As digital wallets continue their explosive growth globally, New Zealand's first mobile wallet provider has opened the way for teenagers to use the instant, fees-free payment service.
Dosh For Teens is the follow-up to the recently launched Dosh Debit Card and enjoying the same kind of rapid growth. Digital wallets are an online payment tool or a software application that serves as an electronic version of a physical wallet.
Their popularity is climbing – British research firm Juniper has just completed a study predicting that mobile wallet users will exceed 5.2 billion globally by 2026 – or 60 per cent of the population of the planet. Dosh have not yet released figures showing growth here but is launching Dosh For Teens to enable young Kiwis to gain financial independence and learn money management skills.
Dosh co-founder James McEniery says Dosh for Teens provides a simple, fast and fee-free way for teenagers to take control of their finances: "Accessing the right tools to help with money management can be difficult for teenagers. With Dosh for Teens, young Kiwis can easily set up a Dosh account, order a free Dosh Debit Card then track their transactions, split out bills, and request money instantly, 24/7 from a parent or guardian, all from their Dosh app."
The Dosh Debit Card enables teens to spend the money they have in their Dosh account, without the risk of going into debt, McEniery says: " It gives young people freedom and control over their finances, and it is completely free to join and use. With no monthly subscription or account fees, teenagers get to keep more of their hard-earned money, and can spend it how and when it suits them."
Sharon Goldsbro, an Auckland mother, connected by family to a Dosh staffer, has added her teenaged daughter to her Dosh network: "Dosh has been a brilliant way to easily share costs between friends and family, and now with my teenager signed up, sending her pocket money is a breeze," she says.
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"Not only that, she really enjoys being able to manage the money earned from after school jobs. She's a young adult and Dosh for Teens gives the financial control she's been wanting. Plus, I have peace of mind that I can always get money to her the minute she needs it, any time of the day or night."
When Dosh launched late last year, it was the first truly mobile wallet in New Zealand, with customers able to pay online and at any retailers with a Visa-enabled terminal.
The company was founded by Shane Marsh and McEniery who returned home from corporate jobs in Singapore due to Covid-19 – but found many of the digital services they enjoyed there didn't exist here.
Users download the app for free and then transfer money from their bank account to their mobile wallet. There are no ongoing monthly or annual costs. They can then use this to send money to another person via their mobile phone number, instantly and 24/7. It allows payments to be made between friends or social groups using either a mobile number or QR code.
The Dosh Debit Card can be used to pay instore and online where Visa is accepted, allowing parties at a restaurant to settle the bill in one payment, then split their bill on the spot from their Dosh app.
The system also allows people to request payment from another user and earn cashback rewards via Dosh Deals in the app.
McEniery says Dosh for Teens means young adults can control and manage their money by enabling them to:
- Request money from a parent or guardian via the Dosh app, and spend it instantly with their Dosh Card (sushi at the mall, public transport top-up or lunch at the school tuck shop).
- Have weekend or after-school job wages paid directly into their Dosh account by an employer, able to spend that straight away as required.
- Transact easily and instantly amongst their network, request money from and pay back friends easily.
- Split costs while out and about.
- Earn cashback rewards when shopping online with the Dosh Card via Dosh Deals in the Dosh app – and earn $5 each time a friend is successfully invited to join Dosh.
- Get pocket money sent easily and instantly to their Dosh account
- Be paid for babysitting on the spot, Dosh to Dosh, even on weekends. No cash, no delays.
McEniery says Dosh is now available to all Kiwis, 13 years and over with a valid NZ passport or driver's licence. The Dosh Card is a prepaid debit card linked to a Dosh account on a smartphone which enables in store and online purchases where Visa is accepted. This is the first time money can be sent and received instantly, 24/7 and then be immediately available to spend from a card. The DoshCard can be ordered for free via the Dosh app.
Since launch in October 2021, Dosh has achieved a number of milestones, including launching New Zealand's first 24/7 instant payments app, raising a record $5M in Seed funding, a partnership with Visa, and being named the first non-bank to receive the Canstar Award for Innovation Excellence 2022.
For more information: Dosh.nz