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Edonys partners with LUXHUB to reshape meal vouchers

Wednesday 24 January 2024 10:41 CET | News

Edonys, the new official brand of VIREO, has partnered with LUXHUB to develop cashback technology to serve employers, employees and merchants. 

With new regulations on meal vouchers taking effect on January 1, 2024, this employee benefit is about to undergo a profound change.  

With Joybiiz, the new solution from Edonys, employees would no longer need a dedicated bank card to spend their vouchers. Per the official announcement, it’s all based on the principle of cashback and automation, an innovative solution that reduces costs for employers and eliminates them for merchants. 

Edonys, the new official brand of VIREO, has partnered with LUXHUB to develop cashback technology to serve employers, employees and merchants.

With the support of Luxinnovation as part of the support programme for innovation 

The Edonys team, together with its partner, Technology Partner, has considerable experience in the Luxembourgish market. Beyond the development of myTax, the digital assistant facilitating tax return generation through straightforward questions, Edonys also collaborates with entities such as KPMG Luxembourg, Spuerkeess, and, as of 2024, Foyer. 

With the creation of Joybiiz, the fintech aims to bring a breath of fresh air to the world of employee benefits. 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. Therefore the fintech aims to respond to a specific market demand and obtain the support Luxinnovation.  

It was also important for the company to go beyond reducing fees and bring new added value thanks to its expertise in digitalisation. With Joybiiz, Edonys seeks to reinvent meal vouchers by taking advantage of the many opportunities offered by Open Banking. These are supported by LUXHUB, an Open Banking provider born of the desire of four banks, Spuerkeess – BGL BNP Paribas – Raiffeisen and POST Luxembourg – to pool resources around account aggregation and payment initiation.  

Cashback technology applied to meal vouchers 

Going forward, employers are able to manage their meal voucher budget in the Joybiiz application dashboard (web + mobile) and allocate it to their employees. Employees are then invited to create a Joybiiz account and securely connect the bank account(s) they use for their daily expenses. Each time they visit a business eligible to receive meal vouchers, all they will have to do is use their usual means of payment. The relevant transactions will then be automatically identified by LUXHUB and reimbursed by Joybiiz to the bank account from which the expenditure was made. Eligible bank accounts are currently from Luxembourg, France, Belgium, Germany, and soon in Portugal.   

Reduced fees for employers and fees waived for merchants 

Where current providers charge employers fees of up to 5%, Edonys has reduced these to a maximum of 2%, adding further value-added features to be discovered on its website. 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.

Source: Link


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Keywords: Open Banking, cashback, payments , partnership, product launch
Categories: Payments & Commerce
Companies: LuxHub
Countries: Luxembourg
This article is part of category

Payments & Commerce

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LuxHub

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