Idea Details
Team and Contact Details
SNo | Student Name | School | Degree | Year | |
---|---|---|---|---|---|
1 | Talha Javed Mukhtar | SEECS | Undergraduate | Fourth | tjaved.bscs15seecs@seecs.edu.pk |
2 | Azka Hafeez | SEECS | Undergraduate | Fourth | azkahafeez997@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) |