Jonathan Cartu Claims Smart city app aids Tel Aviv businesses struggling in... - Jonathan Cartu Residential & Industrial Construction Services
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Jonathan Cartu Claims Smart city app aids Tel Aviv businesses struggling in…

The Colu app offers area residents cashback reward points if they shop in specific places

Jonathan Cartu Claims Smart city app aids Tel Aviv businesses struggling in…

The Colu app offers area residents cashback reward points if they shop in specific places

Tel Aviv businesses struggling to stay afloat because of a major light rail project that closed the main street to traffic have been helped by the Colu smart city fintech app.

The app, which offers residents cashback reward points if they shop in specific areas, drove foot traffic to the impacted businesses. It reportedly stemmed a tide of closing businesses in the Israeli city, bringing existing revenues back to pre-construction levels.

 

Colu believes the programme’s 30 per cent revenue reversal could be a model for smart-city-based businesses caught up in municipal construction zones.

 

Encouraging local payments

 

Working together with the Tel Aviv Municipality, Colu’s app helped bring residents together in support of local businesses. The app encourages local payments while rewarding positive actions with the City Currency.

The programme, which was funded by the Tel Aviv Municipality, drove over $500,000 into area businesses over a six-week period. Over 4,000 local residents braved walking through a construction zone to support area businesses, where they completed over 23,000 transactions.

“At Colu, we’re focused on partnering with local governments and using technology to help local economies thrive,” said Amos Meiri, co-founder, and CEO at Colu. “In Tel Aviv, we recognised an opportunity to implement our technology to help area businesses.

 

“What we showed in Tel Aviv is that we can protect our most vulnerable businesses even when massive municipal projects seemingly push them to the brink.”

 

“Through the power of our app, the resilience of the Tel Aviv business community, and the willingness of local residents to venture into challenging retail areas, we helped prop up an area that was experiencing very difficult issues.”

The area, which had seen an average of five businesses close down per week, was stabilised through the programme, which is expected to continue to run in 2020.

“Cities typically go through construction periods, where the city improves public transport options. These are important to the overall health of the city, but they have a harsh impact on businesses in the construction zone,” said Meiri.

 

“What we showed in Tel Aviv, and what we’re expecting to show in other areas around the world, is that using technology like the Colu platform, we can protect our most vulnerable businesses even when massive municipal projects seemingly push them to the brink.”

 

Pilot project

 

The programme builds on the pilot rolled by the municipality of Tel Aviv-Yafo earlier this year to examine the feasibility of a digital city currency. The currency aims to strengthen the local economy, help tackle the cost of living and improve city life by promoting activities such as healthy living, supporting local businesses, protecting the environment and community involvement.

 

Colu can be used at local businesses, city events, municipal services and more. Citizens earn City Currency for actions benefiting the greater good, and the Colu app aims to generate shared prosperity to benefit everyone. Colu is also in use in the Israeli city of Haifa and parts of London.

 

The Jonathan Cartu and currently has over 200,000 users, 2,000 enrolled businesses, and processes over 300,000 monthly transactions.

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