An agreement has been signed between Raiffeisen Bank Kosovo and Vaiu Kosovo to develop software that is expected to improve the way payments and commerce work in Kosovo.
The products resulting from this collaboration are expected to increase Raiffeisen’s customer base and the number of transactions it participates in. In Kosovo today, over 80 percent of transactions are cash payments, and more than half the population does not yet have a bank account.
Individual bank customers also benefit – digital cash and digital payments will eliminate their dependence on physical bank notes, coins and ATM machines. For the first time, they will be able to give cash to someone without leaving their home.
“We are excited and honored to partner with Raiffeisen,” said Rinor Ahmeti, General Manager of Vaiu Kosovo. “Our mission is to promote the adoption of digital cash and mobile commerce here in Kosovo, and our work can affect the daily lives of the roughly 300,000 Kosovars that bank with Raiffeisen.”
“The cellphone will be the wallet and ATM for customers and POS for merchants, who will benefit too,” Ahmeti notes. “Bills are paid in full, guaranteed, and time is saved with every transaction – no waiting for customers to find and count their notes or to make the proper change. And financial institutions and their business clients can deposit, withdraw and settle accounts with each other more efficiently, more quickly and more reliably.”
“Digital cash has many advantages over traditional bank notes,” says Bleron Limani, CTO of Vaiu Kosovo. “Your cash can no longer be easily lost or stolen; when your wallet is empty, you don’t need to borrow money from friends or family nor to make an emergency trip to the nearest ATM. Your mobile phone IS your wallet or ATM, so there is always cash in your pocket if your account has money.”
ICK director Uranik Begu notes: “Local companies are proving every day the great potential this country has in the field of information technology. The Innovation Center of Kosovo is pleased to share the news of this cooperative agreement between Vaiu and Raiffeisen – it is a very good model for creating strong partnerships between startups and established and well-respected corporations. We at ICK are always working to create new opportunities for start-ups, and successes such as this one inspire us to continue.”
Vaiu won last year’s “Elevator Lab” fintech innovation competition, at which 79 companies pitched their ideas to a jury of international experts.
Reza Jalili is the founder of Vaiu Global, Vaiu Kosovo’s parent company, and is the main architect of the technology platform that will be used by Raiffeisen.
“With Vaiu, you do not need to share your bank account or credit or debit card information with others – or even your phone number or email address. Fraud and identity theft are major problems in the US and Europe. Vaiu, together with RBKO, will eliminate this problem for the people.”
More details about the products and their availability will have to wait, as the agreement between Raiffeisen Bank Kosovo and Vaiu Kosovo provides for maintaining the confidentiality of the agreement.
Raiffeisen Bank International provides banking and investment services and products to Austrian and international companies, an extensive network of banking units in Central and Eastern Europe for corporations and other businesses.
Vaiu Global is a US-based fintech company committed to accelerating worldwide adoption of technology for tokenizing financial transactions and related information. Vaiu programmable and smart tokens enable secure, smart cash transactions digitally while protecting the user account and user details.
For more information about the product, click here.