A Dublin-based startup has recently received €300,000 in seed funding for its potentially explosive new ATM-based international P2P cash payment platform.
CashCodes® utilizes recent advances in “Emergency Cash” ATM technology to allow users to send and receive secure codes that can be used to withdraw actual cash instantly, from any local participating ATM machine.
“Why wait for an emergency to use ATM codes to access cash,” says the company’s Founder Philip Gannon. “We’ve developed a much better way to harness the recent advances in ATM technology and now even those without a bank account can send and receive cash anywhere in the world, straight from their phones!” He continues, “We’ve created a totally new category in international P2P cash payments and we expect huge demand for this very fast, safe and convenient way to send cash to friends and family.”
Using the CashCodes® online application could not be easier. The sender simply selects the cash amount they want to send and the country to where it is going. The recipient then uses their CashCodes® app to securely decrypt the code that they receive from the sender, which can be taken to the nearest participating ATM machine and used to withdraw real cash.
The applications for this service in everyday life are limitless and a big demand for this payment service is expected, as there is currently no other P2P service that allows users to send real cash this way.
Despite reports of a cashless society, over £189 billion was withdrawn from UK ATM machines last year. CashCodes® intends to take 5% market share of the UK ATM cash market by simply making it easier for users to send and receive ATM CashCodes® then it is to hand over cash. They charge a small commission on all cash transactions made and reckon that the UK market alone is potentially worth £3.8 billion in profits annually.
What is unusual about the CashCodes® system is that neither the sender nor the receiver needs to have a bank account to send or receive codes that can be redeemed for cash at participating ATM machines. This in itself creates a lot of other uses for the service such as issuing cash for donations, bonuses, refunds, rewards, etc.
CashCodes® will be initially marketed across the UK, the USA, China, India and the EU and consumer demand for this international cash payment platform that is safe, secure and simple to use is expected to be very high.
The founder of CashCodes® is currently in negotiation with several international banks with a view to “buying” working ATM codes off them at face value for resale to international consumers. It is claimed that the bank is offered a commission on the ATM codes that they sell and the transactions are 100% risk-free for the banks as they get paid in advance for the codes.
The token-based CashCodes® API and secure online application is currently in development stage and the white label version is due to be launched in March 2017.
CashCodes® are now seeking to raise €5,000,000 in a series A funding round in order to bring the product to market in multiple jurisdictions.