CashDash, a cardless ATM cash withdrawal service, has launched in London with a network of 53 ATMs and, for the time being, a limited user group.
The service is powered by the CashDash mobile app, which currently is available from Google Play for Android devices, and soon will be available for the iPhone as well, according to the company’s website.
According to a report by The Next Web, Cash Dash users first download the mobile app; the next step is to add funds to the mobile wallet in the app. Funds are held and managed by PSI-Pay, an e-money institution regulated by the UK Financial Conduct Authority.
(Neither the article nor the CashDash website explains exactly how a wallet is loaded with funds — whether via transfer from an existing bank account, bankcard advance, visit to a merchant-agent or another method altogether.)
To make a withdrawal from a CashDash-affiliated ATM, the user keys in his or phone number at the machine and authorizes the transaction on the mobile device, triggering the ATM to dispense funds.
The system, which seems specially targeted to travelers, allows users to exchange currency within the app for a smaller fee than that charged by traditional exchanges. Unused foreign currency can also be returned to the account for exchange back into domestic currency.
According to the CashDash website, the company intends to launch soon into additional markets that include Barcelona and New York City.