This article was first published by The Times of Israel and is re-posted with permission.
The Municipality of Tel Aviv-Yafo has embarked upon a month-long pilot project, the first of its kind in Israel, to examine the feasibility of using a “digital city currency,” serving as a reward system for people who patronize Tel Aviv businesses.
The municipality set up the pilot program together with Colu Technologies Ltd., an Israeli startup that developed a digital wallet to enable payments at registered businesses via smartphone.
Under the pilot, consumers who engage in five transactions worth at least NIS 20 ($5.6) apiece at local businesses using the Colu app get a reward of 25 digital coins within the app. These coins are worth approximately NIS 25, and are to be used at registered stores in Tel Aviv.
To read the full article, click here.