Billon is a fintech company that has developed an application based on distributed ledger technology. The application, which may be used on an electronic device e.g. mobile phone, enables users to collect and pay with electronic money (e.g. a digital form of British Pounds). As a company, we are legally registered in the United Kingdom (company number 10169337). If you would like to know more about Billon, please visit our website www.billongroup.com.
Thanks to the Financial Conduct Authority (FCA) acceptance of Billon onto their programme, we are able to test the functionality of our application within their “regulatory sandbox”.
For the purposes of FCA regulatory sandbox testing Billon Financial Ltd has been granted registration as a Small Electronic Money Institution (SEMI) from 19 January 2017, under the Electronic Money Regulations 2011 (EMRs) https://register.fca.org.uk/.
About the test
The test that we undertook as part of the FCA’s regulatory sandbox was ended.
We would like to thank you all for participation and feedback we received.
Your comments and suggestions will help us to improve our application and to become the best product on the market.
If you had not collected your bonus on your Billon application yet, please do so till May 19th.
The website will be available till May 19th.
Next, at any time convinient for you, you may cash out your money from the Billon application using a bank transfer or i-movo voucher.
The instructions regarding how to collect and cash out your bonus are below together with Frequently Asked Questions. In case of any additional questions please contact us on email@example.com
Our test was organized under supervision of the Financial Conduct Authority within the parameters of the “regulatory sandbox”.
The regulatory sandbox allows firms to test innovative offerings in a live environment.
More information on the FCA’s regulatory sandbox can be found here.
How to download the application
To download the Billon application on your Android mobile phone please use the link that was sent to you in the email from Conduct Research Company
Billon is an application, which enables you to use electronic money (e-money) on your mobile phone (smartphone). E-money can be used to pay for products or services in Internet or any other places, where it is or will be accepted or for settlements between users, e.g. to return the money borrowed before. All you have to do to use e-money is to install Billon application and create your username and password.
First of all: fast and simple!
To use e-money, all you have to do is to install Billon application on your device (smartphone, tablet, PC). Then create your username and password.
And… that’s all!
With the application you can:
In United Kingdom, electronic money (e-money) is defined as - electronically (including magnetically) stored monetary value, represented by a claim on the issuer, which is issued on receipt of funds for the purpose of making payment transactions.
E-money is accepted by a person other than the electronic money issuer.
E-money might be exchanged electronically over a technical device such as a computer or mobile phone.
The Billon application uses e-money, that is electronic representation of British Pounds that is fully covered and exchangeable 1:1 for traditional paper cash.
Electronic money is specifically regulated by:
The Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 (The E-Money Directive (2009/110/EC)) and the Electronic Money Regulation from 2011.
For more information please refer to:
Billon is different from any other electronic payment solutions because:
Currently, any effective operation of Billon application needs Internet connection.
To be able to use Billon application, first you need to install it and then register. To do so, you need to: select Register option at the login screen. Then, choose and enter a username that you want to use and a password that only you will know. You also have to enter your email address (it’s obligatory). Your email is necessary for your password recover in case you forget it.
You are also asked to provide your mobile phone number. Having it, we will be able to inform you e.g. about money that are waiting for you.
Finally, please read and accept our Terms of Service.
After entering all these data, your application, fully automatically, generates cryptographic keys, which will protect your electronic money.
Now, you can start to use the application.
When you want to restart the application and log in again, simply use the username and password you chosen during registration.
Your username is visible to other users, but remember do not to disclose your password to anyone!
Billon app does not need an access to files, photos and media that are already stored at your device. What we need is your permission to store on your device and next access some files that might be created when you use Billon application e.g. invoices, confirmation of payments, your avatar picture or print screens in case of error reporting. That’s why it’s important that you accept this request.
The password you choose and enter has to have at least 9 characters and needs to contain combination of 2 from 3 following elements: letters (small and big), numbers and symbols e.g. letters (big and small) and numbers or numbers and symbols.
Please, for a security reasons, make your password not easy to presume by anyone and do not share it with anyone!
