ditchYourWallet (easyMoney at the Finastra hack day)

Sample code snippets
Infrastructure

Inspiration

The project was inspired by the monetary system of Sweden.

Motivation

In the future, money will not be in physical form. It is inconvenient to carry all the bank cards (heavy and bulky). While smartphones have already been widely used, it will offer convenience to many people if payment transactions can be done with one app. It gives the users options to choose the bank for each transaction to minimise their costs for using their monetary assets.

Technologies

We use api to get the bank details and it involves developing a secured encryption system. The systems can be operated online or with shops that can generate QR codes.

Major challenge

Establishing a reliable security system.

What is new

It is an emerging banking system - Dual Mode Open Banking API proposal.

New lessons

We learned different security systems and software license systems - the advantages and disadvantages.

Further development

It can be extended to handle with other forms of money (not only cash), e.g., stock. By Keynesian economics perspective, it will encourage economic growth, as it encourages consumption. The app benefits individual users and the global economy.