Money value (no matter what currency!) on-the-move
Popular study in United Kingdom has even discovered that there is several hundred million British pounds worth of small change in foreign currency, ‘souvenirs’ from the British population’s travels abroad which they haven’t been able to convert back to their home currency.What if there was a way for travellers to convert their leftover foreign money, into something of similar value, say credits which they can exchange for something they can consume, like snacks, coffee, Internet service or donations to the charity of their choice.
Peer-to-peer and mobile
Country manager of AppyKoins in Malaysia, Lydia Chia explained, “We are talking about small amounts in the range of RM20 to RM50 (per transaction).”
There are three parties that can be discerned right now: travellers with foreign money, collectors who accept this money and dispense WorldKoins credit via DropKoins (another app) and also merchants who would accept the credit from WorldKoins and in exchange provides goods and services.
This isn’t a new concept in the world of finance and there are others who have the same idea as AppyKoins. “But, we are the first one using peer-to-peer transactions via mobile devices,” Chia pointed out.
Instead of a big vending machine to drop off change and collect credits, there are individual collectors on-the-move, and very soon also, establishments like shops that WorldKoins users can leave their foreign currency with.