MIT Solve

Solution Overview

Solution Name:

VoicePay- Multilingual Voice Payments

One-line solution summary:

We enable payments for people who are Non Tech savvy and people who face Internet connectivity issues.

Pitch your solution.

Millions of mobile users have never transacted online, a mobile application with a complicated menu is difficult for the people Lack of digital skills and literacy , poor internet connectivity in developing countries act as a barrier in the adoption of payments.

we enable mobile payments seamless by reducing the complexity in user experience, and also our app doesn't require Internet connectivity since everything is done on a voice call Network, this will help us to reach the remotest places where internet connectivity is also an issue.

VoicePay is a Voice based mobile payment app and which processes payments without depending on Internet connectivity by using a phone call network and user voice. It removes the barrier of Cost, Complexity and Connectivity Enabling Financial Inclusion for Masses.

Film your elevator pitch.

What specific problem are you solving?

We are trying to Solve Technical and Adoption Challenges associate with Mobile Payments .

#Adoption Challenge

Globally more than a billion Internet users people are yet to experience mobile payments, Non-Tech Savvy users struggle to use digital interfaces because of complexity in payment apps making them feel uncomfortable with fear in mind- “what if my money goes to the wrong user”, close 80% of India’s internet population doesn't speak English and has limited knowledge of Digital Skills, out of India’s 500M internet users, less than 25% have transacted online , this shows that only internet coverage itself will not give rise to digital adoptions

#Technical Challenge

Due to ongoing protests sometimes govt shuts down the entire internet ,cutting off digital payment of for Internet dependent Millennials. poor internet connectivity in developing countries act as a barrier in the adoption of payments. the Reserve Bank of India (RBI) has permitted small value offline transactions through mobile devices for single payments of up to Rs 200 on pilot basis. Globally half of the world is yet to be connected to internet.

What is your solution?

Voice has always been one of humanity’s most powerful tools, let it to payments, Most of the Non tech savvy smartphone phone users face complexity while using multimedia apps, but they are proficient in doing voice calls since it is a basic thing which anyone can do who an access to a mobile device, VoicePay helps in accomplishing a mobile payment as simple as doing a phone call.

Who does your solution serve, and in what ways will the solution impact their lives?

We are targeting India's 300 million smartphone users who have never done a digital transaction and users who use Non Smartphone . we are targeting two categories

i) Non Tech Savvy People: People who face complexity in Digital Payment Apps.

ii) Offline payments: people who face internet connectivity issues while doing a Digital Transaction.

Which dimension of the Challenge does your solution most closely address?

Equip everyone, regardless of age, gender, education, location, or ability, with culturally relevant digital literacy skills to enable participation in the digital economy.

Explain how the problem you are addressing, the solution you have designed, and the population you are serving align with the Challenge.

#1 We are making the mechanism of payment as simple as doing a phone call without Internet (Since Entire process is done over a phone call Network. Anyone who has access to a phone will know how do to a phone call, and we are trying to enable payments using the same process, this makes VoicePay a Financially Inclusive App.

#2We make use of user voice as command , removing the barrier of language.

#3 And the technology can be deployed on both smartphone and Non Smartphone.

In what city, town, or region is your solution team headquartered?

Hubli, Karnataka, India

What is your solution’s stage of development?

Pilot: An organization deploying a tested product, service, or business model in at least one community.

Explain why you selected this stage of development for your solution.

#1 We recently completed a POC as part of Celo Camp by Celo (Celo is a Global payments infrastructure built for mobile),and We were awarded "Design for all Tenet Award by Celo Foundation" for running a pilot on our App integrated with Celo Platfrom.

#2 we received partnership commitment from a Bank and we recently signed an NDA with a Bank for implementation.

#3 Pilot Done in Q1 of 2019 in Rural Karnataka (Before lockdown was announced in India), Video link: https://bit.ly/2U9yDt9

Who is the Team Lead for your solution?

MF Firaq

More About Your Solution

If you have additional video content that explains your solution, provide a YouTube or Vimeo link here:

—

Which of the following categories best describes your solution?

A new application of an existing technology

What makes your solution innovative?

#1 Works without Internet Connection(User's can Pay/Remit) at even remote rural location. This is also a problem at most refugee camps.

#2 User's Need not shell extra for Internet/Call, Since its a toll free line.

#3 Vernacular/Regional Language Assistance .

#4 Technology can be deployed with Non Smartphone.

Please select the technologies currently used in your solution:

Artificial Intelligence / Machine Learning
Blockchain

Select the key characteristics of your target population.

Elderly
Rural
Poor
Low-Income
Middle-Income
Refugees & Internally Displaced Persons

Which of the UN Sustainable Development Goals does your solution address?

9. Industry, Innovation and Infrastructure

In which countries do you currently operate?

India

In which countries will you be operating within the next year?

Philippines

How many people does your solution currently serve? How many will it serve in one year? In five years?

We have 10+ Beta users, and two Banks and one Global Mobile Infrastructure company in Partnership Pipeline.

How are you measuring your progress toward your impact goals?

1. Pilot & Outcome

2. Partnership Ticket Size.

3. Adoption rate and expected projection.

About Your Team

Your Business Model & Partnerships

Partnership & Prize Funding Opportunities

Why are you applying to Solve?

We need more visibility for our solution, so that we can cater a wider audience.

In which of the following areas do you most need partners or support?

Human Capital (e.g. sourcing talent, board development, etc.)
Financial (e.g. improving accounting practices, pitching to investors)
Product / Service Distribution (e.g. expanding client base)

What organizations would you like to partner with, and how would you like to partner with them?

Banks/Payment Fintechs.

Do you qualify for and would you like to be considered for The ASA Prize for Equitable Education? If you select Yes, explain how you are qualified for the prize in the additional question that appears.

No, I do not wish to be considered for this prize, even if the prize funder is specifically interested in my solution

Do you qualify for and would you like to be considered for The Andan Prize for Innovation in Refugee Inclusion? If you select Yes, explain how you are qualified for the prize in the additional question that appears.

Yes, I wish to apply for this prize

Explain how you are qualified for this prize. How will your team use The Andan Prize for Innovation in Refugee Inclusion to advance your solution?

We enable transactions which could work offline and help refugees who are native speakers

Do you qualify for and would you like to be considered for The HP Prize for Advancing Digital Equity? If you select Yes, explain how you are qualified for the prize in the additional question that appears.

No, I do not wish to be considered for this prize, even if the prize funder is specifically interested in my solution

Do you qualify for and would you like to be considered for the Innovation for Women Prize? If you select Yes, explain how you are qualified for the prize in the additional question that appears.

No, I do not wish to be considered for this prize, even if the prize funder is specifically interested in my solution

Do you qualify for and would you like to be considered for The AI for Humanity Prize? If you select Yes, explain how you are qualified for the prize in the additional question that appears.

No, I do not wish to be considered for this prize, even if the prize funder is specifically interested in my solution

Do you qualify for and would you like to be considered for The GSR Prize? If you select Yes, explain how you are qualified for the prize in the additional question that appears.

No, I do not wish to be considered for this prize, even if the prize funder is specifically interested in my solution