Did you ever have a friend who you owed you $20 for something? Or did you split a dinner tab with friends, but they owed you money for the bill? Then when you see the person they say, "Oh, I don't have any cash on me, I'll get you next time." But next time never came, and you never got your money back. Well according to Founder & CEO Cliff Canan along with Director of Operations Nate Wineland, their new app Nooch solves this very problem. The Nooch team showed the app in the January edition of Philly Tech Meetup.
Nooch is a mobile payments app that lets people send up to $100 to another Nooch user. ATM's have fees, checks are cumbersome, and not everyone has a bank account to use PayPal or other payment apps. This app is designed for friends to pay each other for say, a bar tab at 2am in 30 seconds, fast and simple. You don't need to have the person's email address, bank information, and phone number. You can just look up their name on the app, or use their Facebook name to find them, and then send them the money.
Two cool things that Nooch does that other payment apps don't do are Location-based security and Disputes. The location-based security is to protect the users from someone trying to access their account from anywhere but the usual spots the user typically performs transactions. For example, say you typically send people money in Philadelphia and the surrounding areas, but one day there is a ping for a transaction in Florida; well Nooch will call you to ask if you made this transaction. This is similar to a credit card transaction you might make on vacation in Paris and the credit card company will call you to make sure it's you buying that French baguette. The dispute button lets you dispute a transaction if you didn't place it, which is quite convenient, if say your friend takes your phone, and sends himself $100 when you are passed out drunk.
Any transaction you perform will cost you $.25 cents, but they are working on getting this fee down to $0. The app is very similar to PayPal's mobile app, Square, Google Wallet, and other payment apps, but with certain limitations. Wineland said, "We don't want to compete with PayPal and other mobile payment apps. We are focusing on person to person transactions, not buying things online." The app has a pretty nice interface that lets you do everything in a very simple way. You can find a contact to send money to, send money, check your history, dispute a charge, withdraw money to your bank account, and soon will be able to request money. Overall, the app seems to definitely solve a problem that people face. If you have tried it, leave me a comment to let me know what you think.
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