Philip Morris Replaces Pre-Paid Cards with Blockchain Technology

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.

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Billon cooperates with PlusBank in Poland and provides value added services to corporate clients in the form of instant Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, and will soon make this available to merchants and eSports enthusiasts too. It enables banks to deliver a mobile current account and, levering Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term, reduce costs for any currency application.

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.