| Idea Name: |
Pay Up |
| Slogan: |
Make payments anywhere, anytime |
| Startup Domain: |
Lifestyle
|
| Abstract: |
| Pay up is a payment app providing fast and frictionless way to pay anyone from your friends to employees, encouraging credit systems and a personal finance management tool.
|
| What is the unmet need in society that your idea will fulfill ? |
| The digital finance potential of Pakistan estimated by McKinsey Global Institute report is at about $36 Billion by 2025, a 7% boost to the GDP. Having a virtual payment system (like Venmo, Zelle etc) in Pakistan would benefit local financial organizations and make payments more convenient.
|
| Who needs it ? How many would benefit ? |
| Pakistan has 41.7mil banked population of which 31.3mil are personal accounts. Our target market comprises college students, professionals & startups in providing them a cheap, frictionless and fast platform for sending & receiving payments be it bill splits, freelancing, payroll or recordkeeping.
|
| How will the solution works |
| 1) Sign up on our app to get a unique identifier assigned to you in our database.
2) Get credit into your Pay-up account by deposit to one of our bank accounts or easypaisa/jazzcash.
3) Receive/send credit. Using block-chain, we ensure that it is nearly impossible to mutilate the credit amounts that our system is vigilantly monitoring. Individual transactions are encrypted by a one-time code shared by the two parties.
4) Withdraw using easypaisa/jazzcash or request transfer to a bank account.
|
| Who are your competitors ? How is your solution different |
| We only have indirect competitors -- these are the existing methods of making financial transactions in Pakistan which include:
EasyPaisa/Jazzcash etc
Traditional Banking
Our solution makes the transfer of credit way more convenient than these. |
| Status: |
Approved |
| Entry Date & Time: |
2018-12-23 (1413) |
