This week we sat down with Dosh founders Shane Marsh and James McEniery to ask the question “Why Dosh?”.
I understand you have both returned from living in Singapore?
Shane: Yes, I was there with the family for almost three years. We had a fantastic time. Singapore is an advanced city state with great people, food, and travel options. It’s nice to be back in NZ though, especially during these difficult Covid times.
James: We had an awesome time there too. Shane is right about how advanced the city is. There is a real focus on technology and it how it makes people’s lives easier and more efficient.
So you’re back now, what’s the plan?
Shane: Covid has had such a massive impact on people’s lives, many returning to their home countries like we have. We thought, wouldn’t it be great if we could add a positive aspect to this change by bringing back to NZ the best solutions we had personally used offshore.
James: The technology I used the most was payment apps. Around the world there is huge growth in these services. People love the ease of paying each other instantly and getting rewards and vouchers direct to their phones. I’m really excited about bringing this service to NZ.
What do you expect the uptake to be like, given this technology will be new to many Kiwis?
Shane: We understand that with everything new, people will have questions. They will want to know they can trust us, especially as money is involved. Security is our top priority & we have taken every measure to ensure the safety of our users’ personal funds. But having personally experienced the convenience this technology offers in everyday scenarios, we’re confident Kiwis will quickly see how Dosh will enhance their lives.
James: We’ve had a phenomenal response to Dosh in a relatively short time. We know that achieving mainstream status with Dosh won’t be without its challenges, but the simple fact is that using an instant payment app to send & receive money is already commonplace around the world. The benefits Dosh will bring to New Zealanders will become really obvious as soon as you start using the app. So join our waitlist to be among the first in NZ to have it!
People use banks today to make payments, why would someone need Dosh as well?
Shane: Historically banks were formed to securely hold people’s money, and these deposits were used to lend money to borrowers. People moved money by doing this outside the bank systems – withdrawing cash from an ATM to pay someone or writing a paper cheque. With the rise of digital technology, banks have enabled people to make payments electronically, but the old banking infrastructure was never designed with this in mind. This is why electronic payments still use bank account numbers and payments cannot be processed across banks in the weekend or instantly during the week. Dosh will deliver new, leading edge technology that is not reliant on the aging bank systems. By creating a new system alongside the banks, Dosh is able to deliver new, exciting and innovative solutions to Kiwis.
How do you think Kiwis will use Dosh in NZ?
Shane: Being able to pay people instantly, anytime and anywhere can be used in a whole range of scenarios. For me, the top two will be not having to go to the ATM to get cash to pay the babysitter, and paying people with Dosh when I pick up goods bought on Trademe.
James: I think Kiwis will quickly discover how useful Dosh will be in everyday scenarios. Personally, I can’t wait to be able to instantly pay the tradespeople doing odd jobs on my house. The current format of waiting for an invoice to be sent, then actually getting around to paying it feels really inefficient compared to how it works in other places around the world. I’m obviously also very keen to avoid the 3% surcharge for paying by credit card!
Thanks guys, best of luck in bringing this to life in NZ.
Join the waitlist to keep up to date with the latest Dosh news, and our launch later this year.