Canadian FinTech firm ChangeJar is launching a mobile app that lets users pay for transactions with their smartphones using their loose change.
In a press release on Monday (May 30), the firm noted that the app, which launched at several Ottawa cafes and merchants, lets users accumulate the value of coins that were “previously lugged around, left to rattle in cars or languish in household containers” and can now instead be credited to the app that has been installed on a user’s phone. The value of the coins accrues as a mobile balance, and the balance can also be used across P2P transfers that users may elect to have in order to divide bills.
The app is free, said the company, and merchants pay no transaction fees in connection with the service. The app is available through Apple's App Store and Google Play, with the merchant side able to add the app to iPad-based POS hardware.
The initial foray into Ottawa is part of a larger expansion slated to take place across the nation later this year.
“ChangeJar Mobile is a great fit with our focus on providing customers with the best combination of quality and convenience,” said Alex Dhavernas, co-owner of Ministry of Coffee, which is based in Ottawa and is among the establishments accepting the payments. “It’s incredibly easy to use and enhances the whole customer experience by eliminating the hassle of fumbling with coins and bills. Customers and staff alike also appreciate the fast and easy tipping feature. It’s a retail tech innovation that provides immediate benefits and just works.”