At this moment in time, it is estimated that the average utility consumer spends 20 minutes in a queue to pay their bills 3 to 4 times a month. Over a lifetime, this results in 1,000 frustrating hours wasted for paying utility bills, often complicated by payment systems and missed due dates.
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For the unbanked population, things are more difficult, granted the lack of payment options, the gaps between what utility companies promise and what they deliver, alongside a longer period of time spent waiting in lines.
Treon represents an exciting blockchain project, designed with the purpose of disrupting the utility bills market. It hopes to achieve this by providing 1.6 billion households worldwide with a utility payment service, centered on transparency, savings and ease of payment.
Treon’s mobile application will help the unbanked population pay for their utilities digitally, via the Ethereum-based TXO token. The smart contracts functionality will ensure that recurring payments are taken care of in a timely manner, without involving banks. Additionally, the Treon ecosystem will provide a one-stop payment solution that can be used to manage bills to multiple companies.
In the long run, the service is bound to bring customers savings, as it completely eliminates delayed payments and the associated penalty fees. It also helps keep track of all funds spent on utilities, for better financial planning.
Consumer & Company Benefits
Treon consumers will get access to a user-friendly consolidated view, management of separate utility accounts, the possibility to change and optimize consumption, easy top-up & payment options, smart notifications and rewards as part of the loyalty program.
On the other hand, company benefits include savings on transaction fees, industry involvement, educating customers, application support, incentivising green energy usage and more.
Accessing an Untapped Market
A worldbank.org research has concluded that out of the world’s 2 billion unbanked population, two-thirds own a smartphone, which can be used to access the Treon ecosystem. In other words, the platform will enable users to pay their bills from virtually anywhere, as long as they have a smartphone and an internet connection.
It is believed that Treon will access an untapped market, filled with opportunities in Africa, South America and the Middle East. Given the team’s experience in this region, it is likely that mass-adoption of Treon will unlock a trillion dollar market.