Community Research and Development Information Service - CORDIS

H2020

VIMpay Report Summary

Project ID: 683612

Periodic Reporting for period 1 - VIMpay (VIMpay- an one-size-fits-all mobile based solution for cashless payment for Europe)

Reporting period: 2015-08-01 to 2016-04-30

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.

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

As planned the overall work in the reporting period concentrated on defining the requirements of Version 1 and 2 of the VIMpay app and the implementation of this app along with the necessary changes in the technical infrastructure. All relevant milestones and goals have been achieved, with some features already available ahead of plan.
The version 2 of the app is the app that can already be used for full banking functionality as envisioned in our project proposal. Further work will concentrate on adding additional functionalities and adapting processes according to customer feedback resulting in versions 3 and 4.

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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