The Carleton University Students’ Association (CUSA) has introduced a local mobile app that allows users to receive change on their phones.
ChangeJar is a free Ottawa-based app that works like a banking card, allowing customers to deposit money into a ChangeJar account or Facebook Messenger to make purchases, or to receive change electronically instead of receiving cash.
According to CUSA president Zameer Masjedee, the student association introduced ChangeJar to Oliver’s Pub & Patio, Henry’s Convenience Store, and Rooster’s Coffeehouse last week.
“One of the main advantages of ChangeJar is that it encourages students to make more transactions that are cash-based, so less of a focus on credit scores,” Masjedee said. “More like spending money that you actually have and is tangible.”
Masjedee said ChangeJar provides its services to CUSA for free, which helps minimize costly transaction fees. According to him, CUSA pays $16,000-$17,000 annually in transaction fees from students using banking cards.
With ChangeJar, Masjedee said CUSA could save “a couple thousand dollars” in transaction fees as well as increasing business.
“For us, we see a win-win opportunity,” he said. “The more students adopt ChangeJar, the more CUSA saves the transaction fees but also at the same time, more students will save with reduced interest fees.”
Masjedee said the ChangeJar rewards program, which offers discounts and promotions, will help students as well as promoting CUSA restaurants. He said ChangeJar paid cover for the first 300 students at one of Oliver’s Thirsty Thursday events to promote the app. According to Masjedee, 500 students have already downloaded the app.
Travis Lindgren, CUSA’s general manager, said CUSA saves money where it can.
“We’re a non-profit so anything we can save is very meaningful to the whole organization,” Lindgren said.
He added that ChangeJar helps cross-promote CUSA restaurants and provides faster service because the app allows students to pay with a QR code, which scans instantly like a barcode.
“We have to do something that’s different, [to stay competitive]” he said.
Masjedee said ChangeJar reached out to CUSA in May.
“Initially we weren’t 100 per cent sold. I think that has to do in part in fact that we were seeing it purely as just a payment solution versus the whole picture,” he said.
Masjedee said the app is working hard to earn students’ business.
“I think they really have a lot on the line here,” he said. “I think it means a lot of them whether they’re successful here so as much as we want them to be successful, they themselves want to be successful.”
Jake Foster, a third-year business student, said introducing ChangeJar is a good idea because it’s simple and easier to use.
“I would say students are definitely more interested in paying with virtual stuff rather than with cash or with cards,” Foster said.
Photo by Meagan Casalino
