Inspiration

In the recent past, the team has attended courses in Design Thinking, Lean Ideation and Product Management. One of the key learnings for the team was that any business proposition is viable when it reduces friction and eases the pain points of the customer. During a visit to a local barbershop post easing of circuit breaker restrictions) we observed first hand the number of steps and time needed to complete a Pay Now transaction. The team discussed the issue and felt that there is an opportunity for removing friction from the Pay Now customer journey and increase adoption in day to day payments in the Singaporean context (high traffic hawker center, stalls etc.)

What it does

We propose a new wrapping app: Kaching. Kaching will work with the APIs of all major banks. It will allow the buyer to scan a QR code or enter a mobile number and initiate payment. For the MVP, we will only focus on PayNow

The payment will flow using the PayNow platform and its APIs. Both the buyer and seller will receive a push notification on their mobile phones indicating a successful payment transaction. (The current PayNow notifications are via SMS which is difficult to store and search. A push notification is “free” and also offers an easily accessible transaction history inside the app)

Post MVP, this Kaching app can be extended to enable payments to a seller's PayNow account from any credit card, wallet or bank account. This will involve a set of transactions which will be handled by the app using available open banking APIs: Step 1: Deduct payment from wallet/card. Credit payment to buyer’s bank account Step 2: Transfer money from buyer’s bank account to Seller’s Paynow

How we built it

This app is at a conceptual prototype stage. We were inspired based on our understanding of Design Thinking and Product management and we attempted to remove friction from the customer journey of a Pay Now user.

Challenges we ran into

Lack of Technical resources especially due to COVID 19 pandemic to work on the prototype.

Accomplishments that we're proud of

If successfully implemented, Kaching will bring a smile on the face of every Pay Now user !

What we learned

Our ability to put ourselves in shoes of a common man and use applications like Pay Now, Pay Lah, Pay Anyone. Our team has a deep understanding of payments, having worked with a market-leading payments technology firm in the past and we have applied some of those learnings to come up with an innovative solution

What's next for Kaching - A new way to make Pay Now payments easier

We can partner with GovTech, Association of Banks, MAS and run a pilot project with one of the Pay Now Participating Banks. Our future product roadmap envisions integration with the wider diaspora of wallets and makes it very easy to perform P2P payments locally and globally

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