29A – Venture Concept No. 2

BeyondKash

1) Venture Concept No. 2

Opportunity

Mobile payment applications that are currently available for download through your mobile device's app store are a part of a very competitive market, and developers are having trouble establishing an intricate enough app design that will dominate the market. I believe that there is an opportunity to create a universal mobile payment application that allows all individuals to download and transfer money, fee-less, to clients, customers, friends and other businesses. 

The people involved in this current opportunity are the existing app developers, as well as the main target audience of customers/mobile users in search of finding an easy-to-use, low-fee, reliable and timely application to assist in moving and managing all their wallet needs. The reason current app developers meet the 'who' of my need is because they each have their own unique advantage to attract customers, but creating an app that combines each differentiator and adds a 'secret sauce' will ultimately dominate the user market. My main target audience for this app design would be current users and individuals who are looking for the 'perfect' money managing and transferring app.  The market of users that are in search of a reliable and all-in-one payment application are dispersed globally, and are categorized in all demographics throughout the world. This offers a high ceiling for my opportunity market as there will always be customers in search of a better way to manage their savings, transfer money and ultimately spend their earnings on what they want. 

Customers are currently satisfying this need through a variety of apps available that all offer similar options: sending/receiving money, setting up a universal credit card linked to the app, face ID and finger scanning payment options, messages, voice recordings, emojis and videos sent with the payment and many other unique opportunities for the user to utilize while on the app. These customers tend to have more than one account on competing applications, which clearly shows how loyal they are to using one specific app. This is due, in part, to having friends, clients, or other businesses that utilize one specific app as their 'preferred' payment method. The two specific areas that seem to be the main problem with customers throughout each app are that not every recipient they're trying to pay/receive from has the specific mobile payment app they have, and the costly fees that come along with transferring money. This  led me to realize a solution for the current issue in mobile payment applications. This opportunity is extremely tight, as there already are few dominant applications that control the majority of the mobile payment market industry. However, none of the current available applications solve the glaring problem of limiting/removing the fees and time that come with withdrawing and transferring each transaction through their apps. I believe this window of opportunity will be open until someone fulfills the need or figures out a more effective way to eliminate fees from the mobile users.

Innovation    

My company, BeyondKash, is offering to customers the ability to access their own universal mobile payment application that allows for spending, budgeting and saving all at the accessibility of your fingertips. 

BeyondKash allows users to:

• Send 
• Receive
• Withdraw money for no fee
• Add unlimited money to a personal credit card associated with the app 
• Avoid waiting multiple business days to have access to your money 
• The best part? Completely customize and manage your mobile spending and saving with the all-in-one hub feature that allows for notifications, easy contact access, payments by Face ID recognition, video notes as payment messages, and many other features. 

BeyondKash's target consumers are focused on those who are interested in downloading a universal mobile payment app that eliminates transaction and withdrawal fees. Our goal is to establish an application that charges a one time fee on the app store and eliminates any other fees applicable when sending money to contacts or companies. All of our customers interested are looking for an easy to navigate, all-in-one money saving and management app to help make purchasing goods and services much easier on the go. The app also targets customers in search of the ability to transfer money instantly to their contacts while also allowing them to instantly transfer their app balance to a connected bank account. BeyondKash's service and all of it's features can be found in the app store for a one time payment of $9.99. This fee would cover all of the included features on the application, as well as routine updates to make our customer's experience on BeyondKash as convenient and affordable as possible.

Venture Concept   

My innovation in creating the app BeyondKash will help solve the problem of added fees and wait time inr a universal mobile platform that allows users to send and receive currency to contacts, 

BeyondKash offers:

• An up-front payment style money transferring application
• Completely eliminates the hassle of withdrawal deductions
• Eliminates sending/receiving fees, 
• Eliminates timely/costly instant-transfers from current app balances. 

Our customers care because of concerns about current apps that operate their mobile payment and banking applications with hidden fees. 

BEYONDKASH IS UNIQUE IN THAT EVERYTHING IS COVERED BY A ONE TIME FEE THAT ELIMINATES ALL CHARGES, WAIT TIME AND ADDITIONAL FEES FROM MONEY TRANSFERS AND ACCOUNT WITHDRAWS. 

There are many apps available that perform similar actions to BeyondKash, but none offer the ability to pay a one time fee that eliminates all charges and additional fees from their money transfers and account withdraws. The application's unique modifier targets one of the main challenges of being a 'middle-man' money service by offering customers the ability to manage their money fee-less, while also contributing to creating a community that ultimately is featured around a complete user-friendly payment application.

Why BeyondKash?

I believe users will transition from current competitor applications to BeyondKash due to:

• Convenience 
• Timeliness
• Costliness
• Ease of an all-in-one application 
• And it’s popularity among users!

Expressing our key differences with rivals such as Venmo, CashApp, ApplePay, Zelle and more will help explain to users the problem with having multiple different platforms that all charge variable fees for actually transferring money to contacts. I believe these competitors' weaknesses include charging a variable fee per transaction on their platform, offering costly charges to be able to instantly withdraw money, and not being able to establish one complete application that users don't have to worry if the recipient has an associated account. Since my product/service is a technological application, I do not have to focus as much on packaging, distribution or location play, and can spend my time working on improvements to the app that will increase the customers experience and offer new improvements to handle any wallet needs. As users begin transition to BeyondKash and testing it's abilities, our price point will vary based on the traffic generated and there will be a 24/7 customer support center available right within the application. To continually support our application’s production, multiple teams with 3-7 employees are necessary. This would most likely include a production, design and technological team of certified app developers, a customer support center group and a sales/marketing team. All other business operations would be handled through the approval of the CEO and Owner, Cade Tolchinsky. 

I believe that my company's true "secret sauce" is creating the first universal mobile payment and managing applications that will attract users with its variety of features and low cost up-front payment fee. Users want more of their money being transferred without the current issues of time and fees; this is the exact problem that my company, BeyondKash, has found a solution for. Furthermore, BeyondKash's next major opportunity is to focus on marketing and advertising our platform to potential customers, while also influencing current users of competitor’s applications to transition over to BeyondKash. Assuming my company launched successfully and is generating traffic, I hope to take the skills, processes and knowledge I've acquired from BeyondKash and invest my time and money into designing and creating a product that will assist people in solving the everyday problems they face. 

2) and 3)

Due to receiving no feedback on my previous venture concept description and my "What's Next" exercise, I decided to leave feedback on my own venture concept to help me with finalizing and cleaning up the concept behind BeyondKash. To start, I went back and thought about all of the most common areas that my peers commented on when they left feedback and I tried to point out any overlooked mistakes in my own work. After going through it once, I reread my venture concept and started weeding out the areas that I felt were too wordy, off-topic or didn't help me convince my intended audience the opportunities that BeyondKash was solving. I knew that, in any venture concept, I had to identify what made my company different, so I added more detail about the application being more user-friendly and how it's features satisfy people's unmet money managing needs. I made sure to discuss each question and answer in great detail, while factoring in our main differentiators, to ultimately help show why BeyondKash is unique from the current competitors. Additionally, I thought about how to convince current customers in the market to switch from their current platform by emphasizing the idea of an all-in-one wallet-type platform that we believe will eventually become the main universal form of mobile payment. Lastly, I made sure to organize the formatting and design to look professional, while also including a rough outline of our logo to help display to our viewers the authenticity of our company and service, BeyondKash.