The KashCash payment app launched in Israel this week, offering the surprising twist of digital cash transfers with increased anonymity and no credit card required. Unlike other payment apps such as Bit and Paybox, KashCash allows users to withdraw money directly from their bank account to the app, transfer funds to others, and make purchases in stores. You can. This creates a more anonymous alternative to apps like Bit and Paybox and eliminates the need to go to an ATM.
Before transferring money from their bank to the app, users are asked to briefly verify their identity with the bank, either by entering a password or through biometrics, and approve the amount to be transferred. Additionally, like Paybox, Bit will soon receive an update that will allow users to withdraw their app balances and deposit them back into their bank accounts.
One of KashCash’s best features is the ability to send money via your contacts by simply tapping two mobile devices together. The process is completely anonymous, does not require you to enter any personal information such as your name or phone number, and works just like physical cash. Additionally, the app facilitates digital payments for children (with parental supervision), individuals without credit cards, and even those without bank accounts.
KashCash is free to use and no credit card is required. To withdraw funds from a bank to the app, users must set up their bank account details within the app. The transfer process is done in collaboration with banks and requires customers to verify their identity through a password or biometrics so that only the account holder can withdraw funds. Money transferred to the app is held in a trustee bank account under the supervision of accounting firm BDO.
Payments at retail stores can be made by connecting the app to the store’s cash register. Israeli cash registers are already integrated with apps, and businesses without cash registers can use a dedicated business app. Payments will be accepted at stores that support the app, including approximately 200 retail chains, thousands of stores, and numerous small businesses that have adopted the KashCash for Business app.
The initiative was founded by Professor Dudi Gershon, a veteran fintech entrepreneur who previously founded financial services company SuperDerivatives.
