Plingpay - MUCH cheaper and faster international transactions, meeting Agenda 2030 Goals of sustained development.
| Reference number | |
| Coordinator | Bit4M Payments AB |
| Funding from Vinnova | SEK 500 000 |
| Project duration | September 2018 - March 2019 |
| Status | Completed |
Important results from the project
The need for cost-effective foreign payment services is identified and demanded by hundreds of millions of people world wide. New innovation and technology are required for long-term success to be an effective means for customers and to maintain competitiveness in the market. The goal was to improve and make this new service available in the first step and create a new improved payment platform for the payment market in a few select first launch countries, and to lay the foundation for the next further development and marketing for a global scene in the next step in the EU Horizon 2020 phase 2.
Expected long term effects
The project side and the goal picture was to create a unique useful solution for using new technology for foreign payments. Delays caused by FI interpretations of new EU law in October led to a delay with a few months with actual launch to first countries. This also gave the opportunity to amass needed data for our upcoming bigger EU wide license as well as enhanced confirmation of the compliance with new regulations of our various partners. Post launch growth of clients and revenue has followed expected parameters. The improvements to our new trading platform has also been most satisfactory.
Approach and implementation
The implementation have taken place according to the project plan, now the results of the project are dedicated to the next step in the EU Horizon 2020 phase 2 application pending approval before the summer of 2019. In particular, new insights have been gained when it comes to working with international markets, as well as new technical opportunities that benefit the project in the next phase. Major partners we have sought have given consent to co-operation and part-financing in the next phase.