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:
- 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.
- 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).
- 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.