CashDash, a cardless ATM cash withdrawal service, has launched in London with a network of 53 ATMs and, for the time being, a limited user group.
The service is powered by the CashDash mobile app, which currently is available from Google Play for Android devices, and soon will be available for the iPhone as well, according to the company’s website.
According to a report by The Next Web, Cash Dash users first download the mobile app; the next step is to add funds to the mobile wallet in the app. Funds are held and managed by PSI-Pay, an e-money institution regulated by the UK Financial Conduct Authority.
To withdraw cash, the customer first needs to top up their virtual wallet with funds from a variety of currencies via a card-linked account either via transfer from an existing bank account, bankcard advance, visit to a merchant-agent or another method altogether. Then at the ATM, they select the CashDash option, type in their phone number, authorise the transaction by punching in a code in the phone app and the cash is issued
The system, which seems specially targeted to travelers, allows users to exchange currency within the app for a smaller fee than that charged by traditional exchanges. Unused foreign currency can also be returned to the account for exchange back into domestic currency.
Arik Shtilman, chief executive of the Isreali start up, said he had the idea on a stag weekend in the Czesh republic when he felt the party was being ripped off with different exchange rates at cash machines at a bureau de change and on their credit cards.
According to the CashDash website, the company intends to launch soon into additional markets that include Barcelona and New York City.