ChimpChange new revenue generating product goes live
ChimpChange Limited (ASX: CCA) (“ChimpChange” or the “Company”) is pleased to announce it has launched into the market its photo cheque load tool.
The photo cheque load tool is the first in a line of new product offerings being rolled out by the Company to complement its existing transactional banking account and debit MasterCard.
While cheques are becoming rarer in the Australian banking environment the US banking system is still a cheque based economy. According to the World Payment Report, in 2013 cheques account for approximately 13% of all non-cash payments in North America (US$17 billion).
The product allows customers the ability to take a photo of a cheque using their smartphone through the ChimpChange App and facilitate the load of that cheque into their ChimpChange account.
Customers can choose an expedited option to clear their cheque within minutes, for a gross fee of 2% or 5% of the value of the cheque, depending on the type of payer. This cuts the cost and boosts the convenience to the customer relative to bricks-and-mortar cheque-cashing retailers, who typically charge high rates.
Data from our current customers indicates they spend on average 70% of funds deposited into their accounts on their debit card. The cheque load tool complements the currently available functionality of depositing funds and will drive further revenue from usage of the debit card through interchange received per transaction.
“We are pleased to deliver on another key milestone” said Managing Director and founder Ashley Shilkin.
“After experiencing significant customer growth last year we decided to survey our customers to understand what types of products they wanted. Overwhelmingly our customers told us a cheque load tool would be hugely valuable and that it would also drive them to use ChimpChange as their primary transactional account. This new feature will assist with driving total transaction volume and revenue.”
The Company is encouraged by business development subsequent to its ASX listing and looks forward to updating investors as it continues to deliver value to customers and shareholders.
