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TechPay – Digital Wallet Blueprint

Company Name: TechPay


Project Objective

TechPay is seeking to establish a strong foothold in the competitive digital payment market but currently faces challenges in providing a feature-rich, user-friendly digital wallet that meets regulatory requirements. The absence of a comprehensive solution with modern features such as contactless payments, split payments, and loyalty rewards puts the company at a disadvantage. To address these issues, the objective is to design a detailed blueprint for launching a digital wallet that prioritises user experience, compliance with financial regulations, and market competitiveness.


Requirement

The project must:

  1. Incorporate Core Wallet Features:
    • Support contactless payments using both NFC and QR code technologies.
    • Enable split payments, allowing users to divide costs among multiple participants seamlessly.
    • Introduce cashback rewards to encourage loyalty and increase user retention.
  2. Ensure Regulatory Compliance:
    • Develop strategies to meet stringent data security and financial compliance standards.
    • Include adherence to frameworks such as PCI DSS (Payment Card Industry Data Security Standard).
  3. Focus on User Experience:
    • Simplify user onboarding through secure identity verification processes (e.g., KYC).
    • Ensure smooth and intuitive payment workflows.
    • Enhance user engagement through gamification elements and reward systems.

Detailed Features

App Features

  • Core Payment Features:
    • Contactless payment support for both NFC and QR code methods.
    • Split payment feature to divide costs among multiple users.
    • Cashback rewards based on spending thresholds.
  • User Onboarding:
    • Quick and secure registration process, integrating identity verification (KYC).
  • Gamification and Engagement:
    • Reward systems for frequent usage, e.g., points redeemable for cashback.
  • Compliance and Security:
    • AES-256 encryption for transaction data.
    • Compliance with PCI DSS (Payment Card Industry Data Security Standard).

Deliverables

  • Phase 1 – Design and Mockups:
    • Blueprint outlining wallet functionality and market positioning.
    • Wireframes for user interface and payment workflows.
    • Compliance framework documentation with a checklist for regulations.
  • Phase 2 – Prototype:
    • Clickable prototype showcasing key features like registration, payment, and cashback workflows.
    • Basic mock implementation of payment flows using simulated data.

Technology Suggestion

  • MS Word: For creating the blueprint and compliance documentation.
  • Figma/Canva: For wireframe designs and mockups.
  • Excel: For testing cashback calculations and transaction workflows.

Expected Output

  • Phase 1: Blueprint document, wireframes, and compliance checklist.
  • Phase 2: Interactive prototype demonstrating key payment and reward features.

Category: FinTech
Technology: Canva Excel Figma

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