PayBox's everyday money management tools Qorus Banking Innovation Awards 2023

PayBox decided to launch an everyday account, similar to traditional banks' current accounts, yet external, flexible, and much more comfortable. The account has 3 main features: 1. Top it up: PayBox users can top-up their PayBox balance and use it as an external cash account, much like a regular checking account but much more innovative, comfortable and Flexible. The ability to build various cash-pots within the available balance makes PayBox's solution perfect for managing everyday money issues - each cash pot can have a different name and a different usage - including having different 'group pots' with other people. The PayBox concept of 'multi mini-current accounts' is proving itself as highly desired among users - signaling the future of all current accounts: more personal, more goal-specific, and more flexible - helping to make money management much easier and smarter. Each pot can be used for funding a specific goal, without any mix-ups and without using funds allocated for other purposes - how efficient! 2. Pay it up: PayBox is still the best digital wallet & payment app available - enabling users to pay contactless (from a linked credit or debit card, or directly from the user's positive accumulated balance), transfer money to friends, pay with loyalty points (of participating brands), pay for public transportation and more. PayBox also launched (April 2023) A first-of-its-kind PayBox branded credit card with innovative dual credit / debit abilities - this is no regular credit card - it's what we call 'our super-power card' - In April 2023 PayBox launched a new card feature that is innovative on the international level: The PayBox credit card turned into a dual-usage card, allowing card-users to instantly pay via their accumulated PayBox cash balance in-app - like a debit card. In other words - the PayBox CREDIT card (which payments are subtracted once a month from any linked bank-based checking account) can INSTANTLY turn in an app-click into a DEBIT card, having the payment subtracted in real time from the user's in-app PayBox cash balance. This way, for each purchase in a store or online, PayBox users can decide if they want to pay in credit or in debit out of a specific cash pot - just set the preferred mode in the PayBox app, and you're good to go! 3. Make it worthwhile: PayBox now offers users a customer-benefit that is first-of-its-kind in the Israeli market - During April 2023, PayBox introduced a 3% interest rate for the positive accumulated balance in the PayBox app (up to 20,000 NIS in balance) - for PayBox users who hold a PayBox credit card. This, while no traditional Israeli bank offered anything close! The interest rate is paid on the cash balance (available for use) - with no need to 'close' the money for a long period of time in an 'untouchable' deposit. Also launched (April 2023) was the first PayBox deposit product - a monthly deposit (up to 250,000 NIS) which offers a highly attractive 4% interest rate. The PayBox deposit product was launched as a POC in-order to examine customer reaction. As being only a POC without any media support, PayBox expected only modest results of 10M NIS in deposits - yet reached an astonishing result of over 150M NIS in deposits after only 2 weeks!