PXT Money using social networking and free cash to sign new customers
In a move similar to other mobile discount and payments companies, Andover, Mass.-based PXT Money is giving away money for signing up. In the case of PXT Money, Boston University hockey fans are being offered $5 to create an account. The money is preloaded into the account and can be used to pay the check at participating local bars and restaurants around Agganis Arena, home of BU's Terrier hockey team.
PXT Money sounds like a pretty conventional prepaid mobile money app for smartphones, albeit one aimed at a younger, more mobile savvy, college demographic. It links to a PayPal account, credit card, debit card or checking account and allows users to pay for food, drink and merchandise at the point of sale. PXT Money also offers discounts from participating merchants. It even lets consumers pool their money using their mobile devices as well as send money to each other.
Where PXT Money differs is that the company is using the power of social networking to attract new customers.
"PXT Money is designed to help students earn money too," said PXT Money CEO John Regan in a statement. "Once you have an account, whenever you sign up a friend, you earn $1."
Regan said account holders also earn a percentage of the purchase amount every time a friend they sign up for PXT Money uses the application to make a purchase.
"That money can add up over time," Regan said.
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