Choose life, choose a job, choose a career, choose an online payment method… But what if there is no choice for an online payment option? What do you do? How do you handle digitization without doing the bare minimum to be part of it? The world revolves around fast things, fast planes, fast cars, fast development, and fast and smooth transaction? But what if there are no fast smooth transactions? Our project is inspired by the eastern European realities, where the end customers' experience with respect to online purchases is neither the fastest nor the most pleasant one.
What it does
MaiPay offers customers the opportunity to try products before paying for them, ensuring a smooth and easy experience. Most of the online purchases are dropped because of the complex check-out process. MaiPay is here to provide a solution for that, MaiPay users would be able to buy products and pay them in the following 14 days after receiving them from all the partner online merchants. Our project is able to create value for both, end customers and merchants by taking the payment risk, as well as create a frictionless and fast checkout experience with a pay after purchase mechanism. Besides the opportunity of paying the product after 14 days with a 0% interest rate for the end customer, it would offer the opportunity of rate payments with competitive interest rates revolving around 0%.
Challenges we ran into
The hardest part was assessing the financial viability because of statistical data scarcity. Lack of developing knowledge in our team made it hard to make an app and website prototype.
Accomplishments that we're proud of
MaiPay offers a completely new buying experience for the Moldovan e-commerce market with opportunities of paying later or rate payments and all of it is digital. Not does it only create value for the usual customers, it can offer a good boost to the development of any e-commerce platform through an easy payment system which increases the conversion rate.
What we learned
We learned to work under pressure and think fast, as well as work fast in teams while on zoom. Developed a better understanding of the Moldovan e-commerce market.
What's next for MaiPay
In depth market research as well as actual development of a MVP.