No ATM Required With Spare

By on February 26, 2016 | 8:48 am
February 26, 2016 | 8:48 am
February 26, 2016 | 8:48 am

Technology, along with our smartphones, tablets, and computers, have made our financial lives much easier. From banking online to using Apple Pay at the register, there have been endless ways to streamline our spending. Now comes something brand new that will also make using regular, plain old cash simpler: an app called Spare.

One more reason to leave your wallet at home when you head out to shop, Spare is an app that essentially lets you skip the long line at the bank and use any retail store as your own personal ATM. How does it work?

You download the app and tell it how much money you need at the moment, and your GPS locator will help you find the closest available shop that also uses the app. Then, you can proceed to the shop and grab your cash without ever having to find a bank. This is especially handy if you’re traveling out of town and not sure where a bank is located, or you just don’t want to deal with bank fees associated with using an ATM.

Though the app was originally developed with hotels in mind, the creator would like the app to branch out and include retail outlets, as well. So far the app is available in California where already 150 merchants and over 1,200 consumers are using the app.

So, what motivation does a retail outlet, restaurant, or hotel have for using Spare? It’s simple, really, and it’s all about advertising. If a tourist needs cash and it’s available at a retail store, they may find themselves browsing and even spending while inside. It’s an easy and efficient way to increase foot traffic in any shop or restaurant, which highly benefits the businesses.

Merchants have the option to add a fee to the transaction, which could benefit them as well. What do you think about Spare? Would you use it to avoid having to find an ATM, especially if you were out of town or out of state? Do you think it will catch on?






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