We have written about the significant increase in the use of digital wallet apps around the world in recent years, with the number of unique digital wallet users forecast to exceed 4.4 billion globally in 2025.
As an example, Venmo and CashApp, the two leading digital wallets in the United States, have more consumer accounts than the largest US banks put together. Offering instant payments seven days a week at any time of the day or night, the ability to reimburse friends, and greatly facilitate marketplace purchases using only a smartphone, the convenience afforded by using a digital wallet app for everyday transactions is a major reason for its popularity.
You might wonder why digital wallet apps haven’t come to New Zealand yet. Dosh co-founder, Kiwi Shane Marsh says, “Large digital wallet providers do expand globally, however tend to stop at Australia due to New Zealand’s smaller population and market size. We see this as our opportunity to bring digital wallet technology to New Zealand and make everyday peer to peer (P2P) financial transactions hassle-free, secure and instant. In years spent working abroad, both James and I were heavy users of the technology, and since returning home have been surprised that New Zealand is lagging in this sector, still using methods considered antiquated in other developed nations. We have seen for ourselves how easy and convenient digital wallets can make everyday purchases, from things like paying the babysitter and tradespeople to weekend farmers’ market purchases and music festivals.”
So how does it work? A digital wallet is an app downloaded from the Apple or Google app stores. Verification is completed digitally through the app in a matter of minutes, and funds can be transferred instantly from your regular online bank account. From that point, P2P payments can be made instantly with any other holder of the same digital wallet platform, for free, by either scanning a QR code generated from within the app on your smartphone or selecting a mobile number from your phone contacts list. The app also facilitates instore shopping, offering in-app rewards for customers and reduced fees for merchants.
Currently in New Zealand it is not as easy to make payments as it is overseas. Dosh will change that. We are on the countdown to launch and need you with us when we do. Sign up to our waitlist to stay abreast of Dosh news and be the one of the first to download Dosh from the app store when it becomes available very soon.
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