Kash is a B2C mobile payment company that allows customers to pay for items directly from their debit accounts, instead of using credit cards. The process takes places through a secure mobile app with 256-bit bank grade encryption.
Kash uses SecureDebit technology, a direct bank payment method that avoids the credit card network and allows retailers to save on transaction processing fees.
For many retailers, the amount they pay in credit card fees is more than their gross margin and Kash gives them an economic incentive to get their customers to use the app – a big piece of the mobile payment adoption problem. Retailers pay a fraction of the usual credit card fees (0.5% vs. 3%) and give customers "cash back" as a reward. Kash also comes with a built-in loyalty program platform.
Kash’s proprietary ACH technology transfers money in less than 24 hours – quicker than credit card processing – and its onboarding process is faster than most mobile wallets. Over 100 retail locations have signed up in the first 3 months of launch, and 7 out of 10 users who download the app go on to link their bank account. Kash has also experienced 100% month-over-month growth since January.
Kash graduated from the Y Combinator accelerator program in Summer 2014.