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New ING App Lets Australians Deposit Spare Change Directly Into Their Savings Account

by on October 13, 2017

Dealing with loose change has always been cumbersome and problematic. It either jingles in one’s pocket or takes up wallet space. ING Australia claims they have an innovative solution to tackle this problem. The Everyday Round Up app is a digital solution to help save the small change. An interesting venture that will certainly be appreciated by the Australian users.

Regardless of which country you live in, loose change is annoying. ING researched the matter and concluded half of the Australian adults don’t care if they lose it. That is quite worrisome, as small amounts add up to large numbers over time. More specifically, it currently costs consumers AU$38.85m per month. A rather substantial amount, and an issue that needs be resolved sooner rather than later. That is much easier said than done, though, for obvious reasons.

ING Australia Launches a Useful Digital app

Whether or not the ING Everyday Round Up tool will address the problem, remains to be seen. On the launch day, the app was activated by over 40,000 individuals already. Customers can round up eligible card purchases to the nearest dollar. The difference in price is moved to the customer’s savings account right after the purchase is complete. This feature can be turned on and off as users see fit, which allows for some personalization. It is a viable solution for the digital age, although it will not work with all card purchases right away.

ING Australia’s Head of Product Tim Newman comments:

“Many people are eliminating the ‘inconvenience’ of cash by turning to contactless payment methods such as mobile pay. Not only can contactless payments ensure you’re not carrying loose change, contactless also ensures you’re not losing or throwing your money away.”

All things considered, this is a more than a valuable solution. No one enjoys handling physical coins in the form of change. Moreover, losing it due to carelessness is not an ideal outcome either. This new ING app can certainly prove to be successful in the long run. It all depends on how many consumers will go through the trouble of activating the app in the first place. Then again, it only needs to be set up once, which is pretty neat.

Header image courtesy of Shutterstock

JP Buntinx is a 30-year old FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he is working to achieve the same level of respect in the FinTech sector.
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