In Brief

CoinOut is a new app that lets you save your extra change from cash transactions as electronic funds

A pocket full of loose change for most people is an annoyance: it’s heavy, loud and usually ends up in random piles not being used. A new app called CoinOut allows you to save the change you receive at participating stores to your phone.

Founded by Jeff Witten, CoinOut aims to bring the benefits of electronic money to everyone that uses cash by allowing you to use your phone to save change and transfer it to your bank account, request an Amazon.com gift card, or donate it to charity. CoinOut has a partnership with First Data to distribute the app to roughly 115,000 Clover point-of-sale devices in the U.S. Merchants that download CoinOut to their Clover will have at least five ways to accept payment: cash, credit, debit, mobile, or cash with CoinOut.

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