A long time ago, in a galaxy far, far away — actually, it was just last year in Los Angeles — a startup called SPARE emerged with the mission of killing the ATM machine.
Its method was to turn businesses into cash disbursement centers, starting with hotels. The idea is that users short of cash heading out for the evening can use the SPARE app to pre-order cash from a hotel, or any business. The funds are pulled from the user’s account and sent to the business via SPARE, and the business hands the customer his cash. Bingo, instant ATM, and no $3 surcharge or danger of skimmers!
Bank Innovation reported on SPARE more than a year ago, when the company announced its beta test was about to begin. This was somewhat premature, as it turned out.
SPARE slowed things down to work on its technology and processes, and recently let us know know that NOW the beta test is ready to begin:
SPARE is finally ready for Beta Testing. It has been a long road, but we have a working prototype in iTunes Connect. Our invitation roll-out won’t last long, so please sign up quickly.
I would also like to share… While convenience in finding cash is a supreme motivation for building SPARE, those increasingly problematic ATM skimmers (that we all hear so much about) are also a large part of our motivation to create our safe and convenient platform.
SPARE allows its Users to order cash on the go, and Merchants get to leverage their cash on hand, while benefiting from the increased foot traffic.
We welcome anyone who would like to join our Beta Test. Click here, leave your email in a PM and become part of the solution!
SPARE can be classed with MoolahMe as one of a number of startups reducing the friction involved in getting cash to a customer on the go.