Idea Details

Team and Contact Details

SNo Student Name School Degree Year Email
1Talha Javed MukhtarSEECSUndergraduateFourthtjaved.bscs15seecs@seecs.edu.pk
2Azka HafeezSEECSUndergraduateFourthazkahafeez997@gmail.com

Inter School Idea ? Yes
Do you need expertises from another area: Yes
If Yes please provide details of expertises you need: Financial Regulations in Pakistan

Idea Details

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)