Autologin is a function that allows you enter your Billon app without the login process. If you select Autologin checkbox on your login screen, next time you will open the Billon app you will go directly to the Dashboard screen, without necessity to enter your username and password. For security reasons, please use this option only if you are the only user of the device where your Billon app is installed.
You don’t need to have a bank account to use Billon application.
There are several methods to top up Billon application with e-money:
Please select “CASH IN” and go to “Cash in through bank transfer”. You will see all information necessary to transfer money to your Billon application incl. account number that you need to top up. Please remember to put your username on the comments of your bank transfer;
Both, Sender and Receiver, need to be logged in Billon applications on their devices.
A person, who wants to transfer e-money to another user, has to select the “PAY” and then choose “By username” option. Next, enter a username of Receiver and amount. There is also a possibility to add some comment. Finally, select “PAY” and the transfer will start.
Vault is a function in Billon application that allows for storage of e-money securely, without worrying about loss of money caused by potential damage of device on which money is stored. Also, by moving e-money from your device to the Vault you transfer encrypted funds to a Cloud, where they are safe and accessible from all devices on which you are logged in to your Billon application.
After a while, on your Dashboard, the indicated amount instead of “On device” will appear “In vault”.
To move e-money back on your device, first select „in vault”, then select “On device”, enter the amount you want to move and press “MOVE”. To confirm this transaction you will be asked to enter your password.
The minimum amount supported by the application is 0.01. Maximum amount of operation in Billon application has few types of limits. Detailed information about it can be found in the question concerning the limits.
In case of exceeding the legal limit of annual turnover of electronic money for unidentified users (the equivalent of 2,500 Euro), it will be required to confirm your identity. You will be able to do so within the Billon application.
At the Dashboard screen of your Billon app, the amount displayed “On device” gives you the information how much e-money you have available on this device.
The amount presented “In vault” indicates how much e-money you have in a Cloud. This amount is accessible from any device with your Billon application. To be able to use the amount stored in a Vault, on device you are using, you have to move it from the Vault to this device first.
You can redeem e-money into traditional cash by using one of options available in Billon application. Currently you can do it via cash withdrawal at CashOut Stores of our Partners or by a bank transfer to a bank account.
The transaction will progress. On the Dashboard, you will see that money has been deducted from Billon app. They should be available on the bank account you selected within few working days (up to 3 days).
To redeem your e-money and withdraw cash using a CashOut Store you need to log into Billon application, select "CASH OUT" and then select “CashOut” option.
You will see “CashOut Vouchers” where we will present all Vouchers you already generated.
If you want to generate a new Voucher press “+”and move to “Create CashOut Vouchers” screen.
Next, enter the amount you would like to Voucher.
On next screen the application will calculate and present you a fee for this transaction. During the test, we won’t charge any fee, so in the application we will show 0 Pounds (GBP) as a fee.
By selecting ”Accept” you will agree on this transaction together with the fee.
The transaction will be in progress and on the Dashboard you will see the money deducted from Billon. Your new Voucher will be presented at “CashOut Vouche” screen.
Present your Voucher at selected CashOut Store. You can find the map of i-movo CashOut Stores at the screen where the Voucher is stored or here.
All your Vouchers are stored in Billon application at “CashOut Vouchers” and you can find them after selecting ”CASH OUT” and “CashOut” option.
Currently, within the Billon app you may do the payment selecting “PAY” and “By username” option. Next, please enter a username of the Receiver and amount that you want to transfer. Press “PAY” – it’s done. You will see the transaction on your Dashboard
No. The application automatically selects the appropriate denominations to make a payment.
E-money, in the same way as the paper cash, has been divided into appropriate denominations. The application itself selects “coins” and “notes” which are needed to get the required amount. In case, the application doesn’t have enough change, it sends a signal to the Billon system and asks for needed denominations. Everything happens automatically. Participants of a transaction see only the final effect, although before transaction happens, there will be an information about lack of suitable coins and information that the process of “e-money change” has started.
