"Vaiu Kosova" project on ditching cash declared a winner

The winning company from Kosovo offered an excellent solution for the payments that will be made by children, primary and secondary school students, excluding cash-  a way that will make parents feel confident as to where their children were spending their money and be informed in real-time about it.

The company’s "Vaiu-Kosova" project, Payron, that offered an extraordinary solution for keeping and using money by younger than 18 years old, by providing security for parents and excluding cash as a method of payment, was declared the winner in a competition with 79 other companies from the country and the region.

The winning project called Payron, which uses VAIU technology for digital cash, was praised by the staff of Raiffeisen Bank Kosova, Raiiffesin Bank Albania, Innovation Center in Kosovo, and a wide network of experts in this sector as the winning project from Kosovo

"QUANTIX, HERMEX, AND PAYRON are the WINNERS of Elevator Lab 2020 for Kosovo and Albania. It has been a very interesting, challenging journey, especially since it has been worked on virtually and we achieved such a great result. Special thanks for this extraordinary result for all partners, including Elevator Lab program, Raiffeisen Bank International, Raiffeisen Bank Kosova, Raiffeisen Bank Albania, and New Media Communications ”, the Innovation Center Kosova said in a press release.

More than 500 people were engaged only in the final competition for the project, where the winning competitors were announced, it said.

At the same time, Rinor Ahmeti, one of the leading people in the winning project said that the competition was extraordinary and very competitive, but it won because a lot of work was done with the team.

"It was an extraordinary job and a project that we had been working on for a long time. We have long observed a very important fact in our society. Parents give money to their children in primary and secondary schools but are always faced with the fact of how it was being spent.  It is money given by parents to feed, clothe, educate and none of them would want it to be used in other stuff.  As soon as our project is implemented, all these doubts would be eliminated,” said Ahmeti.

According to him, every step of what has been done by them has come after long market research, field surveys, conversations with parents, business, experts, etc.

"We initially received a positive response from the whole structure. We then supported the proposal which was evaluated and declared as a winner. We are eagerly looking forward to implementing it on the ground,”  Ahmeti said.

Anyway, he could give a date of implementation yet, as it will depend on other factors, not only their company.

Parents would have a sub-account for children that would be filled once a month with a value of say 60-80 euros per month and may limit their children’s daily expenses to a maximum of 3 euros per day. Parents will also be able to control not only their children's expenses, but also ensure that their children do not buy unauthorized items on their own.