New Zealand’s first digital wallet launched, powered by Software Group
By Leandra Monteiro
A new instant payment app, Dosh, will allow New Zealanders to pay each other instantly using a smartphone app. Built on Software Group’s Mobile Wallet platform, and available on Apple and Android, Dosh is easy, safe, and free to download for anyone over age 13 with a New Zealand Passport or Drivers Licence.
“Dosh is the breakthrough in banking that consumers and small business owners have been asking for,” said Shane Marsh, co-founder of Dosh. “Despite huge popularity overseas, digital wallets and instant payment apps have not been available to New Zealanders. That changes today!” added Marsh.
Dosh allows users to instantly pay or be paid for transactions under $500. Users can upload up to $1000 onto their dosh wallet, pay and receive cash instantly, and transfer it back to their bank account whenever they like. A 1% fee is charged when money is returned to the user’s bank account. Dosh works with all the major banks including BNZ, ASB, Westpac, ANZ and Kiwibank, and is a registered Financial Services provider, overseen by the Department of Internal Affairs.
“Dosh removes a whole world of pain from banking,” said co-founder James McEniery. “Payments are instant – so no more waiting a day or two to see if your funds have cleared. It’s easy – no more fussing with long strings of numbers or mobile numbers. And it’s safe – you see the money in your account instantly and can transfer it back to your bank account whenever you like. Early testing shows that young people, especially, love using Dosh. They already do most of their shopping and chat through phones and expect instant response. Banking has not kept up. Dosh is the way young people pay.”
“Dosh also appeals to small business owners, especially those on the go such as food delivery, tradespeople and stallholders. It’s also cheaper. Merchant fees are a major source of frustration for business owners. Dosh slashes the cost of digital payments and provides secure, instant results for hardworking Kiwi entrepreneurs,” concluded Marsh.
IBSi Daily News Analysis
December 05, 2023
Why joining forces is key to boosting bankability and bridging climate finance gapsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage