Lanham, Maryland--(Newsfile Corp. - February 17, 2023) - Chaingapp announces the launch of its innovative cash-to-digital exchange solution, allowing merchants to provide digital change from a cash transaction. The app provides a safe and secure solution that eliminates the need for exact change or card purchases. By enabling users to accept their change via a virtual exchange, Chaingapp empowers consumers to save and invest, while also reducing the spread of germs attached to the currency. This unique solution also reduces the time it takes merchants to search for change during their shifts and eliminates the need to have different change denominations readily available. In addition, Chaingapp provides an alternative payment method, saving small businesses from incurring credit card fees for both merchants and customers.
By downloading the app, customers can engage in micro-savings, receiving their change digitally at the point of sale. To use the service, the customer can scan the merchant's QR code and receive the change digitally. Customers who do not have the app can receive a text message from the merchant. The customer can then click the link and their change will be waiting for them in the digital wallet. This allows the transaction to take place even before the customer downloads the app. The customer may download the app later at their convenience and transfer the change into their personal bank account.
The app connects to the customer's bank account, allowing them to accumulate their change, and use it for various purposes such as micro-savings. Currently, the app offers payments as a service, and the company plans to launch banking as a service in the future, where money sits in the digital wallet, and users can perform various transactions. In the future Chaingapp plans to offer trading, money market savings and crypto.
To use the service, merchants can subscribe for a small monthly fee, while the service is complimentary for customers. The flow of funds goes from the merchant to the customer's wallet and stays there for a few days before being deposited into the customer's bank account. There is an option for an immediate transfer of funds with a transaction fee.
Chaingapp can be used on various devices, including web services, web browsers, tablets, and mobile phones. It even integrates with Verifone and Clover, making it an accessible and efficient solution for all merchants. It offers numerous health benefits and solutions, including contactless payment, and prevention of spreading germs, for both customers and merchants alike.
Chaingapp's new solution provides a seamless and convenient experience for merchants and customers, eliminating the need for loose change and saving time and money for small businesses. The App also saves merchants the time and energy spent going to the bank to get change. The app eliminates the need to go to the bank, as merchants can easily move money into their Chaingapp wallet and begin to give change whenever someone pays with cash. In addition, it eliminates the need for merchants to make preparations before starting their shift, such as making sure they have enough coins for change.
"While many businesses emerged during the pandemic, Chaingapp goes beyond being just a pandemic solution. It offers numerous health benefits and solutions for both customers and merchants alike. In terms of margins and sales, it allows merchants to save both time and money. As research conducted by Square has shown, the cost associated with looking for change throughout a shift is a whopping $3 billion. With Chaingapp, merchants no longer have to spend time looking for coins or going to the bank to get change, allowing them to start sales immediately," stated Emmanuel Edili, Co-Founder and CEO of Chaingapp.
About Chaingapp
Chaingapp is a mobile application that aims to transform the way consumers and businesses exchange change. With the national coin shortage, Chaingapp is dedicated to resolving this issue and facilitating the transition towards a global cashless society. Chaingapp is committed to providing seamless and efficient change exchange services that drive real monetary benefits for both businesses and consumers.
Media contact: Emmanuel Edili
Email: eedili@chaingapp.com
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