Best Ideas 2018 features all the nominated entries submitted to the Youth Citizen Entrepreneurship Competition under ‘Submit your Idea’ category. All the entries consist of innovative solution or proposition for an enterprise that champions the Sustainable Development Goals. They can be on the conceptual, planning, or start-up stage. If you want to know the 10 finalists in this category, click HERE
New application for faster payment called "SmartBuy"
Explain your idea in details:
My idea includes creating a new phone application which will be in contribution with all the bank institutions worldwide. The application aims to eliminate usage of paper money as all the payments will be done directly from our bank accounts via SmartBuy. Firstly, a person needs to have an available bank account. Having that, allows you to register in the new application called SmartBuy which will be universal for all banks worldwide. This means that there will be no more paper money, credit or debit cards, checks etc. available and your phone will become your one and only way of making payments. This should be done as all of the stores, markets, online shops etc. will have to register SmartBuy as an only method of accepting payments. All goods offered in shops must have a specific digital barcode which you have to scan with the application on your phone. This action will automatically create an online shopping cart in which all the products codes will be stored. Important thing is that the phones must have a running mobile network while entering a specific shop in order the application to recognize in which shop you are and make a list of all goods in stock. The payment will be done automatically from the phone as the person walks out from the shops special column transfer systems. There will be 3 special columns for a better security of paying thanks to which the money from the buyers bank account will be transferred to the bank account of the seller via SmartBuy. The people will be free to make purchases in every currency without worrying that they have to convert their money in the local currency before arriving to their destinations.
Expected impact of your idea on sustainable development
By eliminating paper money from usage we will reduce the cutting of trees needed for the production of some banknotes of specific currencies. Moreover, by paying only online there will be no more paper invoices and bills as all of the necessary documents will be send online to the given e-mail address. The application will include sectors in which you will have to fill in some personal information if you want to receive an invoice for example. Another privilege is that the bank institutions will also stop using paper documentations but only online ones which will reduce the cutting of trees even more as the banking sector is one of the main sectors using a huge quantity of paper for documentation and record storage. Also, no paper will be needed for creating a payment order. Thanks to the new application you will have all your transactions and money a click away from you. Every person making a transaction will pay additionally 2% of his/her total purchase sum which money will be saved and donated for installing specific equipment for all factories and plants polluting the air and the nature. Thus, all the money which will be saved by ceasing the tree cutting industry will also be donated for saving the nature.
Plans for implementation and sustainability
My idea surely includes a lot of investment for realization as I am trying to change the whole system of dealing with payments. That means that if this idea is accepted all banks and shops have to install new online models, systems and mechanisms which truly is a lot of money. Anyway, I consider this idea being very innovative and I think that Europe will enjoy it, as well! Europeans best know how the fast life in the big cities like Paris, Berlin, London etc. is, where everything has be to be done extremely fast in order to save time. Taking this into account, I created this idea to help people save maximally time and have a none loss of it. That is why I think that Europe can help me realize the current idea with projects and programs such as: CIP (Competitiveness and innovation framework programme), Strategy 2020 etc. Firstly the idea can be tested namely in Europe in only one shop and with one bank in order to see if there are positive results of this brainchild of mine. Europe is popular for its programmes for innovation and financial support and I do really reckon that it will be in a huge favor of Europe if the union invests in sustainable development.
My name is Martin Andonov Mitkov, I am currently 19 years old and I live in Varna, Bulgaria. Recently, I had been studying Banking and Finance at Secondary School of Economics Dr Ivan Bogorov. I graduated as the student with the highest score on state mature exams from the whole school. This as a fact gives me motivation that my acquaintances in the sphere of Banking and Fnance are considerably high. 4 years was the time when I had been studying and analyzing the sphere of banking, payments, transactions, economics, etc. and I can say that I am very thankful to my teachers who helped me open my potential during that time of period. The combination between my knowledge and motivation to create and improve to something new formed several bank sector changing ideas, which one of my ideas received 3rd place on an international competetion in Bulgaria for school training firms called "TF FEST 2017" where me and my team created a new ecological bank institution with new bank activities and a whole new system of functioning. I have truly a desire to help for the improvement of the banking sector as it has not been changed in years now. The bank sector should be up-to-date to the technological field as banks and technology together will create extremely new banking products and services which will surely be on a next level and will be from a decent help for all people.