February 2, 2022
Cross River and PayTile Join Forces to Deliver Location-Based Payments Platform
PayTile Pioneers the Use of Geo-Location to Offer Quick, Cashless Payments to Users
Cross River continues to power leading financial services innovators, ensuring seamless, safe and secure transactions
FORT LEE, N.J. - Cross River Bank (“Cross River”), a technology-driven financial services organization that provides core infrastructure and embedded financial solutions, today announced that it will be powering PayTile, a fintech company that offers location-based payments through their app. PayTile is one of the first ever peer-to-peer (P2P) payment platforms that uses geo-location to facilitate safe and private financial transactions between users without sharing users’ personal information. Through this new partnership, Cross River will provide PayTile with core banking infrastructure and leading payments capabilities.
In an increasingly cashless world, PayTile’s P2P product protects users’ personal information during a digital transaction. The PayTile app can be used as a payment method in scenarios where using physical cash would be preferred (tipping the valet, buying furniture via Facebook Marketplace, or shopping at the farmers market). The experience is similar to the iPhone’s “AirDrop” functionality–users can send money to people nearby without the hassle of exchanging either party’s username, legal name, email or phone number with the recipient.
PayTile is simultaneously launching Money Drop, their proprietary technology that takes the app beyond just P2P payments. Without any hardware, PayTile can digitally place cash or other digital goods at an exact location for users to pick up and redeem. PayTile’s business partners plan to use Money Drop to draw a physical crowd via incentives, whether that’s to sell discounted tickets at a stadium or to offer coupons to celebrate the opening of a brick-and-mortar establishment.
“Anu and the team at PayTile are revolutionizing peer-to-peer payments,” said Gilles Gade, Founder, President and CEO of Cross River. “By partnering with innovative companies like PayTile, Cross River creates real time solutions to empower consumers and their finances.”
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