As we’re gearing up to launch the beta version of the Nooch iPhone app, we’ve been thinking about some of the ways Nooch can help in everyday situations. In almost every conversation we have with people about Nooch and when it will be here, people go nuts telling us how they could’ve used Nooch that very day. Whether it’s a guy working 60 hours a week, a parent, a 20-something professional or the average college student, everyone seems to have already thought of a great use for Nooch.
People really don’t carry cash like they used too, especially when they’re on the go. But the financial system still forces you to have cash in many situations. Paying back a friend for dinner, settling a bet, scrounging at a garage sale, collecting fantasy sports dues and giving to small charities are all perfect times to use Nooch and save the hassle and cost of ATM’s, PayPal or checks. There’s a reason ATM fees bring in over $7 Billion a year for the big banks: they can. Since most people still need to have cash on them even when they forget their wallet or run out of money, ATMs will be able to gouge you.
Nooch is going to solve the problem. The informal exchanges that go on everyday can never be dominated by credit cards. There are neat alternatives like “Square” that are pieces of hardware that attach to a phone and allow a person to accept credit cards – but they’re not a real solution for most people. After all, you still have to pay the regular credit card merchant fees on top of Square’s fees (which are 2.75% per swipe and more than 3.5% if you enter the credit card number manually.) Nooch brings a consumer-focused mobile payments solution that doesn’t hide fee after fee after fee behind some legalese in small print.
So, here’s just a brief list of some of the situations we’ve thought of or been told by future users where Nooch would have been so much easier. If you have more ideas, please let us know in the comments or by e-mailing WhatWouldYouNooch@nooch.com.
These are our top 20:
1. Sitting at dinner at a restaurant and you realize your forgot your wallet.
2. After dinner when you have to pay back Bob and you realize you have no cash.
3. When you lose a game of Madden you couldn’t possible lose and you have no cash.
4. Buying that lava lamp from your roommate at the end of the semester
5. Buying or selling textbooks with a classmate.
6. Collecting fraternity/sorority dues.
7. Waiting in line for the club and you realize you forgot the $10 cover and need to borrow from your buddy.
8. Closing your tab at the bar and forgetting your wallet or wanting to tip the bartender but have no cash.
9. Throwing a house party and you need to get $5 from everyone to pay for snacks/beer.
10. Paying your Fantasy Sports dues and you keep procrastinating because you never just run into the guy collecting the money.
11. When you’re at a campus or local fundraiser and want to give $20 bucks but didn’t bring cash or checks.
12. When you’re at a garage sale and really need to have that yo-yo collection.
13. When you bet your buddy that you can eat more pizza in 10 minutes when, in fact, you cannot eat more pizza in any amount of time than your buddy.
14. When the valet guy pulls the car around and you have no cash.
15. When you finish your round of golf and forgot to empty your bank account to pay/tip the caddy.
16. When your college age kid road trips to Chicago and runs out of money and gets stranded.
17. When your college age kid gets stranded and wants to eat.
18. When your relative has a birthday and you don’t feel like sending another $20 bill in a card.
19. When you need to pay the babysitter and didn’t stop to get cash on the way home.
20. When you’re on vacation and lost at 2:00 in the morning in a weird city and have no idea where the nearest ATM is… but you need a taxi ride back to the safety of your hotel.