Dosh To Accelerate Payments Innovation In NZ With Visa

Dosh, New Zealand’s first mobile wallet, today announced it is working with Visa to expand its mission to provide Kiwis with greater financial freedom, access to and control of their money.

Launched in 2021, Dosh is an app enabling Kiwis to pay and request payment instantly from anyone, 24/7 via mobile number or QR code. After launching in October 2021, Dosh has recently completed a Seed Round, raising $5 million in an oversubscribed round.

The Kiwi fintech is now set to launch a Visa card that will let Dosh users spend funds from their Dosh mobile wallet anywhere that accepts Visa. Those payments can be split between friends on the spot via the app, avoiding the delays of standard bank transfers.

Significant Innovation

Dosh co-founder Shane Marsh says the collaboration with Visa will drive significant innovation in New Zealand’s payments landscape.

Anthony Watson, Visa’s country manager for New Zealand and South Pacific said: “There is significant demand for new forms of digital payments that are both convenient and secure. By leveraging Visa’s network and scale, Dosh can expand its solution to deliver a great customer experience and innovation to more Kiwi consumers and businesses.”

“This is an important next step for Dosh. It means that the Dosh mobile wallet will seamlessly integrate into one of the world’s largest payment networks , massively expanding Kiwis’ ability to buy goods and services using Dosh,” says Marsh. “It means you can pay anyone back via Dosh at any time, and they can instantly use Dosh at any business that accepts Visa.”

The Dosh Visa card will be available for Kiwi consumers to start using in the second half of 2022. Dosh will first launch a physical card enabling purchases directly from the Dosh mobile wallet, with a digital card to be released soon after.

The move will bring to life one of Dosh’s major points of difference: splitting a bill. Until now, there has been no simple or instant way to split the cost of a meal at the end of dinner out with friends. With Dosh, diners can easily adhere to the hospitality sector’s call for ‘one bill per table’. A user can pay the restaurant with their Dosh Visa card, choose the Split Bill function from within the Dosh app, then simply select the group members from their contacts list to be reimbursed on the spot.

Network Effect

Dosh co-founder James McEniery says the effect on the Dosh brand will be profound. “Our focus at launch was getting early adopters familiar with the Dosh way of paying their friends back 24/7 via their smartphone. That’s working really well, with thousands of transactions happening every week.

“There’s no need to wait for your money to arrive or be cleared by the banks over the weekend; you can just use your smartphone and your Dosh app. With Visa, we will significantly expand the Dosh network of businesses. This is a real game changer.”

© Scoop Media