Pilot project for mobile payment launched at EBS Universitšt
As a result of a cooperation partnership between the ConCardis Endowed Chair of Consumer Behaviour at EBS Business School and PayCash Europe S.A., a provider of innovative payment services, a mobile payment option is now available in the University cafeteria (Mensa) at EBS Universitšt in Oestrich-Winkel. Mobile payment using a mobile phone is an international trend that has expanded rapidly thanks to the ever increasing number of smartphones. At the end of 2012, almost 50 per cent of mobile phone users in Germany owned a smartphone.
Professor Tomas Falk, head of the ConCardis Endowed Chair commented on the new partnership: "We are delighted that in future visitors to the University cafeteria will be able to pay for food and drink with their smartphone and that EBS is able to offer this modern and convenient payment service. For several months now the team at our Chair has been exploring the impact of electronic payment systems on consumer behaviour. Our cooperation with PayCash will give us further insights into consumer purchasing and payment behaviour. And ultimately, cooperating with a startup company will make a further contribution towards linking theory with practice at EBS Universitšt."
With the app(lication) from PayCash, a startup company set up by three alumni from EBS Universitšt, the WHU and the Frankfurt School of Finance & Management, students and staff at EBS can from now take advantage of this cashless, quick and convenient payment option in the University cafeteria. All they need is the PayCash App, which can be downloaded free of charge from the Apple iTunes store or Google Play. Using the app is easy: First, the users choose the function "Pay" or "Cash In". Second, the paying user enters the amount to be paid. In a third step the recipient scans the generated QR code with their smartphone to complete the transaction. The amount will be credited immediately and a payment confirmation sent to both users. Thanks to fast and easy processing and payment transaction without the exchange of sensitive personal data, PayCash is much more secure than traditional payment systems. The service is currently available at EBS Universitšt, Dusseldorf Central Station and the University of Dusseldorf.
At the launch event on 11 February 2013, the founder and CMO of PayCash Marcus Becker explained the reasons for the cooperation with EBS: "With its young and technophile students EBS Universitšt is the ideal environment to launch our cutting-edge payment solution. We are convinced that users will quickly appreciate the benefits of our mobile digital wallet."
The startup company was founded by Dr JŁrgen Wolff (CEO) and Marcus Becker (CMO) in Esch-Sur-Alzette, Luxembourg on 15 March 2012. With an e-money licence granted by the Luxembourg financial sector supervision commission CSSF (Commission de Surveillance du Secteur Financier), the company currently operates in Luxembourg and Germany. PayCash Europe S.A. offers a payment system for the mobile generation. Your smartphone now lets you pay, cash-in or withdraw money so you can pay at shops or transfer funds between friends. As easy as cash - just safer.
Contact details PayCash
Further information on the ConCardis Endowed Chair is available from
Professor Tomas Falk
ConCardis Chair of Consumer Behavior
EBS Business School
Tel.: +49 611 - 7102 1469