Split Pay

A SuperApp to manage your personal and group finance. Make group payments, lent money, pay bills and track all the payments made for your friends in one app.

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Inspiration

Group payments are a headache most of the time, You pay for your friends hoping they will pay you back. But NO!, that never happens, Most of the time you forget to keep a track of it, and even if you kept a track of it you hesitate to ask for the money, that is where SplitPay enters!

What it does

SplitPay eases your task of handling personal and group payments as well as keeping a track of transactions, let's see how it helps you to ease everything -

  1. Consider you go to a restaurant and need to divide the bill and pay but nobody comes ahead and you are the one in charge now, the thought of these people will never pay you back kind of haunts you, no worries then keep reading.
  2. Open your SplitPay app, go to the dashboard, select the merchant or scan the QR -> Enter the amount that you want to split -> select the people who are part of that split, and click Create Group Payment
  3. Every member will receive the request for the amount you requested and will make the payment which will add to your account balance.
  4. You can see the status of payments on your dashboard and once all payments are completed, you can click Pay to Merchant and proceed with the payment of the total amount.
  5. Easy!! Isn't it? No need to keep a track of any payments everyone will pay the individual split.
  6. Consider for some reason you are not able to pay to the merchant and your payment gets canceled, now what? How will you get away from their stares!!
  7. Well, you can create an instant Refund if the payment gets canceled.
  8. You can also add other records of payments that you paid for some in your SplitIt dashboard.
  9. You can lent money to your friends and keep a track of it by clicking on Add to Split
  10. You can also do the Salary Split and do multiple payments in one click
  11. SettleUp the pending amount that you owed to somebody from the SplitIt dashboard by doing the ewallet-to-ewallet transaction.

How we built it

  1. SplitPay is built in React for FrontEnd and Django for Backend

Challenges we ran into

  1. While creating group payment we were not sure from where the money was getting deducted(got help on discord)
  2. While doing ewallet-to-ewallet transactions prompt a user to accept the request and change the status of the id as accepted.
  3. Some technical errors due to accepting or declining payment while managing SplitIt(our ledger)

Accomplishments that we're proud of

  1. The prime accomplishment for us is after creating group payment even if one of the transactions fails due to various reasons like( insufficient funds, or network) we are able to handle that while adding the respective amount of failed transaction with the person to SplitIt which is the ledger for logged in users Lent and Borrowed money.
  2. We kept the track of payments which is done for someone else, users can see it in the SplitIt dashboard.
  3. Businesses can also use the application to pay salaries to their Employees.
  4. Users can Lend money to friends and add the record to SplitIt(our ledger).
  5. The user can settle Up the amount from SplitIt(our ledger) itself.

What we learned

We learned about the fintech industry and the Raypd API ecosystem. There goes a lot of things in fintech like handling payment completion, dealing with payment failure, creating refunds, and wallet management.

What's next for Split Pay

  1. making new user registration and verification
  2. On lent money user can get predetermined interest from the borrower
  3. Launching application in production.
  4. Integrating many types of payment methods to give freedom to users.
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