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Report

Teaser, summary, work performed and final results

Periodic Reporting for period 1 - NETinfoPAY (NETinfoPAY: a world of finance in your pocket)

Teaser

Summary

NETinfoPAY addresses the way transactions are completed nowadays. Technology is a major disruptor for many industries, and it is naturally expected to transform the payments industry. Since so many things are happening â€˜on the goâ€™, it is only natural for consumers to be able to complete everyday transactions using their mobile phones.

Our immediate plans upon commercialisation will be to include and serve EU and global unbanked population, which today amounts to more than 2 billion people, the majority of which donâ€™t have access to any financial services. Also, NETinfoPAY takes into consideration the underserved market of women in developing countries, as on top of all the other household responsibilities that women disproportionately carry, they face an additional burden of having to manage for their familyâ€™s household finances. Thus, our goal is to provide a solution which will help the worldâ€™s unbanked population and empower individuals and families who have a hard time getting access to financial services. By giving these segments a simple, highly efficient, accessible and safe mobile wallet, we believe could help them live an easier life with less everyday struggles.

The overall objectives are:

-Offer to the EU and global market a solution that is cost-effective, user friendly, secure and uses the latest payment technology.
-Embrace digital transformation. As a pure Fintech company, our mission to advance the progress of digital services and contribute to bridging the digital gap of financial inclusion.
-Create growth in our home and EU markets. Contribute to the reduction of the high unemployment, especially youth unemployment by providing payment services that empower small and big companies alike and help them grow, employ and succeed.

Work performed

We have conducted a feasibility study, testing three core project areas i.e. Business, Technical and Financial. Through this feasibility study, we have composed a business plan, which will be used to guide us through the development and commercialisation of NETinfoPAY. The results of the feasibility study confirm the viability of our project for the next 3 years. As one of our first steps towards advancing the digital transformation of mobile payments in Cyprus, we are presenting the 1st Digital Banking and Payments Conference in Cyprus, where stakeholders of the financial market, from users, to merchants, to bankers and technology people all over the EU will come together to explore the challenges, opportunities and potential partnerships of the future.

Final results

Currently, the EU has very few payment systems that are open and accessible to all citizens of the union without being dependent on banks. While our system provides full integration with banks, it will be one of the very few systems that reaches out to ordinary consumers and merchants and provides a truly new, affordable solution to making and receiving payments using technology that is currently no being employed to its fullest potential.