E PAY

Project Title

E PAY

Project Area of Specialization Software EngineeringProject Summary

Pakistan is predominantly a cash-driven society where approximately the majority of the transactions are done using hard cash whether it is sending someone money, paying for goods, paying bills, and much more. Due to the dominance of cash in society there lies a huge opportunity and potential in the market to introduce a non-cash-based payments landscape. In the recent past, there has been a remarkable growth in fintech services in Pakistan, it is still far from mass adoption, and the market is still in its new stage, and predictions show exponential growth in money trade and the value of the market.  

With the market in its advancement stage, the tremendous room it needs to develop, and its enthusiasm to take on innovations to improve our lives, we are proposing to create E-Pay, a revolutionary Peer-to-Peer (P2P) mobile application for the Pakistani fintech market. The E-Pay mobile application will offer its users instant payments via self-generated codes and instant transactions between individuals or groups. E-Pay will also allow all groups of users

 to share payments like share a bill when eating at a restaurant. There will be some special features which will help users save money and even earn money. 

We will allow users to create their projects as it will offer the possibility to charge other users in their own business/company. Our mobile app will be designed in a very simple manner so that users of any age could easily interact without any hesitation.

What differentiates us from our competitors is the way we innovate to tackle the market and provide our users with a seamless experience while using our mobile application. We plan to create a new space in the fintech ecosystem by introducing unique methods which will also enable our users to save, earn, and invest small chunks of money.

Project Objectives

Our goal is to furnish individuals with a stage that clients could entrust in its service, reliability, productivity, security, and simplicity. We will make money work for our users by offering them services that can make them money so we could develop a strong bond with our users. We will ensure to keep our user interaction very simple so that any individual could easily learn and use it.

Project Implementation Method

The motivation behind the persuasion of this digital wallet project is to create a long term reliable solution for pakistan. Fintech is growing around the world at very fast speeds. Pakistan is also trying to compete with the international markets and is gaining pace and is generating great startup wallets but there is no single wallet in Pakistan which is making a global impact. A Lot of countries have dominated fintechs like the USA. We have PayPal, Venmo in the UK. We have transferwise and our neighbour India have Paytm which have turned into great corporations.

This wallet will be built on the peer-to-peer networking methodology. There will be a ledger for every activity that takes place in our network.

This wallet is unique in it's data handling as it will be no-database and no-server based application.

To verify an activity, a ledger will be broadcasted to every user and if the ledger is included in it's respected file, a notification will be fired on the network carrying the information of the verified ledger and it's respected owners. 

Technologies used are nodejs and react native, for mobile application and a command line application for desktop (linux) just to give a live preview of all the activities happening over the network.

Benefits of the Project

• Instant payments between wallets(Using Peer to Peer)

  • Money transfer from a payer wallet to another payee wallet instantly without the need for a bank/bank account.

• Payments to and from Bank Account(Using Peer to Peer)

  • Will allow transfer of money from the wallet to your own bank account or to another bank account. Transfer of money from the bank account to the wallet will be allowed.  

• Bill payments

  • Allowing our users a seamless experience in paying bills (utility, credit card bill, etc.

• Merchant Payments ( via QR codes)

  • Retail clients can make in-store payments using QR codes. Codes will be generated at runtime with respect to the requirement of the retailer.

 

• Savings

  • When making a payment or buying something the user will be asked to save a small percentage of the amount to be saved in their wallets, for example, if a user does a transaction of 80 rupees so we will charge him 100 and 20 rupees will be automatically saved.

 

•  Investment

  • As discussed in point 5, the save option will be given to our users to invest the small percentage and earn money.

• Security 

  •  Security is a big concern where money is involved. We will implement some robust technologies to ensure security.

• Split bill

  • If a group of people wants to pay for a specific bill so our app will allow multiple users to share bills and each individual can pay for their half. 

• Rewards/coupons/discounts

  • Our users are special to us so we will always work to get them the best discount/ coupons and also provide them handsome rewards.

• Analytic dashboards and diagram

  • Providing users a way to track their financial health. So that they always know where it went wrong.  

Technical Details of Final Deliverable

Final Deliverable of the Project Software SystemCore Industry FinanceOther IndustriesCore Technology BlockchainOther TechnologiesSustainable Development Goals Decent Work and Economic Growth, Partnerships to achieve the GoalRequired Resources

Item Name	Type	No. of Units	Per Unit Cost (in Rs)	Total (in Rs)
			Total in (Rs)	45125
License software, Cloud Server, hosting services Application Programming Interfacee	Equipment	5	9025	45125