CEO Jeffrey Witten: CoinOut is a simple wallet app. It allows anyone with a mobile number, to save loose change and in turn, convert their receipts into effortless money. Think a digital piggy bank, combined with a cash back credit card, without the card or financial requirements.
To get started, the wallet only requires a customer’s mobile number to create their account. Consumers can cash out on change in two ways:
- While paying with cash at participating CoinOut locations, they have the ability to scan their receipt or enter their mobile number at the cash register, allowing change to instantly appear in their wallet; and/or
- Upload/scan receipts from large retailers, earning cash back daily. Once funds are loaded into a consumer’s wallet, a customer can cash out their change directly to their bank account, gift card, or charity at any given time.
Once scanned in/claimed, the funds are automatically added to your account with certain requirements—we must be able to read the receipt (the store name, the date, and the total bill amount). As long as the receipt fits these requirements, you should see the funds immediately. For most millennials and Gen Zs, they have a million different things going on in their lives; with CoinOut, you don’t have to remember to whip the app out ahead of time or opt into anything—do it when you have time.
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