How PayNearMe Revolutionized the E-Wallet Market

February 21, 2023

The technology that PayNearMe creates enables companies and their consumers to have better payment experiences. Its cutting-edge, adaptable, and dependable platform assists companies in boosting client interaction, enhancing operational effectiveness, and lowering the overall cost of receiving payments. By providing the most common payment methods and channels on a single platform, PayNearMe expands the ways people deposit and withdraw money all across the world.

But you probably know that already, PayNearMe’s influence on the E-Wallet market is undeniable. The services that PNM provides allow for excellent user experience, a higher level of convenience, and higher profits for businesses that utilize its products.

PayNearMe’s Impact on Tourism and Other Markets

Currently, PayNearMe handles all payment methods, including credit cards, PayPal, Apple Pay, Google Pay, ACH, and Venmo. Since 2009, its in-house electronic currency network has also facilitated cash payments. More than 40,000 retail locations in the U.S. accept PayNearMe cash payments, including companies like 7-Eleven, Walmart, Walgreens, Family Dollar, Casey’s General Stores, and ACE Cash Express. This allows people from all across the world to access their finances, deposit, and withdraw money, with little to no effort. Going abroad was quite problematic, as one should have thought about how they would access their money in another country, but PayNearMe makes it a lot easier.

PayNearMe partners with thousands of companies in industries including consumer finance, property management, insurance, utility, and municipality, as well as iGaming and sports betting to handle the end-to-end client payment experience. There are many online casino websites with PayNearMe in New Jersey that utilize the service, which bring a new level of convenience to the online gaming market, allowing people to deposit and withdraw money from their accounts without any issues.

PayNearMe’s Research on Gaming Payment Solutions

According to PayNearMe’s VP for sports betting and iGaming, Leighton Webb, the company has surveyed more than 2,000 payers over 19 U.S. states and found out that wider methods of accessibility for depositing and withdrawing money are very important to payers.

49% of surveyed payers stated that they would pay and withdraw more if their preferred withdrawal methods would be accessible to them. Bettors anticipate having access to a variety of deposit and withdrawal alternatives. Some of the things that gamblers demand are now unavailable in the US. This means that there is a huge potential for change and the market has to adapt to the needs of the payers.

The paying experience is being harmed by slow deposits and withdrawals. According to the study, making a withdrawal was 10% more difficult than making a deposit. 29% of payers stated that it takes around a few hours to receive funds from their online gaming accounts. 28% stated that it takes more than 24 hours. Given the checks and balances that are involved in the withdrawal process, this is perhaps not surprising. However, the study revealed that this process might be greatly sped up with little adjustments. The duration of the withdrawal process was the major problem for the participants.