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Cash Buddy

Feb 3, 2021 | 2020 ISSUE, ENTREPRENEURSHIP

Cash Buddy

2020 ISSUE, ENTREPRENEURSHIP

Written by Ammar Al Husni

Banks are in a constant competition with each other in the quest to increase their respective market share, and better serve their clients. One method to increase market share is through their ATM network. Several sources cite how expensive managing and setting up these electronic machines can be, yet how increasingly important they are in serving people’s financial needs.
On the user’s end, the high fees, inconvenience, and inaccessibility of ATMs have been proven through several surveys and literature reviews to be inefficient and problematic factors for people when withdrawing money.

 

This inspired the team to come up with CashBuddy a solution that bridges this gap in the market, providing a digital accessible alternative for individuals to withdraw money in their day-to-day life whilst at the same time allowing banks to cut down on the operation and maintenance costs of their ATM fleets.

CashBuddy is a mobile app that brings the sharing economy to the ATM industry by allowing people to withdraw money from a large network of prescreened shops.

 

After selecting that cash amount to withdraw, a user would find the closest shop on an interactive map integrated into a mobile application, walking in that shop, scan a QR code and get the desired cash without paying a dime in extra fees. Additionally, the application will take care of transferring this money amount from the user’s bank account to the shop’s account. One of the things that gives this solution an edge over other competitors is the technical component.

A unique technology that was used to develop and implement the team’s solution is the Amazon Quantum Ledger Database, a blockchain ledger framework built to provide a fully managed ledger database that incorporates a transparent, immutable, and cryptographically verifiable transaction log.

 

Ever since we ventured with our idea, we were able to secure top places in several regional and local early-stage startup competitions, such as winning third runner-up in Arabnet Ideathon competition and pitching at Flat6labs pitchathon event.

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