Processing more transactions per minute than bitcoin, PayRange Inc. has been quietly gaining momentum over the past six years. With rapidly growing numbers of users and locations, the payment network recently celebrated recording 1 billion cash and mobile transactions.
The typical PayRange user averages 15 transactions a month placing it among the most frequently used payment apps, the company reported.
In the past, these transactions were mostly completed with cash and coin, but now over half the transactions on the PayRange network are paid with touchless mobile payment.
PayRange brings offline machines – vending, laundry, amusements and food trucks, among others – into the digital era by leveraging the consumer’s smartphone for connectivity, making it cost effective for businesses to upgrade all their equipment.
The company’s patented technology is powered by an inexpensive Bluetooth dongle that plugs into virtually any automated retail machine. In addition to processing mobile payments, PayRange reports back cash transactions and other data to help better manage the business.
“The small ticket purchases people make every day add up to an enormous market opportunity, one we’re just starting to tap into,” said PayRange founder and chief executive Paresh Patel
“The network we’re building modernizes the experience for consumers and empowers businesses with tools to optimize their sales and reduce costs,” Patel continued. “While surpassing 1 billion transactions is worth celebrating, we are most excited because we know this is only the beginning.”
The chief executive observed that the COVID-19 pandemic has accelerated growth for PayRange as businesses and consumers alike have scrambled to find convenient and safe touchless payment methods.
Once cash was king.” Patel said. Now PayRange is taking the crown away from cash to be the undisputed leader in unattended retail.”
Founded in 2013 and headquartered in Portland, OR, PayRange’s payment network is active in some 350 cities and boasts millions of users. Deloitte named PayRange one of North America’s top 100 fastest-growing technology firms.