The past few months, we have been working with a powerful and promising start-up team to develop Cashfree, a unique and innovative mobile payment app. The app was announced and received with great interest at the Launch Event a couple of weeks ago.
Payment made easy and instant
Cashfree is a mobile payment app that allows for easy and instant payment. After you have registered, you can start using the app immediately. Select “Pay”, scan the other party’s QR-code, and confirm the payment. Easy and instant. That means that your restaurant bill can be a QR code, and all you have to do to pay is scan the code. How easy is that?
What makes Cashfree even more interesting is that the actual money transfer will also happen instantly. Today, banks often still uphold a 24-48 hours delay in transferring money between parties - even though this is not necessary from a technical point of view. The aim of Cashfree however, is to turn payments, online as well as offline, into genuine ‘Cashless Cash’ transactions.
Less transaction costs, independent operation
With only 15 cents per transaction being paid to Cashfree, the company greatly reduces the costs for merchants. According to a calculation by Peter Op de Beeck, Founder at Cashfree, the true transactions costs when using Bancontact payment terminals currently amount to no less than 30 cents per transaction.
Finally, Cashfree is currently also the only available mobile banking app that operates entirely independently, without shareholder involvement from any banks.
The future of Cashfree
Cashfree has completed a successful test run in Sint-Martens-Latem and has submitted a request at the National Bank to be recognized as a payment institute.
The Proof of Concept version of the app is currently available for iPad and iPhone and allows for instant payment between merchants and customers. However, at the Launch Event, a variety of promising new features was announced, including an Android version, payment between individuals, location-based functionalities, giving tips and e-commerce applications. We’re really looking forward to start developing and further build this promising app!
In addition to merchants, Cashfree also wants to attract young customers who value innovation. People who are more likely to forget their wallet than their smartphone and who think bank terminals, card readers, and even bankcards, are a hassle.
Is this the future? We believe so, as it would/will be a great evolution from a practical point of view. It’s great to be a part of this innovative story!