Cardless cash withdrawal app SoCash adds Prime supermarkets to network

CASH-withdrawal app developer SoCash on Monday said it is expanding its merchant network to include touchpoints at some Prime supermarket branches. Sixty two of Sheng Siong supermarket outlets in Singapore are already in the network that converges banking and retail services. (see amendment note)

With these two supermarket chains on board, SoCash's service will be available at more than 1,500 touchpoints across Singapore, the company said.

Through the app, customers of SoCash's bank partners DBS, POSB and Standard Chartered can withdraw money with any in-store purchase without any human interaction or contact. This removes the need for the supermarket's employees to handle cash and frees them to focus on customer service or higher productivity. Users select their desired location to withdraw their cash, authenticate themselves and extract their cash from the machine.

Users can already withdraw cash from 62 Sheng Siong outlets.

Machines will be gradually deployed to the Prime supermarket outlets over the next few months, starting from the one in Bidadari estate, said the Singapore-headquartered fintech startup.

"As we venture into a new normal, it will become ever so prevalent to reduce large crowds at ATMs and banks, engage in contactless methods for everyone's overall wellbeing and safety," said Hari Sivan, co-founder and chief executive of SoCash.

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Shares of Sheng Siong closed at S$1.64 on Monday, up S$0.02 or 1.24 per cent.

Amendment note: The article had previously incorrectly stated that SoCash will add 20 Prime supermarkets to its network. The article has been amended to reflect this change.