College students are cash strapped at the best of times, but they’re also incredibly tech savvy and willing to try new things. At least that’s the idea of Vancouver-based tech company nTrust.
nTrust has developed a global platform called Cloud Money, a regulated and trusted digital cash system that enables members to spend and send their money as easily as they send a text message. Upon loading their cloud, user funds can be exchanged instantly in multiple currencies to pay bills, make purchases, load an nTrust Cloud Money Prepaid MasterCard or send funds to other users.
According to a report by Business Vancouver, nTrust has partnered with the University of British Columbia in the hopes that college students will pick and run with Cloud Money. The startup launched the partnership earlier this week with a number of the University of British Columbia’s Alma Mater Society businesses.
As an added incentive, any student who downloads the cloud-based money transfer app will be given a QR code that, when scanned, will gift the student with a $5 credit for one of the merchants. nTrust has set aside $50,000 for the promotion, aiming for 10,000 student users.
nTrust’s Cloud Money platform enables users to load funds and pay for items using their smart phones. Moreover, because the funds are sent directly from user to user, participating merchants don’t require the use of a reader or dongle to complete transactions.
In addition to the $5 giveaway, students using the app receive a 5% discount on items from participating Alma Mater Society businesses. The discounts could also be enticing for merchants as nTrust’s transaction fees are less than credit card companies and there are no fees associated with transaction equipment.
Whether Cloud Money is a viable payment alternative for students, or simply an attractive, flash-in-the-pan proposition, is yet to be seen. However, the presence and use of smart phones on campus is undeniable, and students are certainly keen to the possibilities that their handsets provide.