News / bristol pound
No more Bristol Pound as partnership sees launch of new platform
A new partnership is paving the way for the development of a unique payment platform for the city.
Bristol Pound bosses say the collaboration with London-based e-wallet provider Payji Ltd will enable it to operate on a bigger scale and create greater financial, social and environmental impacts than has been possible so far.
The citywide currency has been in operation for seven years and was a trailblazer in contactless and smartphone payments, but the partnership comes in the wake of a period of uncertainty for the company, which announced early this year it needed major funding to survive.
The new model of business will ultimately see an end to the current paper and digital Bristol Pounds, although these will continue to circulate over the next few months while the online platform is being developed.
Diana Finch, the managing director of Bristol Pound CIC, says: “We’ve been thinking for some time about how we could pivot our operating model to create more impact, and the Bristol Pay platform will turn that thinking into reality.
“By operating at scale, we can create operating surpluses that we can add to the City Funds investment pot and do our bit to help new social and environmental projects get off the ground. But even more importantly, the platform can host a complementary economy of tokens that will help all Bristolians to rise to the challenge of delivering the One City Plan.”
She adds: “We want the platform to reflect the needs and ideas of as wide a cross-section of people as possible.”
Diana Finch says she wants the new platform to reflect the needs and ideas of as wide a cross-section of people as possible. Photo by Ellie Pipe
In the longer term, Bristol Pound and Payji plan to work together to set up similar platforms in other areas with the aim of creating impacts on a wider level.
Alex Booth, the CEO of Payji Ltd says: “We are passionate about using our payments technology to help local economies. For us, working with the Bristol Pound team offers a great opportunity to develop our thinking and build something truly groundbreaking. With their insights into local economies and our smart technology as an enabler, the future potential of the partnership can be a real catalyst for positive change.”
Bristol Pound and Payji will be working with stakeholders across the city over the coming weeks as they design the first phase of the platform, to be launched later in the year.
Bristol Pound is inviting people to engage with it on the early design phase. Get in touch via email: [email protected].
Main photo courtesy of Bristol Pound
Read more: Bristol Pound needs major funding to survive
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