Blockchain New Players

Slovenia-Based Eligma Launch Elipay

Earlier this week, Slovenian tech startup Eligma launched its cryptocurrency-based payment app, Elipay. Immediately upon launch, the app was available for payment purposes at 130 locations throughout Slovenia. Elipay is a solution for paying with cryptocurrencies at online and offline stores via the users mobile phone.

It promises to become an all-in-one app integrating debit, credit and loyalty cards as well as loyalty programs in one place. Eligma says that in addition to the payment locations within Slovenia, the app will be rolled out in international markets in the not too distant future.

The application was tested and trialed prior to launch with the first such transaction confirmed by Eligma CEO Dejan Roljic back in April. Elipay facilitates payment in a number of cryptocurrencies. Furthermore, ELI tokens are made available to users to facilitate loyalty rewards.

“The Eligma company is convinced that the advantages of the latest technologies including blockchain should become part of mainstream commerce, making it more efficient and user-friendly,” Roljic, a well-known entrepreneur, stated at the launch. “Elipay caters to the new niche of crypto shoppers, growing as we speak. Merchants and service providers are increasingly aware of this market opportunity: the number of stores accepting Elipay is getting bigger on a daily basis.”

He added: “Convenient crypto shopping, however, is not our only goal. We aim to make Elipay into a comprehensive solution integrating cards and loyalty programs into one mobile app to benefit all consumers.”

In achieving this milestone, Eligma is pursuing its goal of furthering the use of cryptocurrencies for mainstream use whilst continuing to develop new AI and blockchain solutions in order to save time and money for the average consumer.

The launch of the app follows the company’s release earlier this month of Elly, an AI shopping assistant. Elly is a chatbot set to find best deals based on one’s personal preferences for product features. The company believes that the technology can be used as a selection and advisory tool catering to the customer as an individual, achieved through AI with Elly. As is the way with AI based technology, Eligma’s shopping assistant will get better and better the more it interacts with the user as AI training requires data.

The company successfully raised $10 million USD in May – following an Initial Coin Offering (ICO)/token sale. This funding has propelled the company further culminating in the launch of the app this week. It’s all part of a roadmap developed by the team – together with expert advice from companies such as Google, Apple and Intel – in pursuit of smart commerce solutions which incorporate blockchain technology.

Elipay Mobile App Features

  • The mobile app is available in both iOS and Android versions and may be downloaded free of charge from App Store and Google Play.
  • Supports Bitcoin, Bitcoin Cash and Ethereum and is compliant with the ERC-20 standard (which could easily facilitate roll out of further crypto support in the future).
  • For merchants, settlement is immediate and made in fiat currency.
  • The Elipay system enables the user to make straightforward deposits and real-time transfers to the wallets of other system users as well as facilitate balance and transaction history checks.
  • Incorporated within the app is a list of stores and service providers that accept Elipay, together with further details such as contact information, locations, and hours of business.
  • The solution can be easily integrated into existing POS systems; no additional hardware is necessary.
  • Integration of credit, debit and loyalty cards (and loyalty programs) is likely to be enabled in the near future.

The app was tested for three months by approximately 150 volunteers at more than 50 stores at BTC City, a major shopping and business complex in Ljubljana, the Slovenian capital. In partnership with Eligma, the BTC company is developing the BTC City area into the first Bitcoin City in the world – a unique business and shopping environment offering the latest technological solutions including Elipay.

The Eligma team seems to have the objective of gaining a foothold in the market through the platform of the Elipay payment solution, the ELI token, and AI shopping assistant, Elly. Whilst currently available solely in Slovenia, we await with interest their attempts at greater market penetration domestically and potentially further afield.