I work around the Raffles Place area, and during lunch I spotted someone distributing flyers for soCash. soCash is a fintech startup backed by a grant from the MAS that turns merchants into cashpoints (I know, I know, cashless society). Itโs kind of like what some banks have been doing to solve the ATM shortage problem with partnerships at 7-Eleven/Singposts/Guardian etc that let you withdraw cash when you make a purchase.
Now SoCash isnโt new- itโs been around for over a year already, but Iโm guessing theyโre doing a sign up drive right now. If you download the SoCash app (I get a referral credit when you use this link, you also get a bonus of $3 too), you get $5 when you make your first withdrawal, and a further $5 after you make 3 more withdrawals.
You need to sign up by 23 April and make your withdrawals by 30 April to be eligible
The soCash app currently lists only DBS/POSB, the bank that arguably has the least problems with ATM availability. That said, theyโre also integrated with Standard Charteredโs mobile banking app so thatโs another option (no free money if you pick this option though). I imagine the team will be racing to bring more banks on board in the near future.
Iโm not above aunty-scrambling for money, so I downloaded the app and realised there was a cashpoint just next to where I was on the 2nd floor of the Arcade (soCash currently has about 700 cashpoints across the island ).
I found the cashpoint pretty easily. Cashpoint merchants display a soCash sticker (this one a bit less prominently)
The process is extremely simple. You select your cashpoint on the app and enter the amount of money you want to withdraw (min $10).
The free $5 works like this: I requested $20 on the app, and was billed for $15 through Paylah.
The merchant will take out a device that looks something like this with a QR code. You use your soCash app to scan the QR code, youโre sent to your Paylah account (or DBS/POSB ibanking if you prefer, but I think thatโs more complicated) where you approve the payment, and then you get your cash from the merchant.
Thatโs it. Hereโs what $20 looks like, in case youโve never seen it before.
Now thatโs only $5 of the free $10 on offer. I later did a couple more transactions with the same merchant to unlock the other $5, but apparently youโre limited to 3 transactions with a single merchant each day. Given thereโs a cluster of cashpoints around the Raffles Place/CBD area it shouldnโt be too hard for you to unlock the full $10.
I know some of you might already have thoughts of MS in your head, but Iโm struggling to see how it would be possible with this setup. soCash clearly wonโt be able to afford paying merchant fees on cards (and in all likelihood banks would classify this as a quasi cash transaction and not award points anyway) so we can forget about seeing that as an option.
One annoying thing about the soCash app is that if you donโt kill it and let it idle in the background, it has a tenancy to pop up over your other apps randomly when you open them (this was on an Android phone). Also, the service recovery mechanism is a bit oversensitive- if you do a dummy transaction but donโt complete it, youโll get an automated alert via email that you canโt seem to opt out of asking you what went wrong.
Otherwise, Iโm all for $10 of free money. The promotion runs for a limited time, so you might want to grab your share of VC money while it lasts.
Not sure how the link referral works. I clicked on it but cannot tell whether or your code is registered as it brings me to the app store.
iโm not sure too! I guess thatโll work. in any case, donโt let that stop you from getting your free $10.
i reached out to socash in regards to this, quite friendly. the free cash was reflected in my account a few days later.. apparently each user has a unique referral linkโฆ so it does get tracked. just no indicator as of nowโฆ probably in their next round of improvements
thanks for letting me know!
Just to clarify, the second $5 is on the 4th withdrawal, not 3rd.
Yup. I said โafter the third withdrawalโ
so just do 4x $10 withdraws to get the $10 bonus?
yes. but youโre capped at 3 at the same merchant per day. so youโll have to move a bit.
They have updated the promo TnC (refer to app) โ The 2nd $5 is unlocked AFTER the 4th withdrawal, and is given out as $1 for each of the 5th-9th withdrawals. Shame.
althoughโฆconceptually speaking how difficult can it be to do a few more withdrawals? youโre getting cash, after all. max 3 withdrawals per merchant per day, just maybe a bit more legwork.