The number of digital wallets users across the globe is forecast to surpass 4.4 billion by 2025. However many Kiwis will discover digital wallet technology for the first time when Dosh launches in New Zealand later this year. So how does it work, and why is it different to online banking or Paywave?
What is it?
A digital wallet is a mobile app downloaded from the app store. It gives you a digital account where you can hold funds transferred from your bank account, and you can use that digital wallet account to make & receive payments instantly from other people or businesses.
But I have an online bank account and can already pay people via my smartphone?
Dosh is different to your regular bank account in that for the first time in NZ, payments between Dosh digital wallet users can be made using just a phone number, or by scanning a QR code. You will no longer need to go through the lengthy process of setting up a payee, entering their 16 digit bank account number and waiting for funds to arrive. Payments happen instantly any time of any day, including weekends. Once your Dosh transfer has been made, both parties receive on the spot notification of the transaction. No more waiting for money to show through on a Monday. With Dosh you can make and receive instant payments seven days a week, at any time; ideal for weekend activities such as markets, collecting Trademe purchases, paying the babysitter, garage sales and so much more.
How much will it cost me?
With the Dosh app, all consumer activity whether paying a friend or buying a coffee at your local, is completely free of charge. Transferring funds from your regular bank account to your Dosh account costs nothing and vice versa. Dosh sits alongside the conventional banking system, not within it, so costs incurred are significantly lower and Dosh can pass these savings on to its users.
I use Paywave. Why would I switch to Dosh?
Because Paywave is enabled via your credit card & thus embedded in the traditional banking system, payments do not always happen instantly. Paywave is not set up for peer to peer payments and retailers & businesses offering the service are stung with crippling merchant fees. Dosh is free to download, enables instant peer to peer payments 24/7 and takes only a few minutes to set up. Good to go!
This technology is new to New Zealand. How do I know my money is safe in my Dosh digital wallet account?
The Dosh platform comes with the highest level of security & rigorously complies with financial regulations in NZ. Once money is in your Dosh digital wallet, it is held in a NZ bank account under trust, never actually leaving the NZ banking system. Dosh users can rest assured their money is safe and secure.
I’d like to give it a try. Where to from here?
Dosh will launch in NZ in Q3 of 2021. To keep up with all Dosh activities including everyday use cases, education around digital wallet technology, founder news & our hotly anticipated date of launch, head to our website to join the waitlist and be among the first to pay & receive money smarter, faster, simpler & more conveniently with Dosh.