Cash remains a vital part of the modern economy. In fact, Americans still settle over 60% of their small dollar transactions in cash. In both emerging markets and developed markets, use of cash grows year on year. Cash in circulation from Australia to the US and from to Indonesia to Hong Kong has grown at nearly double digit rates for the past half decade. When the next billion in Asia demand access to cash, banks won’t be able to afford distributing cash via ATM networks.
According to soCash research, the fees paid to soCash are roughly 50% the transaction costs banks pay for ATMs. The irony is that moving to “cashless” options can prove more expensive for banks. Fear of running out of money leads to many financial institutions having too much float locked up in ATM network. This excess burden can be up to 1/3 of your bank’s cash handling costs.
soCash improves cash distibribution and liquidity management by creating the largest cash network in the world powered by mobile devices. The goal is to convert every shop and customer into a virtual cash distribution network and is starting in Asia. We make cash circulation more efficient by deconstructing the expensive cash logistics supply and ATM networks globally.
The solution plugs into the mobile apps of banks. To withdraw cash, users simply need to place an order on the bank’s app, select a cashpoint nearby and pick up the cash at the outlet. For businesses to deposit cash, they just need to join our cashpoint network.
soCash is proud to be the first recipient of the Monetary Authority of Singapore (MAS) FTSI Grant under the Proof of Concept scheme. The Financial Sector Technology & Innovation initiative was launched in 2015 to provide support for the creation of a vibrant ecosystem for innovation.