One of the benefits of using Kin to keep track of your shared money things is that it takes the guess work out of who owes who what. Each time a transaction is added in a Kin, the app calculates everyone’s contributions, and shows you who owes who what to keep things fair.
You can use the Kin app to keep a running total, and you can also use it to settle up with each other. While you can pay each other in cash or EFT, it’s easy to use the app to pay each other, so everything is kept in one place.
There are some things you need to have in place to make this quick and easy
- If you want to pay someone using the Kin app, you need to add your transacting card details. Once you’ve added them once, we use a token to make it easy to make payments using the Kin app. Your details are kept secure, and you can only make payments by logging into the Kin app on your phone.
- The person you want to pay needs to be using the Kin app as well, and they need to add their receiving bank details. They’ll receive the payment as an EFT in their South African bank account.
- Lastly, you and the person you want to pay need to be a part of the same Kin in the app.
Note: You can only settle with each other based on the transaction information in the Kin, so make sure you keep that accurate!
Once you’re set up, it’s just a tap of a button to settle up with each other. Quick and fair.