Tuesday, April 10, 2007

KushCash launched

There's a new US player on the mobile payments scene, KushCash:

Secure Wireless Transfers (SWT) is opening up entirely new commerce-enabling opportunities by providing a secure alternative mobile payment method for instant, easily accessible cash transactions from anywhere. Consumers can now send and receive money and make purchases securely and inexpensively through its end-to-end authentication and payment processing system. The system uses SMS text messaging for instant notifications providing users with updated, timely account history and transaction alerts. With an easy-to-use interface, support for major cell phone services and models, and unique industry relationships SWT is forming a strong community of consumers around next generation mobile payment solutions. Based in Aliso Viejo, California, SWT was founded in 2005. For more information, visit KUSHCASH.com.

From the first persusal, it's got a combination of web-based, app-based and WAP-base functionality, is passing on the card charges for top-up to the user, and is charging payment fees to the user:
a. Sending Money - Once you have deposited funds into your KushCash account it is free to send money to a friends account.

b. Transferring funds from your credit card to your KushCash account - The fee taken from the gross payment sent to your KushCash account is 2.8% plus .30 cents per transaction gateway fee.
c. Transferring funds from your KushCash account to your bank account – The fee is .50 cents per transaction.
d. Receiving Funds – The fee is .50 cents per transaction when receiving funds into your KushCash account.

e. Chargeback - It is your responsibility to insure the integrity of transactions received to your account. Your KushCash account will be charged $35.00 plus the original fees for each chargeback received.
f. Retrieval Requests – The fee of 5.00 per item is charged for KushCash to provide hard copies of transactions.

They have a pretty good website, and seem to have lined up some good early merchants in the sports world. The name's a bit bizarre though: perhaps it's surfer slang?

I'm not to sure about their refer-a-friend promotion though, it functions too much like a pyramid scheme for comfort:

Invite a friend to join. When they accept you, you become their "Kush Line".

As a Kush Line, you will now make 10% of every transaction fee that they accumulate.

If they add a friend, then they become a "Kush Line". You will receive 5% of every transaction fee generated, even if you don't know them.

Any friend generated after that will net you 1% of fees. That's all there is to it. The more friends you add - the more money you can potentially make!

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