How does a cash-based remote payment platform work? And how in the world do you pay with cash using your cell phone? Companies like Square and Intuit have taken a fairly literal approach to mobile credit card payments by creating hardware that turns your mobile device into a credit card scanner, but you can’t exactly do the same thing for cash.
Danny Shader’s company, PayNearMe, proposes the next-best thing. The platform allows users to proceed through a typical online transaction, but instead of paying with a credit card or electronic check, they receive a receipt (they can receive it on their phone or print it out directly from their computer), which they can take to their nearby 7-11 to pay with cash.