Dosh, New Zealand’s first digital wallet app, is about to make financial transactions a whole lot easier.
Launching later this year, the app will allow instant payments via mobile numbers or QR codes on a smartphone, significantly reduced fees for retailers and the ability to earn rewards from stores.
After several years in Singapore, Kiwi co-founders Shane Marsh and James McEniery returned home to find New Zealand had not kept up with the rest of the world in terms of real time payments.
“One thing I really miss from Singapore is the ability to pay friends instantly and purchase goods at the touch of a button bia the digital wallet on my smartphone,” McEniery says.
“After years away, seeing how everyday Kiwis pay and receive money seems outdated, slow, inconvenient and costly.”
Marsh says the realisation of Dosh is a long-held dream. He is a payments and fintech expert with 14 years’ banking experience across the UK, Australia, Singapore, New Zealand and the Pacific Islands.
“The easiest and fastest way to pay and be paid in other leading countries is by a mobile payment app. New Zealanders do not have this option today and we look forward to bringing this technology to Kiwi smartphones, this year,” he says.
Marsh says recent Covid lockdowns have seen retailers revert to contactless number 8 wire payment solutions, ranging from manual bank account input to IOUs.
To make a person-to-person payment, Kiwis are currently having to enter a 16-digit bank account number into their online banking platform, then wait for funds to clear.
Dosh will be New Zealand’s first fully integrated, instant, and secure contactless mobile payment platform benefitting all involved parties.
The app will be free for consumers and offer significantly lower merchant fees. Brown says with over 50 platforms either already in use or being built, the way people pay will change forever. Dosh will make payments simple which will be very refreshing for Kiwis.
The app will also allow users to split a bill, pay someone back, earn rewards and redeem special offers.
With 90.2 percent penetration of smartphone users in New Zealand and a trend of early adoption to tech and digital disruption, Dosh will deliver to everyone in everyday financial transactions.