WorldKoins lets travellers exchange their unwanted foreign currency with ‘collectors’ through a web app.
Most people have experienced arriving at the airport on their way home from holiday, their pockets full of small change, having to buy something they don’t really need in an effort to avoid transporting so many coins home with them. WorldKoins offers a web-based, highly scalable service to deal with this problem. Founded by Ali Zekeria, WorldKoins is a marketplace for leftover currency. Users can identify and locate ‘collectors’ through the WorldKoins app, transferring their spare change to them using the accompanying app, Dropkoins.
Collectors can be anyone from an Uber driver to a coffee shop barista. They validate the transaction using a verification code and credit the traveller immediately, via the app, with currency that is redeemable for a wide range of eGift cards including those for iTunes, Skype, PayPal and Google Play credit, or a charitable donation. A small commission is charged, split between the start-up and the collector. All currencies are accepted and exchange rates follow those offered by banks, updated in real time.
Collectors using the Dropkoins app benefit as much as users depositing their leftover change. For collectors already on the move in a city, such as Uber drivers, taxi drivers and couriers, it is a good way to make a little extra income for little extra inconvenience. Dropkoins advertises itself as an extra service that collectors can offer to their existing taxi or Uber customers. They can make collections in any currency from users visiting their country.
One of the key challenges in convincing users to get on board with such a model is the suspicion that they may not be getting a good deal for their money or a fair exchange rate. The developers insist that all transactions made through WorldKoins are completely secure. Each exchange is encrypted and validated through a one-time password. After collectors input the details of the transaction, a text message is sent to the traveller, breaking down the financial data and giving a password required to complete the transaction. Only when the traveller is satisfied with the deal they are getting do they relay the password back to the collector, who will type it into the app. This approach minimizes the chance of discrepancies and keeps both parties satisfied.
The exchange rate that the service uses is the prevailing one offered by global banks and is constantly refreshed in real time. At present, there is no option available where users can transfer their money directly to a personal bank account, but the developers are constantly looking to expand the marketplace and add new features to make the app more appealing, user friendly and profitable for all.
Of the idea, Ali Zekeria says, ‘There are more than one billion international travellers per year and every single one of them is facing this problem: what to do with their leftover travel money once back home. The challenge is to come up with a simple yet effective solution that is scalable enough for worldwide reach and simple, with a user-friendly interface.’
If travellers and collectors both feel that they are getting a good deal and that the system is convenient, with the monetary and time benefits of using the app outweighing current systems of cashing in coins (such as physical coin deposit machines at banks), then the potential popularity and scalability of this simple model are limitless.
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Website: www.worldkoins.com
Contact: support@worldkoins.com
Innovation name: WorldKoins
Country: Malaysia
Industries: Access exclusive / Financial services & fin tech / Tourism & travel