Periodic Reporting for period 1 - Paybon (Paybon - disrupting the massive global meal voucher market with a smartphone delivery system)
Reporting period: 2016-08-01 to 2017-01-31
PAYBON brings well-know lunch vouchers into the era of mobile payment. By doing so it decreases costs and entry barriers for employers to grant such benefits to their workforce and on the other hand makes the use of such vouchers more comfortable for employees. It is therefore beneficial for a number of stakeholders and society as well as it helps reducing CO2 emissions and deforestation due to its complete paper-free system. Overall PAYBON works on making lunch vouchers available for a broader number of employees, handling and processing more convenient for all stakeholders and the use at the Point of Sale a positive experience of mobile payment.
Work performed from the beginning of the project to the end of the period covered by the report and main results achieved so far
During this project we aimed to improve our product by obtaining user feedback and determine technology adjustments and new functionality, based on that update our business model and clarify our IPR status. We figured out that our product receives a very good feedback from end users and our corporate customers (issuing vouchers for their workforce) with very limited demand for adjustments on the technology and a extremely good feedback on our produtcts design and usability. On the other hand restaurants (aceptors of the vouchers) feedback made us aware of the complexity of digital voucher payments and helped us to develop a seamlesly working product for all stakeholders involved. We did also work on a more detailed market study, an updated business plan and our go-to-market strategy and clarified our IPR strategy.
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)
We learned that PAYBON is hitting a virulent demand as a lot of corporates using meal vouchers are unhappy with currently available solutions and providers. Furthermore we saw that there is a huge number of corporates looking for easy-to-administrate employee benefits for different reasons (HR marketing, fluctuation, tax incentivated income increase...) as well as there seems to be an issue of "shaming" at the Point of Sale with paper voucher payments, a mobile solution would completely change into a modern and positive payment experience instead. We also learned that tightened tax regimes on fringe benefits are constantly demanding closer tracked voucher usage, a paper voucher systems can never fulfill for 100%.