Community Research and Development Information Service - CORDIS

H2020

VIMpay Report Summary

Project ID: 683612

Periodic Reporting for period 2 - VIMpay (VIMpay- an one-size-fits-all mobile based solution for cashless payment for Europe)

Reporting period: 2016-05-01 to 2016-12-31

Summary of the context and overall objectives of the project

VIMpay aims to provide easy and secure SEPA and Card based payment functionality to smartphone enabled customers across Europe.

With regards to this overall objective following this goal we have defined following listed objectives in the DoA:
1. support consolidated access to multiple payment services, both mobile based SEPA cashless and cardbased payments (both contactless and contact based)
2. provide potentially every smartphone enabled EU citizen with this payment account functionality including unbanked EU customers
3. provide a safe, fast and easy-to-use solution that lets the customer be in full control of the account and his or her payments
4. cater for further relevant payment needs of the customer by providing user-centric services that can be individualized.

During the course of the project petaFuel has achieved all objectives, providing an innovative payment application to EU citizens
One can use the app, available in the app stores, to perform SEPA payments as well as card based payments in an easy-to-use and secure manner.

Work performed from the beginning of the project to the end of the period covered by the report and main results achieved so far

With the VIMpay app, published in four versions during the course of the project, and the corresponding processes implemented for the project, a European Ready-To-Market smarthphone application is now available that enables EU citizens to participate in daily payment needs.
Once the user has installed the app he can choose between different account models to facilate SEPA and card based payments as originally envisioned in the project.
All milestones for the project have been achieved.

The app will now be marketed and rolled out in different European countries.

Progress beyond the state of the art and expected potential impact (including the socio-economic impact and the wider societal implications of the project so far)

With the VIMpay app European citizens are equipped with a bank account functionality and participate in everyday payments within the SEPA region.
This corresponds to the societal need of having a bank account to participate in the daily life.

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