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also distribute the goods to the bars, helping to make their life a bit easier.” As his company took off, Anders noticed another area of potential improvement within the nightlife scene. This, too, seemed like it had a relatively simple solution.
Money made social MONSO – short for ‘money made social’ – is a simple solution to a problem that annoys most people but few have thought to solve. You are standing at a bar, waiting to be served, being pushed and shoved by the people behind you. Those in front seem to be taking forever, and somebody probably spills half a pint of beer down your back. All the while, you just want to get back to your friends. One way to cut queueing times, Anders and his team realised, was to make payment methods much quicker – to make the way transactions are made work for people. “We’ve seen cash become a liability in these quick transaction scenarios. In 2014, the need for other mobile payment solutions really became apparent.” MONSO works by cutting out the need to enter long numbers (as on Mobile Pay), enter pin codes and wait for confirmation, or hand over notes and coins and wait for exact change back. Instead, users with
the MONSO app are given a short number on their phone as soon as they enter the bar. Each phone gets an individual number, usually between one and three digits long. “It increases depending on how many people are within the venue,” Anders explains. “At festivals, we’ll need four or five digits to differentiate everyone.” Customers pay by simply showing the vendor their number on the app. The number connects to their phone and payment details, making life easier for the vendor too. The system also allows for transactions to happen anywhere within the venue, away from tills and card machines – and without any additional wait to confirm phone numbers. “It’s quick, simple and secure,” Anders sums up. “It makes for a much safer payment system for the vendor. You can’t fake the number, the transaction’s really quick, and there’s no way that the exchange can end up in the hands of anyone but the vendor who set up MONSO at their venue.” The app relies on the tried and tested systems of the same secure and established banks, processors and acquirers as other transactions. “We didn’t need to go out and directly challenge the big players on this. Instead, we placed ourselves in
the middle, bringing benefits to all those involved.” With his good friend Magnus Harrison, Anders recently added AM Breweries to his portfolio of companies. A product manufacturing company, AM Breweries aims to make use of agricultural biproducts that are currently going to waste in order to benefit farmers and consumers. Their high-oxidant drink, Twistedleaf, brewed on the coffee leaves left over from coffee production and mixed with rum and lime, just won Creative Business Cup Denmark. They will be competing in the Deloitte-backed World Championships in November, so wish them the very best of luck. Contact Anders on: +45 30 814 814 Anders@studenterbolaget.dk Abl@monso.dk
Web: www.monso.dk www.studenterbolaget.dk Facebook: www.facebook.com/ Studenterbolaget Instagram: @Studenterbolaget
Issue 103 | August 2017 | 81