8A – Solving The Problem
The Problem: As per the recent innovations to payment technology, mobile payment applications are swarming the app stores, each with it's own unique method to attract new users. The problem is that there are no current universal mobile payment app that any user can use to send and receive money. To start, this creates a competitive market and causes users to be split between popular methods being utilized. Another problem is that there are no current apps on the market that do not incorporate extra fees with withdrawing money on the service. This frustrates users as they aren't being payed in full, unless they want to wait a few business days. To continue with that, the last problem with the current apps available are that none offer quick management and timely transfers of money for an inexpensive fee or no fee. This frustrates companies and users who don't have time to wait and are transferring large amounts of money consistently.
The Solution: The solution to these three main problems is the creation of my mobile payment application (currently unnamed) that makes transferring money easier than ever. Instead of having to worry about the service your using taking money from you, my application is available for purchase on all app stores for a one time payment at an inexpensive price. Once purchased and downloaded, the service will not deduct any fees from transferring any sums of money or withdrawing to your bank provider. To continue, withdrawing money instantly goes to your connected account and the app offers you the ability to safely keep your money inside of it. The feature allows users to store there desired amount of money separately from their main account fund, while also giving users the option to receive a free credit card use to spend this money with. Also, new tools have been added to confirm payments to other users with additions of Face ID and finger scanning confirmation. Lastly, these features that cover the current issues with mobile based payment apps will attract many users. Ultimately, the main problem is having a universal method to pay people so you don't have to worry about having multiple apps. After creating an app that combines all methods of payment into one, it's your turn to inform your friends and family the new app you discovered and how much time and money it can easily save you! Say goodbye to deduct fees and waiting for your money, purchase and download (unnamed app) today!
Hey Cade!
ReplyDeleteThis is an awesome idea. As someone who has three different mobile payment apps on my phone as of this moment, having one universal app would be a huge deal. I love the idea of using Face ID/Touch ID as an extra means of security as well as the free transfer fee. Having the app cost money might be a little risky, but you gotta make money somehow, right? Overall, great post!
Although you have put forward a good idea, I still want to raise a few issues encountered in the development of mobile payments in the United States. US merchants do not generally support mobile payments. When it comes to mobile payments, American consumers are not short of options. Apple (320.03, -4.41, -1.36%) payment (Apple Pay), Google (1479.23, 3.00, 0.20%) payment, Samsung payment, PayPal, Venmo, Square Cash, Zelle and other new hopes to disrupt this list the company. But to adapt to these applications, businesses such as coffee shops and retail stores need the right hardware. Data from Bain & Company shows that in the United States, traditional shopping methods are still playing a role, and last year credit card spending still accounted for more than 80% of total shopping. PayPal is the most popular non-bank payment method, with 40% of users choosing it, but PayPal is mainly used for online payments. Apple Pay accounts for 9% of total payments. The United States lacks mobile payment application scenarios. Credit cards compete for customers by returning cash and travel rewards, something that people don't easily give up. Consumers can use one credit card to pay for gasoline, one credit card for groceries, and another credit card for travel expenses, depending on the rewards and cash they may receive during the purchase.
ReplyDeleteHey Cade, I really enjoyed reading your appealing problem and the solution of how to make the idea of transferring mobile money without any inconveniences. I do think this will be a very competitive opportunity to pursue, given the fact that there are a handful of money transfer apps that already exist and are still trying to improve the process. Overall, I think you're on the right track to make the difference in this opportunity.
ReplyDeleteHi Cade,
ReplyDeleteI really enjoyed reading about your opportunity, I think it is a great idea. Fusing technology with finances can be a difficult market to get into but I think you are on the right tracks to developing a new universal product. This could help organize the abundance of apps and services that people use today. You just have to consider the other competitors in the market.