSee Banknote paper. More moneyFrom the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular region, country or socio-economic context. Its onset dates back to the origins of humanity and its physical representation has taken on very varied forms until the appearance of metal coins. The banknote, a typical representati... More. Indeed, PayNearMe enables Americans to pay their bills in cash at local retail partners, such as CVS or 7-Eleven. Thanks to a mobile app that customers download on their smartphones, a barcodeMethod for encoding information, which can be read by machines. Barcodes store information using a combination of printed parallel lines (bars) and in the spaces that are left between them. Reading stored data is performed using optical readers. More linked to a biller can be presented to the cashierInitially, the person who is responsible for the safe, its opening and closing, and the contents that are safeguarded inside it. Nowadays, at a central bank, the person who is responsible for matters related to the treasury and cash. Their signature would usually appear alongside others on the banknotes issued by the bank. More and the bill paid. The purpose of PayNearMe is to offer unbanked people the same convenience that consumers owning a bank account enjoy when making online payments.
Mike Kaplan, Senior Vice President at PayNearMe, explains that many consumers prefer using cash when paying bills. Indeed, families owning less than $25,000 are often unbanked and use cash for the majority of their transactions. In addition, various consumers reported feeling more comfortable when using tangible money, not to mention older people that are not used to the digital world. Kaplan added that many Americans get paid in cash and find it easier to pay their bills the same way.
PayNearMe chose to partner with local familiar retailers as they offer an extremely large network made of more than 28,000 locations across the country.
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