It's a term we're already very familiar with. We can use credit cards all over the world, but a certain amount of cash in the destination's currency is needed for safety reasons. Then, the question arises, has anyone exchanged money with KRW abroad, outside South Korea? Probably most of the people would say no. In most overseas countries, it is hard to find a bank that holds the Won currency. Then another question arises. Where on earth do people who travel to our country from abroad get to exchange money?
Cashmallow has a difference from other currency exchange services; it satisfies the needs of Korean travelers heading abroad and meets the needs of foreign travelers to Korea.
When asked what the idea of creating the service was, Yoon said," My idea was, if I feel uncomfortable on something, others would feel the same too." He said, "Whenever I went abroad, I had to exchange money with high exchange rates. The worst part is when running out or leftover of exchanged money. In this case, we need to pay an extra commission to change the currency into KRW, or just keep the money without any specific purpose. So I thought, what if we withdraw cash from overseas whenever we need it, just like we are in our own country?"
There has been a way to withdraw cash through global ATMs abroad before. However, the expensive commission fee was the barrier for using cash machines out there. Yoon focused on decreasing or even eliminating the withdrawal fee by signing partnerships with major local banks. Using the Cashmallow app, customers can request currency exchanges anytime, anywhere, before, or during a trip. Once the request has been made, Cashmallow deposits E-money inside the app. Travelers visit the nearest place through the in-app ATM search function when traveling and withdraw local currency from ATMs very easily.
Travelers apply for currency exchange through the Cashmallow app anytime, anywhere, before or during a trip. Travelers visit the nearest place through the ATM search function, look at the app's guidelines, and choose the menu. Subsequently, one-time passwords and identity verification procedures can be used to withdraw local currency from ATMs very easily.
Cashmallow is now available in Korea, Japan, Singapore, Taiwan, and Hong Kong. The service will allow foreign tourists to withdraw money here in Korea through collaboration with the Seoul Tourism Foundation. Also, foreign visitors can use Seoul City's official wireless payment service 'Zeo Pay' with the Cashmallow app. Cashmello, which also satisfies the demand of travelers coming to Korea from abroad, is expected to be a necessary exchange/payment service for Korean travelers.
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