“As private as cash, as safe as a card”
Cross River Bank announced last week that it will provide core banking infrastructure and payments capabilities for PayTile, a startup that offers location-based payments through its app. PayTile is one of the first P2P payments platforms that uses geolocation to enable private financial transactions between users without the need to share any personal information.
The PayTile app provides an alternative digital payment option in situations that generally require physical cash, such as tipping the valet or shopping at the farmers market. The firm says its offering is similar to Apple’s AirDrop functionality: users can send money to people nearby without having to share their username, legal name, email, or phone number with the recipients.
As Cross River becomes PayTile’s banking partner, PayTile users will be able to send and receive money through mobile wallets powered by Cross River. They will use Cross River’s infrastructure and payments capabilities such as ACH to fund their PayTile wallets, and push-to-card to move funds digitally.
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