SUNNYVALE, Calif. and OKLAHOMA CITY – Nov. 21, 2016 – Through Oklahoma Turnpike Authority (OTA)’s partnership with electronic cash transaction network PayNearMe, nearly 1.5 million users of the PIKEPASS electronic tolling transponder can now replenish their account balance using cash at nearly 12,000 U.S. stores. Participating stores include Family Dollar, ACE Cash Express, Reasor’s Food and more.
PIKEPASS holders can use PayNearMe in three easy steps:
The whole transaction in store takes less than one minute and cash payments made through PayNearMe are posted to the PIKEPASS account in less than one hour. There is a convenience fee of $1.99 per transaction.
OTA receives approximately $2 million in cash payments per month. Prior to implementation of PayNearMe, PIKEPASS users who did not wish to load their accounts with credit or debit cards had two options: mail a check or money order which typically required 5-7 business days before the funds appeared in the PIKEPASS user’s account, or pay in person at a PIKEPASS store during business hours.
According to the 2015 FDIC National Survey of Unbanked and Underbanked Households, more than 37 percent of households in Oklahoma are unbanked or underbanked, meaning they have no bank account or have a bank account and rely on alternative financial services.
“The addition of this convenient payment option through PayNearMe helps us literally and figuratively move Oklahomans forward,” said OTA Executive Director Tim Gatz. “We are continually looking to improve the service we provide to turnpike drivers and this type of investment in technological innovation is another way to do that with no interruptions to their daily commute or schedule.”
With pre-paid tolls on PIKEPASS accounts, drivers can travel easily through all 10 toll roads operated by OTA, totaling 605 miles in the state of Oklahoma. The transponder is also interoperable with the North Texas Toll Authority (NTTA), enabling PIKEPASS users to travel within North Texas.
“There are a large number of people who prefer to take care of bills after work,” said Christian Solomine, PayNearMe’s Senior Vice President of Enterprise and Government. “We’ve found that 38 percent of PayNearMe payments are made between the hours of 6 p.m. and 8 a.m. and on the weekends. Using cash should not require jumping through extra hoops, so we are proud to support OTA’s commitment to providing cash users with accessible payment options that allow them to pay in their own neighborhoods, on their own schedule.”
For more information on how transit and transportation companies like OTA, Greyhound bus and Dallas Area Rapid Transit (DART) use PayNearMe to collect cash payments, visit http://home.paynearme.com.
For more information on how PIKEPASS works, visit https://www.pikepass.com.
About PayNearMe Inc.
PayNearMe Inc. is a cloud-based financial technology provider operating under industry-leading compliance and security standards. The company’s three core offerings form a robust money movement platform that provides secure, real-time bill payments for consumers, an extensive network of retail locations for businesses to collect cash payments and best-in-class bill presentment technology for financial services companies.
1) The PayNearMe product has been enabling government agencies and businesses to accept cash payments remotely since 2009. PayNearMe’s network of 20,000 trusted retail locations includes 7-Eleven®, Family Dollar®, Fidelity Express and ACE Cash Express stores. The company’s payable merchants include Comcast, the IRS, Greyhound bus, and the California Department of Child Support Services, among many others.
2) Prism Money is a financial management and bill payment app that empowers consumers to see bank balances, track paychecks and bills, and pay bills using debit/credit cards and ACH, all in real-time, right from the app.
3) Prism Platform Services enables financial services companies and financial institutions to integrate robust bill presentment and same-day payment capabilities into their existing products. See how Visa is using Prism Platform Services here: http://home.paynearme.com/visa.
For more information, visit: http://home.paynearme.com. Follow PayNearMe on Twitter and LinkedIn: @PayNearMe.
About Oklahoma Turnpike Authority
Oklahoma Turnpike Authority was established in 1947 to construct, operate and maintain Oklahoma turnpikes. Today, Oklahoma turnpikes are the safest and quickest ways to travel across the state. Oklahoma Turnpike Authority is managing multiple renovations throughout the state to maintain and operate the turnpike system to the highest standard. To learn more about the Oklahoma Turnpike Authority and recent projects, visit http://www.pikepass.com.
Contact: Tammy Lam | (650)-479-6877 | firstname.lastname@example.org