The Up Group launches an all-in-one employee benefits cardThe Up Group launches an all-in-one employee benefits card

The Up Group (formerly the Chèque Déjeuner Group) has had to rethink its strategy on several occasions in order to fight against increasingly fierce competition from Edenred and Sodexo, but also from innovative players such as Swile. And these efforts are now taking shape with the launch of a resolutely digital, all-in-one solution.

THE FACTS

• The Up group's new solution has been named UpOne. As its name suggests, it promises to be an all-in-one service capable of centralising employee benefits: meal vouchers, gift vouchers or even transport vouchers.

• This single solution (management for companies and payment for employees) can take the form of a physical or digital card. Initially, it will allow employees to spend meal vouchers, mobility vouchers, culture vouchers or gift vouchers.

• The solution paves the way for interoperability of services and the sharing of assets since the sums available on the vouchers can be transferred from one to another in order to facilitate employee spending according to their needs. This option must first and foremost be set up by employers.

• The Up group already states that its offer will be further enriched in the future:

• An Open Banking model, based on purchases made by bank card and an Artificial Intelligence tool connected to an employee account, is thus in preparation. It will automatically identify credit card purchases covered by employee benefits and giving entitlement to a refund.

• The UP+ service, a cashback solution, will be launched this summer. Beneficiaries of UpDéjeuner vouchers will be rewarded with 10 to 30% cashback on their purchases made in participating outlets.

CHALLENGES

• Accelerating its digital transformation: Faced with highly innovative competitors such as Swile, the Up group is highlighting its ambition to complete its own digital transformation with its new practical offer adapted to the needs of employees today. 33 million in research and development over the past year to ensure the digital transformation of its businesses and products. The group estimates that 63% of its activity is now dematerialised.

• Consolidating a centralisation strategy: The Up group also emphasises the fact that the launch of UpOne represents the culmination of a global strategy focused on acquisitions (of the CSE manager Leeto and the employee benefits specialist Hexeko, which now enables it to offer a centralised service) and partnerships (Betterway for sustainable mobility, Foodles for canteens, ToutesMesAides for social assistance and Rosaly, a specialist in payroll deposits). All of this is done with the aim of constantly enriching the services provided to employees.

• Responding to economic challenges: The Up group emphasises its ambition to respond to new expectations exacerbated by the health crisis and the geopolitical context. In particular, employees' expectations have increased at the same time as inflation has reinforced the problem of purchasing power.

PUTTING IT INTO PERSPECTIVE

• The announcement of the launch of UpOne is also an opportunity for the Up group to underline its good financial health. 566 million, up 6%, and a net profit of 48.6 million. The company expects to achieve a further 11% increase in profits in 2022.

• Up also emphasises the fact that its group currently manages 23 million cards in circulation, recording 345 million transactions in 2021.