Philip Morris Replaces Pre-Paid Cards with Blockchain Technology

PMI teamed up with Billon Group which uses blockchain technology to eliminate the need for vouchers and pre-paid cards.

Finech startup Billon Group and tobacco giant Philip Morris International (PMI) have announced the successful completion of a series of pilots in Poland over the past eight months to replace pre-paid card solutions with a fully digital and mobile solution on a distributed ledger.

The London Summit 2017 is coming, get involved!

Join the iFX EXPO Asia and discover your gateway to the Asian Markets

Billon cooperates with PlusBank in Poland and provides value added services to corporate clients in the form of instant payments, and will soon make this available to merchants and eSports enthusiasts too. It enables banks to deliver a mobile current account and, levering blockchain, reduce costs for any currency application.

Suggested articles

TrioMarkets Partners with HokoCloud, Expands its Portfolio with Social TradingGo to article >>

David Putts

David Putts, Chairman and MD of International, commented: “Billon’s peer-to-peer system exchanges data and funds, replacing what used to be an expensive process to distribute anonymous and temporary vouchers with a full digitial system that allows a corporation to control fund disbursement to your everyday smartphone.” Beneficiaries can then redeem funds at over 6,000 ATMs or to 20 banks, and avoid the restrictions and hassle that often come with having to deal with an additional card or voucher.”

Marek Gebski, Manager of Commercial Strategy at Philip Morris Distribution (Polska), describes this further: “Our sales representatives report that the digital experience of collecting incentive payments results in a better understanding of our trade programs. This provides commercial benefit. And for Philip Morris, the digital nature of the solution provides a better audit trail and streamlines back office processing.”

The joint pilot programme in Poland involves national sales representative participants, serving all cities in Poland. Philip Morris plans to continue the programme, this according to the announcement.

Got a news tip? Let Us Know