Fintech PayTile offers peer-to-peer (P2P) payment platforms that use geo-location for safe, and private, transactions between users without sharing personal information. And now, those mobile wallets will be powered by Cross River Bank.
On Feb. 2, Cross River announced it’s partnering with PayTile to provide core banking infrastructure and leading payments capabilities.
PayTile is perfect for situations where using cash would be preferred – think tipping, supporting your favorite band by buying a t-shirt at a show, shopping small or cruising Facebook Marketplace. It functions like the AirDrop function on Apple’s iPhone, allowing users physically near each other to send funds without having to exchange usernames, legal names, email addresses or phone numbers.
“PayTile’s mission is to make digital payments as private as cash and as safe as a card,” CEO Anu Vora said in a statement. “While traditional P2P apps exist to pay the people you already know, PayTile exists to safely pay people you don’t know.”
Moving beyond just peer-to-peer payments, PayTile is simultaneously introducing its proprietary Money Drop technology, Cross River said in its announcement. Without hardware, it allows PayTile to digitally place cash – or other goods – at an exact location for users to pick up or redeem. For business partners, the incentive can be used to draw a physical crowd.
“Anu and the team at PayTile are revolutionizing peer-to-peer payments,” said Cross River Founder, President and CEO Gilles Gade. “By partnering with innovative companies like PayTile, Cross River creates real time solutions to empower consumers and their finances.”
Cross River is PayTile’s first and exclusive banking partner. According to the Fort Lee-based company, PayTile’s customers will use Cross River’s digital infrastructure and payments capabilities, like ACH to fund their PayTile wallets, and Push-to-Card to move funds digitally and replace cash.
Fort Lee-based Cross River is a technology-driven financial services organization that provides core infrastructure and embedded financial solutions. This, according to the company, allows growing fintechs to innovate and expand, while also maintaining a focus on regulatory compliance and consumer protection.
In the last two months of 2021, Cross River announced partnerships with San Francisco-based fintech Astra Inc. to develop a point-to-point debit transfer product for other institutions, and with Austin’s Payment Approved, a fintech that brings payment solutions to money service business, e-commerce and retail clients.