With the creation of Joybiiz, the fintech and open banking expert have developed an automated cashback technology with low fees.
The latest regulations on meal vouchers have made needing a dedicated bank card for vouchers a thing of the past. Cashback and automation are the way forward.
“Employers and retailers alike are complaining about the fees charged by current meal voucher providers. And the switch to bank cards hasn’t solved this problem. We therefore responded to a specific market demand and obtained the highly valued support of Luxinnovation,” said Jonathan Marroyen, CEO of Edonys.
With Joybiiz, employers can manage their meal voucher budget through a dedicated application and allocate it to their employees. After creating an Joybiiz account, the latter can connect their bank account(s) which will then be used to automatically reimburse their expenses at eligible businesses. Currently, eligible bank accounts are from Luxembourg, France, Belgium and Germany. Portugal will be added soon.
“With Joybiiz, Edonys is reinventing meal vouchers by taking advantage of the many opportunities offered by open banking,” said Claude Meurisse, CEO of LUXHUB.
While current providers charge employers fees of up to 5%, Edonys has reduced these to a maximum of 2%, with more value-added features. As for merchants, Edonys has chosen to waive all fees, representing a considerable gain for the sector and enabling the fintech to work with 100% of businesses eligible for meal vouchers.
