The Trading 2.0 Project

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The trading 2.0 project which is now called Syrto is a mobile payment system.

The aim of this project is to create a new enterprise. The team is composed with Émilien Stremsdoerfer, the team leader and the prospective CEO of Syrto, Pierre Merlet, cofunder, and CFO of the firm. Other members have joined the team only for the ECE-Project : Karim Akkari, who has been in charge to elaborate a business model ; Colas Douté, who was in charge of the research and the development of the platform and Nébil Mechaouat who was in charge of the project legislation and the viability of the project.

The objective of the project was to create a new mean of payment, easy to use, free and available to everybody. We have developed a iPhone and an Android application, then we will build a BlackBerry application in order to cover 85 % of the smartphones market. The main principle is quite simple, users make a deposit on their virtual account, on the internet. Then, they can use their money in small shops, or to refund a relative. The platform is mainly interesting for micropayments, because it can be entirely free for both the merchant and the user. The time to set up our solution is really short, all you need is to create an account on the internet and to have an access to it from your shop. Besides, it is profoundly secure because it dematerializes the real money, and it its much quicker than paying with cash. Mobile applications have many functionalities. It is possible to find a partner shop on a map and pay it directly by clicking on the shopʼs icon. It is also possible to send money to a relative using his email address. Finally, it is possible to send money to someone thanks to QR Codes (it can be really useful concerning home deliveries).

Concerning the different fees, transactions will be entirely free. Only deposits and withdraws can generates fees. If a merchant wants to withdraw less than 1000 € or more than once a week, a transfer will cost him 1€. The user will pay a 10-15 cents fee if he makes a deposit or a withdraw of more than once a month or less than 100 €. We will also offer the possibility for the merchants to subscribe to a premium account. It will give them access to much more datas concerning their sales and will allow them to withdraw at least 100 € every day for free.

Our business model is based on 3 kind of revenues. A percentage of the whole mass money will be blocked on a special account in order to fructify, we estimate the annual incomes to 1 € per user. Advertisement will be our second source of revenue, we will earn about 10 € per 1000 users per day. Finally, our last income will be the premium accounts from which we will earn 10 € per month per merchant.

So far we have developed our website and the iPhone and Android application. The website is entirely functional except for the connection with a payment system. Indeed, it is not currently possible to make a real deposit. However it is possible to send virtual money, create a merchant account etc. The iPhone and Android app could be deployed today on the App Store and the Android Market, they are entirely functional as well. We only wait for the platform to be connected to a real payment system.

Eventually, we want to continue this project in order to create our new enterprise, we have applied for the ECE-Paris incubator and will probably apply for many others. Within the next 3 months we will have developed our BlackBerry application in order to reach much more users. We also want to connect our platform to an online payment system such as Payline. Within the next 6 months, we will have deployed our platform to Colleges, and especially in their parties in order to obtain the maximum of users before it is nationally released. In 3 years, we expect to reach 100 000 users. If it is the case, our project will be entirely profitable and we will start to deploy complementary applications. generates fees. If a merchant wants to withdraw less than 1000 € or more than once a week, a transfer will cost him 1€. The user will pay a 10-15 cents fee if he makes a deposit or a withdraw of more than once a month or less than 100 €. We will also offer the possibility for the merchants to subscribe to a premium account. It will give them access to much more datas concerning their sales and will allow them to withdraw at least 100 € every day for free. Our business model is based on 3 kind of revenues. A percentage of the whole mass money will be blocked on a special account in order to fructify, we estimate the annual incomes to 1 € per user. Advertisement will be our second source of revenue, we will earn about 10 € per 1000 users per day. Finally, our last income will be the premium accounts from which we will earn 10 € per month per merchant. So far we have developed our website and the iPhone and Android application. The website is entirely functional except for the connection with a payment system. Indeed, it is not currently possible to make a real deposit. However it is possible to send virtual money, create a merchant account etc. The iPhone and Android app could be deployed today on the App Store and the Android Market, they are entirely functional as well. We only wait for the platform to be connected to a real payment system. Eventually, we want to continue this project in order to create our new enterprise, we have applied for the ECE-Paris incubator and will probably apply for many others. Within the next 3 months we will have developed our BlackBerry application in order to reach much more users. We also want to connect our platform to an online payment system such as Payline. Within the next 6 months, we will have deployed our platform to Colleges, and especially in their parties in order to obtain the maximum of users before it is nationally released. In 3 years, we expect to reach 100 000 users. If it is the case, our project will be entirely profitable and we will start to deploy complementary applications.

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