Payments

PayNearMe doing some Good for the Unbanked and Underbanked

MEDICI

The Federal Department of Health and Human Services (HHS) is turning to Silicon Valley to reach out to consumers more effectively. HHS is partnering with electronic cash payments company PayNearMe. The intention is to reach out to unbanked and underbanked consumers for the Open Enrollment season as part of the Affordable Care Act. PayNearMe works across 17,000 payment locations allowing consumers to pay for rent, loans, utilities, public transport, government fees and make online transactions using cash.

PayNearMe services are available at merchants like 7-Eleven, Family Dollar, ACE Cash Express, etc. As part of the Open Enrollment season, physical and digital receipts issued across 7,800 7-Eleven stores will include a special message informing consumers about the current Affordable Care Act enrollment window. These special messages would include information on options like tax credits and new HealthCare plans.

There is no monetary aspect to the partnership between HHS and PayNearMe. PayNearMe is using this partnership as an opportunity to use its platform for a social cause. Dealing with the underbanked, the company intends to help the government communicate more effectively with the community from a financial perspective.

The PayNearMe receipts act as ideal mediums for high-value messaging. They are usually associated with important payments and are recorded as proof of payment. The details of each transaction are linked to the user’s PayNearMe account and can be accessed either online or via a dedicated mobile app.

Sylvia M. Burwell, Health and Human Services Secretary, said in an official press release: “Leveraging developments from technology companies like PayNearMe helps us to reach our consumers where they are, with the information they need to sign up and re-enroll in quality, affordable care through the Health Insurance Marketplace. With this partnership, we are using digital platforms to place Open Enrollment information in the hands of consumers who need it.”

Danny Shader, PayNearMe’s founder and CEO, said in an official press release: “Banked or unbanked, cash or plastic - no matter what your preference, everyone can benefit from affordable health care. By partnering with the Department of Health and Human Services, we can help generate awareness of this open enrollment process among consumers.”

PayNearMe is also working with other healthcare industry players and is looking forward to providing payments acceptance for that sector as well. PayNearMe is an effective platform to reach the unbanked and underbanked population and this recent partnership is the ideal opportunity to portray this capability.

MEDICI Team

MEDICI

MEDICI Team is a group of content writers, bloggers, journalists, researchers, and editors from the MEDICI who collaborate to create FinTech insights.

Apply to Become a Contributor