Innovation: MyBee Rethinking Means of Payment

• MyBee, founded by HEC Paris students, has designed two innovative mobile and online payment services relying on an electronic bracelet and an online money box.

• MyBee was initially thought as an online community platform. After primarily focusing on students’ life (times out for example), its founders started developing an e-purse shaped as a bracelet.

• The RFID-based system stores the prepaid funds on a virtual account and a visible barcode can be scanned to make a transaction. This system is described as convenient, fast and secure for users.

• The company recently presented a new online cash collection service called LaTirelire.fr based on the models of online collection and gift lists.

Source: La Tribune

• After two years activity, MyBee managed to convince several customers in students groups and nights out organisers for example (roughly 110,000 users until April 2012). An additional management tool allows customers to visualise transaction statistics in real-time and helps organisers adjust their stocks for instance.

• In April, MyBee already managed 47 acceptance terminals. The company was nominated « Coup de cœur Web » by BFM Académie on 19 June, thus making a buzz in the national media to promote its solutions.

• MyBee’s designers plan they could reach 100,000 euros turnover by the end of July, and hope this figure will treble each year.