Digital wallets (also known as mobile wallets or virtual wallets) are online payment tools that enable users to carry out various payments and transactions via an app. They are commonly used along with mobile payment systems, enabling customers to make payments with their smartphones. Digital wallets aim to address the hassle of carrying physical wallets, allowing people to store digitized versions of credit cards, debit cards, as well as as loyalty cards, coupons, and transit tickets, in one centralized location.
While some digital wallets offer the full suite of features, others focus on specific areas such as in-store payments, online payments, or P2P transactions. Although digital wallets don't typically allow users to store funds directly within the app, a few also allow users to store funds in a cash account that can be linked to a bank account or credit card.
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PayNearMe is a provider of web and mobile-based cash payments platform designed to facilitate online purchases and bill payments. The company's platform helps users to pay with cash for a range of goods and services from companies in e-commerce, property management, consumer finance, and transportation, enabling businesses, government agencies, and retail stores to digitize their cash collection process, reduce the headache of traditional cash and money order acceptance. PayNearMe's technology provides a simple way for lenders to collect payments through an intuitive, consistent experience for their customers. In addition, payment reminders and mobile wallet integration drive more on-time payments. PayNearMe was founded in 2009 and is headquartered in Santa Clara, California, USA.
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