SOURCE: 5miles LLC

5MILES LLC

November 02, 2016 11:00 ET

5miles Introduces 5miles Wallet

Fast-growing mobile marketplace adds in-app payment and becomes first of its kind to offer seamless shipping options to buyers and sellers for safer, more secure transactions

DALLAS, TX--(Marketwired - Nov 2, 2016) -

  • 5miles Wallet enables buyers to 'Pay Now' for items they find on the marketplace
  • Sellers can choose now to make shipping and/or local pickup available on an item listing
  • Leading in product innovation underscores 5miles' commitment to user safety, security, and an overall better, smoother marketplace experience

5miles, one of the world's leading mobile marketplaces, announced the release of the latest version of its app complete with online payment and shipping options -- a new, complete "remote transaction" feature that is a first in the mobile marketplace industry. The new 5miles Wallet follows 5miles' integration of a "Safe Exchange Area Locator" and multiple language translation capabilities into its app, representing a significant leap forward in facilitating local marketplace transactions while removing barriers to mobile commerce.

One of the most-downloaded shopping apps for Android and iOS devices, 5miles has grown into a global community of more than 10 million members, allowing millions of active users to buy and sell more than $250 million in goods and services every month.

"5miles' number-one priority is to make the process of buying and selling easier, more user-friendly and secure," Dr. Lucas Lu, founder and CEO of 5miles, said. "Listening to our users, and responding to broader consumer demand, we realized that many would welcome or even prefer the option to ship or pay for items directly through the app."

While buyers and sellers on local marketplaces like Craigslist and 5miles traditionally have had to transact in person, in cash, 5miles' Wallet now lets users save debit or credit card information to pay for items or be paid directly to their 5miles account. Powered by Stripe, the new payment method offers greater security and convenience to buyers and sellers, right at their fingertips. How 5miles' Wallet works:

  • Buyers, after confirming they have received an item in good condition, authorize the release of funds to a seller to cover the purchase
  • Sellers then can withdraw money as well as list items separately for local pickup or shipping (via USPS initially, with FedEx soon available)

Both the optional payment and shipping methods are designed to appeal to and enable more marketplace consumers to transact wherever and whenever they want, however they want. With personal safety and security an ever-present concern for many, the new features also hold the promise of helping to reduce or eliminate incidences of offline theft and fraudulent activity such as fake or counterfeit goods or money that have been used in some exchanges.  

5miles provides payment and safety guidelines (in English and Spanish) in its online Help Center. The app is the first of its kind to offer a full-category, hyper-local marketplace experience, giving users easy access to a variety of goods as well as services, housing, and jobs: real listings from real people in real time -- all within five miles. 

About 5miles
5miles is a free, truly local mobile marketplace, one of the fastest-growing shopping apps in the United States. It is the first app of its kind to include local services, housing and jobs, in addition to listings for original and second-hand items. Launched in Dallas in January 2015, the app immediately set itself apart with an easy-to-use mobile interface, identity verification capability (for added safety and security), and hyper-local curation of offerings. In its first year and a half of operation, 5miles has enabled users to buy and sell nearly $4 billion in goods and services. The app routinely ranks as a top 10 shopping app on Google Play, with a growing adoption rate with iOS users via the App Store. Learn more at 5milesapp.com

App Store: m.onelink.me/5fc10133 
Google Play: m.onelink.me/674211f2

Contact Information

  • Media Contact:
    Mark Brinkerhoff
    Tel: 1-817-681-5739
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