Tech-app Info/lucky Money – Founded by Jeffrey Witten ’10CC, ’15BUS, ’15LAW, CoinOut allows users to earn money by sharing their recent shopping history.
What do you do with those crumpled receipts from the supermarket or gas station? Or online purchase confirmations flooding your inbox? Instead of throwing this so-called garbage in the trash or letting it disappear into the digital abyss, you can now sell your retail data for a small profit.
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CoinOut, a cashback app founded by Jeffrey Witten ’10CC, ’15BUS, ’15LAW, asks you to photograph and upload up to seven receipts per day to its platform, and in return users earn as little as one and fifty cents per transaction. For convenience, CoinOut also offers customers the ability to link their email and their Amazon, Walmart and Instacart accounts to the app so it can instantly capture receipts.
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Witten says dedicated users can see profits of $200 a year. CoinOut also cashes in, as after removing all personal information from the transaction, the company resells the data to brands looking for insights into consumer behavior. “As the old saying goes, if the product is free, you are the product,” says Witten. “We believe members should be paid real money for providing information.”
Originally from Mamaroneck, New York, Witten first founded CoinOut in 2014 as a platform for consumers to convert change from in-store cash to digital currency. At the time, he was pursuing a dual degree in law and business through Columbia’s JD/MBA program, but after falling in love with the world of financial technology while interning at Apple, he abandoned plans for a career in corporate law. and decided to start his own fintech company. Witten tested his idea on Columbia Business School mentor Steve Blank’s Lean LaunchPad course — an “Entrepreneurship 101” experience he credits as critical to his career development — and spun the company out of the Columbia Startup Lab. However, the business model proved difficult as it required marketing to both consumers and merchants.
In June 2017, Witten had the opportunity to present CoinOut on Shark Tank, the ABC reality series where entrepreneurs seek investment from leading business people. “One of the things they don’t tell you when you watch the show is that the sessions can be really long,” says Witten, whose pitch was changed to a grueling 12 minutes. “I was on the tank for almost two hours. The sharks kept yelling questions at me. It was almost like directing traffic. By the time I was done, I was completely wiped out.
Despite the stress of being questioned and belittled by celebrity investors on national television, Witten says the experience was ultimately positive as he gained valuable feedback and exposure to a large audience. He accepted a $250,000 offer from venture capitalist Robert Herjavec in exchange for a 15 percent stake, but the deal ultimately fell through. .
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Segment launched in February 2018, CoinOut had already redesigned its old business model and established itself as a cash back app. Today, the company serves nearly two million people. “We grew because we kept the app very, very simple by minimizing the number of buttons, allowing people to submit receipts almost anywhere, and providing instant gratification by letting users see their money back right away,” says Witten. In May 2021, CoinOut was acquired by IRI, a market research firm that performs data analytics for major retailers and consumer goods companies.
Witten, who continues to lead CoinOut within IRI, has achieved the rare success most entrepreneurs only dream of. “The founder’s death trap is to put on blinders and convince yourself that your original idea will work no matter what,” he says. “I was definitely like that in the beginning. But you have to be open to listening to critics and learning from your mistakes, and open to data that tells you whether or not your hypotheses are true. Your idea may be destined for mediocrity. But that doesn’t mean you’ve failed. It is necessary to understand this.”
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There are several programs that help you make money. ET gives you a quick rundown of the winners.
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There are scam offers and apps that lure you to make money online. However, not everything needs to be avoided. There are several programs that help you make money. ET gives you a quick rundown of the winners.
YUMCHEK: Available for iOS and Android, this free app adds funds to your linked PayTm wallet to load food vouchers. For every receipt, the app adds Rs 5 to the wallet. You also earn loyalty points—Yumies—for each receipt. Yummies can be used to play lotteries where you can win prizes. The app also has a built-in search function to find nearby restaurants.
KEETTOO: This free app combines a keyboard with a targeted advertising platform for various brands. After you install the app, it will send you a notification to view ads. When you watch the ad, you will get Rs 1 in your Keettoo account. The app is linked to your PayTm and Mobikwik wallet where you can redeem the money you earn through the app.
TENGI: Tengi is a chat based app that doesn’t give you money directly. Instead, you earn tickets by chatting or inviting contacts. The tickets can be used to enter a weekly draw. If you are lucky enough to win, the app will send you a notification. You can choose to have the money deposited into your bank account or as a gift card in a store or online store.
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FOAP: Foap requires you to sell photos you’ve taken with your phone. Sign up for a free account and you can upload photos to the Foap marketplace for interested buyers. You can also participate in preset projects with special themes and if your photo is selected and bought, you will get $5 (Rs 300-350) per photo. Payments are made via Paypal.
SLIDEJOY: The free Android app replaces your Android phone’s lock screen to display ad content. After free registration, choose your lock screen theme. You swipe to the right to unlock your phone and to the left to see more information about the displayed ad. For viewing ads, you get carats – every 1,000 carats is equivalent to $1 (Rs 66). You can exchange accumulated carats for cash in PayPal account every 15 days.
1PAISA/MCENT: Both allow you to earn money in the app which can then be used to recharge your prepaid number. You sign up for a free account and then you get a list of apps you can install on your phone. By installing the app, you get points/status in your account. While mcent only offers app install, 1 paisa also lets you earn points by watching video ads. You can also earn points/money by inviting your friends to install and use the app.
There are a lot of wallet services available nowadays for users to pay different bills and shop online. While these don’t pay you money directly, they help you earn money indirectly by offering cashbacks for using their services. For example, PayTm gives you Rs 300 cashback for paying your electricity bill through its wallet. The cashback is usually added to your wallet before use. Different wallet services offer different types of cashback offers (fixed amount or percentage of paid amount) depending on the payment you process through them. Please check the maximum amount of refunds allowed per transaction.
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India is slowly opening up to the concept of cashback rewards through third party services. Cashkaro is a leading service in this category that helps you recover money spent online. You need to sign up for a free account and add your bank details. While shopping, you need to visit the online store through the Cashkaro website to avail the cashback benefits. Once you complete your purchase, Cashkaro will add the refund amount to your account. You can get the accumulated refund amount into your bank account.
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Subscribe to ET Prime to read the full story Log in to read the full article You received this Prime Story free gift Anyone can come up with an idea for a program. With so many mobile apps available in the App Store and Google Play Store, it seems like everyone is applying these ideas.
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