KwikPay-Web-Payment-Application-

Build KwikPay, a payment application that makes use of unique ID authentication for users when making transactions, which would include two-step verification, and biometric authentication on a merchant device.

Inspiration

Problem Statement:

IDEAL

• We should be able to identify people with any unique identifier anywhere and anytime they want to transact.
• Enhance the level of trust when consumers are transacting with their bank, a merchant, or a third-party service provider.
• Seamless Payments: no need for cheques, cards, etc., especially for low-value payments for products and services rendered.
• Simplified Payment Process: inclusive for everyone, by making payments tied to unique IDs seamlessly to reduce fraud.

CONTEXT

• Customers have multiple IDs on different databases and the BVN’s (Bank Verification Number) potentials have not been fully harnessed.
• Customers have to fill out a form every time they visit a merchant or service provider even when they have a unique identifier.
• On the other hand, the number of BVNs in the country is about 40.8million whilst EFInA’s report indicates that there are 90 million bankable adults.
• Furthermore, payment options are also limited to merchant locations. For instance, card payments are still the most dominant and acceptable means of payment.
• Payment applications are not built in a manner that it can stall transaction fraud ‘on the go’ because consumers’ patterns are not built into the application for the next transaction.
• Can consumer IDs be dynamic even though the static ID remains? How do we reduce ATM, Sim Swap, USSD, PoS and web fraud types to the barest minimum level thereby enhancing trust in the system? How do we make payment transactions cost-effective for every type of consumer?

CONSEQUENCES

• Low-income earners due to the high transaction fees and the risk of fraud do not generally accept payment services.
• The solutions are also not tailored to their needs, so they rather stick to cash and remain unbanked or underserved.
• Furthermore, dispute resolution mechanisms for payment transactions are inefficient for USSD and other payment leaving consumers dissatisfied and their trust in payment systems breached.
• When fraud occurs, the consumer who was defrauded is usually at the receiving end. These impacts negatively on the financial inclusion drive.
• We face the risk of: a. Not achieving an 80% financial inclusion rate in Nigeria b. Low uptake of fintech products by Nigerians. c. Safety of payment systems threatened by the continuous activities of fraudsters.

PROPOSAL Evaluate the ideal vis-a-vis the reality, and build identity and secure payment applications that are seamless, engendering trust and accelerating adoption of financial services especially relevant to the informal sector.

What is the challenge? To develop a fintech solution that reduces the use of cards, cheques, PoS, and risk of fraud.

Concept / About Idea Build KwikPay, a payment application that makes use of unique ID authentication for users when making transactions, which would include two-step verification, and biometric authentication on a merchant device.

Steps

i. Planning ii. Design (Modeling / System Analysis) iii. Prototype iv. Implementation v. Testing/feedback vi. QAC

How we built it

The app was built using web technologies including HTML and JavaScript

Our Accomplishments

We are able to build a web payment system that enables users to make transactions in the most convenient way possible.

What we learned

• We were able to learn to use Figma for the first time ever, to make a simple mockup design.
• We were able to learn to network within the team and with others.
• We learned to communicate more and work together as a team.
• We gained some new knowledge about integrating API's into your software to interact with an online database.

Our Challenges

As a team, we are so new to Sandbox, and we had some issue testing API. The timeline given was too short for us as a team to be able to have a good grasp of the concepts that would enable us to proffer a solution.

What's next for KwikPay

This is going to be a start-up platform for us to develop the app fully and we will introduce this product to individuals and businesses, enabling users to have a unique username to make safe and secure transactions.

Built With

• html
• javascript