7A – Testing the Hypothesis

1) The opportunity that I am going to pursue for this class will be to use modernized technology to create an efficient and reliable mobile payment app.

2) Mobile payment apps currently available for download are in a competitive market, and cannot establish a way to incorporate fees while attracting more users because

no single app developer has an intricate enough app design that unanimously dominants the market. 

The who: Mobile payment apps currently available

The what: They cannot establish a way to incorporate fees while attracting more users

The why: No single app developer has an attractive enough app design to unanimously dominant the market. 

3) Testing the who: I believe that the people involved in the opportunity are the current 'who' mobile payment app developers that share this need, as well as customers/mobile users in search of finding an easy-to-use, low fee, and timely application to move and manage their wallet needs. 

Testing the what: The current boundaries of the need are that their are currently app's on the market that allow users to utilize every basic tool to easily transfer money and use it as a mobile payment card. There are low fee app's available but because of that, users only have limited access on how they can manage their money. This also includes mobile device developers that include mobile payment apps, like Apple and Android pay, to allow users to easily connect their credit cards and bank accounts to their phones. 

Testing the why: The range of whys for the mobile payment apps currently offered is the same for all companies: User's want more/all of money being transferred to them. Each current service available has their own unique catch to attract more customers whether it be offering a free credit card to connect to your account or using face ID to complete a purchase, but no specific application completely terminates the percentage taken so that companies make a revenue. It is a possibility that some developers can blame users trafficking lots of money or those who are in need of finding a fee-less and timely money transfer app for their management. 

4) Chris: My first interview I conducted with one of my roommate's, Chris, who happens to run a sports memorabilia business where he uses mobile payment apps such as Venmo and CashApp to easily send and receiver money with customers and suppliers. When Chris told me he used two apps right away I asked him why? His response was that Venmo offered a Venmo card to use in person, while CashApp is more efficient for lots of online transfers and storing money. When asked about how he felt about the transfer fees, Chris acknowledges that Venmo offers a 1-3 business day service that he uses to transfer for the money without a cost. 

Pinky: My second interview was with a current UF PaCE student, Pinky, who operates her own clothing and design company though friends and word of mouth. I asked Pinky whether she use's mobile payment apps and which she used. She replied that she uses only Venmo to accept any mobile payments through customers. She also informed me that she recently applied and received her Venmo card and had trouble with it multiple times at ATM's due to it designating a fee when withdrawing, on top of ATM fees. I asked her if she thought an inexpensive app that promotes fee-less transfers would help manage her wallet easier and if she would purchase it. Her reply was definitely. 

Max: My third interview was with one of my other roommates, Max. When asked, Max explains that he only uses mobile payment apps as a way to pay people when he doesn't have cash on him. He says that Venmo makes it easy to transfer money to other people instantly, but doesn't quite understand the method of receiving and withdrawing the money. I asked him if he ever had to withdraw money from Venmo to his account and he claims that he has not and also that he's never seen any fees on Venmo with transferring money. I quickly payed him a dollar on Venmo and showed him how it works. After, I asked Max if he would purchase an app that got rid of that withdrawal fee and his response was that he would rather be payed cash and not worry about the hassle of waiting. 

Amanda: The next interview I conducted was with a friend, Amanda, I had met at the library while completing this assignment. I asked Amanda how often she sends and receives money through any payment apps and she responded by telling me she utilizes the Apple Pay tool on her Apple device. Furthermore, I questioned Amanda on whether she uses Venmo, CashApp, Zelle or any other applications to receive money with friends. Amanda told me that she receives money through Apple Pay texts her parents and that she uses cash whenever she needs to split something or pay people. Finally, I asked her whether or not she thought an app with the same Face ID payment function as Apple Pay would be appealing to her and she said possibly, but it would have to have substantially more functions then her current provider. 

Sophia: My last interview I conducted was with a current resident in my apartment complex, Sophia, who attends Santa Fe College. I questioned Sophia about what tools and apps she uses to buy things and she replied with Venmo and CashApp. She says these two apps make it easy to send money to her friends for things such as game tickets and she can hold money in the apps. Furthermore, I asked her why she has two apps and her response was that not all people have Venmo and sometimes she has to use CashApp to send or receive money. She also exclaims that she does not like the CashApp withdraw feature as it has multiple confirmation steps to actually get her money. 

5) Throughout each step of this assignment, I quickly figured out what the who, what and why were for my opportunity. After deciding on mobile payment applications and development, I researched the current top available apps and what made each so unique. After interviewing 5 students on their preferred mobile payment app and why, my results showed that my hypothesis was right in that there is no one specific dominant app that is universal among people to send and receive money. Furthermore, I learned that there are other methods of mobile payment besides applications, as mobile device developers include basic payment tools to connect as a wallet on phones. After learning all this information, I figured that there is no specific app that is fee-less and timely in regards to transferring money. I also learned that some applications offer creative ways to confirm payments and figured that utilizing Face ID and finger scanner options would attract more users. Overall, I learned that there is a need for the opportunity I saw in mobile payment applications and quickly used primary sources to confirm the flaws of the current offered apps on the market, and also whether or not specific new innovations would attract them to using a different method.