In some cases, the change process may fail. If it happens, please repeat the transaction.
Billon, as the only one in the world, provides immediate settlement, verification and money transfer from a Sender to a Recipient. This means that money is immediately on a Recipient’s application, instead of waiting for intermediaries’ settlement or Clearing Companies. But to achieve it, both participants have to be logged in the Billon application.
At the Dashboard of your Billon application you may see “Recent Transactions”. There we present your last 5 transactions plus all transactions in-progress. To check more please select an arrow next to “Recent Transactions”
No. A transaction cannot be cancelled, revoked or deleted by any of the users. E-money works in this case, exactly the same as paper cash; no agent or transaction party can cancel the payment.
Yes. Generally, the Billon application can be downloaded and installed on several devices like Android phones, tablets or PCs. During this pilot we recommend to install the app only on mobile phone/s (Android).
If you download the Billon app on more than one device and like to have the access to your money from any of these, you need to keep your e-money in the Vault. To access such founds, you need only log to the app on selected device and transfer e-money from the Vault to this device.
You can change your password in the “Settings” section.
First, you need to cash out (redeem) e-money collected on your application using e.g. cash withdrawal or bank transfer, then you may simply uninstall the application from your device/s.
In case of any problem with Billon app you are asked to inform us about it by clicking ‘Report issue’ button that is located in right upper corner of each Billon application’s screen. Reporting the issue from the app allows us to gather all necessary information related to an issue.
You may also contact us writing an email to: firstname.lastname@example.org, and describe the situation. Sometime we may ask you to repeat the process to be able to send us an issue report directly from the app.
If you are already a registered Billon user, and yet you cannot log in, then make sure that you’re correctly entering the password you committed during the registration.
If you entered the correct password, and the problem still exists, it may be caused by the lack of or poor Internet connection. Make sure that you have a good network connection.
If you do not remember your password to Billon application it is possible to retrieve it by using password recovery procedure.
Note: Please check also your “spam” folder;
Do not start the password recovery procedure more than 1 time in a short time! If the password recovery is started several times during short period, it will generate more messages. Entering codes for password recovery from the wrong email can result in failure to recover the password.
If you didn’t succeed with password recover for the first time, please wait a while (e.g. 15 minutes) and try again.
There are no consequences.
If a transaction had been interrupted, it does not involve any accounting consequences. Cryptographic protocol used by your Billon application makes sure that the e-money always has only one owner. If the transaction was successful, a Recipient is receiving money, if the transaction is aborted the money is still on the Sender’s application. Application of the Recipient and the Sender allows both of them to view transaction`s history and check if the transaction was successful or interrupted and on what stage. The application allows you also to retry an uncompleted transaction.
Every institution that issues e-money sets transaction limits for your safety. The list of all existing limits for transactions on the Billon App is in the Appendix No. 1 to Billon Terms of Service and on our website: billonfinancial.com.
In your Billon application you can also check the basic limits and those that are running out. To do this, on your Android phone open Billon app and then open the menu located in the upper right corner of the main screen. Then go to “Settings”, under “More” section „Limits”. You will see a list of the most important transaction limits there.
To use Billon you must be over the age of 13, have the application installed and work within the existing legal order.
At the begging, you will be treated as an “unidentified user” as we will know only your username and the email address. So, when the value of your transactions, during a calendar year, exceeds the equivalent of 2,500 Euros, we will hold all transactions coming into and from your account (e.g. return it back to a Sender or your bank account). Next, we will need to verify your identity, running KYC process (Know Your Customer), to make transactions available again.
For safety reasons, we also established the maximum transaction limits, e.g. how many transactions per day you can do. Detailed information about limits is available in the Appendix No. 1 to Billon Terms of Service and on our website:
Billon application is in testing phase, so there is no possibility to update it using “Update” button in Google Play. So, once the newest version of the app is published, Google automatically pushes an update on your phone. It may take up to 3 working days. When you receive email notification with information about the newest version of Billon application, please check if your app was already updated.
To make sure that this process will succeed, you have to be sure that the auto-update of apps option on your phone is turned on.
