More than 1,000 Bahamians have already downloaded the country’s newest digital payments mobile app, less than one month since it was formally launched.
On average, 70 to 100 new users download the Kanoo app every day, which was launched on December 9, Kanoo’s Chairman and Chief Executive Officer Keith Davies revealed.
“Formally we launched on December 9. We were in beta testing before and I can tell you that as of last night (Monday) we had 1,030 users on our platform. So, we see 70 to 100 users onboarding every day and persons are becoming more comfortable with it. We’ve seen several tens of thousands of transactions just at Super Value alone, and so that was our main vendor that we launched in,” said Davies.
Kanoo is one of a few digital wallet service providers that allow for cashless and cardless transactions with the country’s new digital currency.
Currently, Kanoo’s biggest merchant partner is Super Value.
“Just to make it very clear, Super Value is effectively our bank, because that’s where you can onboard your money onto Kanoo and in the new year you will be able to withdraw that money from Super Value,” Davies said.
“To give you a very real life example, at six o’clock in the evening you can walk into Super Value with $400, put it on your Kanoo app in your phone, you can then send $200 to somebody in Abaco or Freeport and they can walk over to, let’s say in Freeport Express Foodmart, which is one of our agents, and they can withdraw that money.
“We’ve already started and a thousand-plus people have already seen the journey we’re taking and they want to come along with us. So, we’re confident that as we go into the new year we’ll be making more announcements about what we’re doing and the various things we’ll be rolling out.”
While he admitted it may take some time for Bahamians to get comfortable with digital wallets and how to use them, Davies said he believes in the near future most transactions will be cashless in The Bahamas, with employees even opting to conduct payrolls with digital currency.
“Once it becomes a part of their lifestyle it will be easier. Right now, we’re making it easier for persons to transact on their phone, so the more and more you begin to see companies accepting it and providing incentives for using it you’re going to see the migration. Because everybody knows carrying money in your pocket is not something you should do, it is dangerous carrying large amounts of cash,” he said.