There’s nothing more time-consuming and frustrating than standing at the register, fumbling around for correct change while everyone in line silently curses you for taking up their precious time.
That’s why Canadian fintech startup ChangeJar collects change from cash transactions on your phone and saves it for later. Users open the app and click on their “ChangeJar” to reveal a QR code that can be scanned to give or receive change. The free app does not require a bank account or credit card to use and promises “all of the convenience of tap and pay cards, none of the creepy data mining.” It also doesn’t charge merchants transaction fees.
In addition to transactions between customers and businesses, ChangeJar can be used for instant person-to-person transfers.
While the idea is compelling, it’s still in its infancy. The company has just begun to roll out the app in the Ottawa area, with mainly coffee shops and restaurants. The list of merchants available is posted on its website.
Related reading: Government launches study that aims to research Canada’s fintech market