First, please launch Billon app on your Android device (phone) and next, open the menu located in the upper right corner of the main screen. You will find the information about the application’s version when you go to “Settings”, under “More”, in section „About application”.
For the purposes of this test/pilot usage of Billon application and all transactions are free of charge.
During a pilot implementation, Billon application works on Smart phones with Android (operation systems 4.0.3 or later versions). Generally the app may be also installed at PC computers with Windows and tablets with Android system.
Yes, it does. Billon App may work less effectively when the Internet connection is weak. Our application on Android system has the integrated function of checking the quality of Internet connection. It informs user about its stability.
Disrupting the transaction does not entail any accounting consequences. The cryptographic protocol used by Billon application ensures that the e-money has always only one owner. If the transaction is successful, a Recipient of the money becomes its new owner, if not - the money remains on a Sender Billon account. The applications of a Sender and a Recipient enable the supervision of transaction history and checking if the transaction is successful or on what stage it was disrupted. The application enables the user to retry conducting of the transaction.
If the amount of your e-money is reduced due to an error, you should contact us writing an email to: email@example.com. Reporting the error from the application is essential as well. To do it, please click “Report issue” button in right upper corner of Billon application. It will allow us to verify the situation more precisely and respond quicker.
The safety of transactions and electronic money is our top priority.
To secure your e-money we use the most advanced technology in the world. This is why, we created the application and every single file of e-money, in such a way that their falsification, breaking or theft is impossible. In creation process we used mathematics, cryptology and their laws, e.g. we secured every file with the use of elliptic curves and forward secure signatures - the advanced mathematics model which ncrypt server file in a unique, random way, which is independent on the application and enables the verification of its authenticity by every application user at the same time.
Billon application does not possess a central database and all data, including user’s e-money are stored on his/ her device (unless it was put into a Vault). Therefore, there is no physical possibility of reclaiming lost money. It works just like the wallet where you store your paper money - when it gets damaged, the money inside is lost as well.
But Billon application has one advantage over the traditional wallet - the “Vault” function, where you can safely store your money, not worrying about losing or destroying your device. To prevent the client from losing a substantial amount of money, Billon application provides a setting, which automatically transfers amounts bigger than 52,5 GBP to the Vault.
This setting can be changed depending on your preferences, in particular in such a way that all your money is kept in Vault.
If the amount of your e-money gets reduced due to an error, contact us on firstname.lastname@example.org to explain the case. Do not forget to report the problem by ‘Report issue’ button, which can be found in right upper corner of the Billon application.
E-money is anonymous and we do not have information regarding transactions within Billon application except information on buying and redeeming e-money. Transaction’s participants share only their username and email address and, in some cases, mobile phone number if they input it to the app. Additionally, he/she can voluntarily share the data needed e.g. to prepare an invoice or delivery data in case of shopping.
Only in the case of exceeding the regulatory yearly transactions’ limit, which is the equivalent of 2500 euro, verification of application user’s personal data is indispensable.
The use of e-money is completely legal, just like the payment with paper cash. Both, transactions with traditional cash and electronic one, have their limits. Payments carried out with e-money, which value exceeds a set amount - the equivalent of 2500 euro will make us (Billon) to perform Knowing Your Customer process and ask you for personal data that allow for your identification. The purpose of these regulations is i.e. prevention of money laundering.
Unless you share your personal data by yourself also within KYC process (Knowing Your Customer), nobody can get to know it. Your data is saved only in your Billon application, and is under your control. Application software codes it automatically, using cryptographic keys, which were generated by your Billon application during the registration process.
To perform e-money transaction using the Billon app only usernames of transaction participants are needed.
E-money is completely safe from the technological side. It cannot be falsified or copied. The e-money files include encoded data, which enables their use only by their current owner. To create e-money, which is compliant with all the safety requirements, we had to implement very advanced safety technology, which is user-friendly, comfortable and easy to use at the same time. Billon application marks every digital file in such a way that the crimes against e-money are easily detectable for us.