Local Link

A payment app which is solving the problem of making it easier for people to manage their finances by automatically rounding off payment amounts and allocating the difference towards their loan account, which can help users save money and pay off their loans faster. The app also provides the convenience of an on-demand errands service store called FairyWala, helping users save time and simplify their daily tasks.

It is a payment app which rounds off payment amounts to the nearest 10s or 100s and allocates the difference towards the user's loan account, which can help users save money and pay off their loans faster. This feature is optional and can be turned on or off based on the user's preference. In addition, the app provides an on-demand errands service store called FairyWala, allowing users to quickly and easily book a wide range of services for their daily tasks. This solution is designed to simplify financial management and make everyday tasks more convenient for users.

A payment app and its associated FairyWala on-demand service store can have several positive impacts on users' lives.

Firstly, the app can help users save money and pay off their loans faster by rounding off payment amounts and allocating the difference towards their loan account. This can help users become debt-free sooner and achieve greater financial stability.

Secondly, the on-demand errands service store can help users save time and simplify their daily tasks, allowing them to focus on more important activities or spend more time with their loved ones. This can improve users' overall quality of life and reduce their stress levels.

Overall, the RoundedPay payment app and FairyWala on-demand service store can have a positive impact on users' financial health, time management, and overall well-being.

Our team has expertise in software development, financial management, and customer service would be needed.Our team also has strong communication skills to ensure that the product is user-friendly and easy to understand.

Overall our team has a combination of technical expertise, industry knowledge, and customer service skills to design and deliver a high-quality solution that meets the needs of the target population.

More than 1.5 Billion people

Legal and financial barriers

The rise of e-commerce and online marketplaces has led to the neglect of local vendors who sell their services and products by traveling across different places. Your idea of creating an app that connects local vendors to customers is a revolutionary solution that could address this gap in the market.

By using your app, customers can easily connect with local vendors who are traveling in their area and schedule a delivery at a specific time. This feature offers a level of convenience that other apps may not provide. For example, if someone is working until 7:00 PM and wants to receive a delivery after that time, they can easily schedule it with a local vendor using your app.

Another innovative feature of your app is the round-off payment system. If a customer pays an amount that doesn't round off to a whole number, the app will deduct the nearest whole number from their account. For example, if the payment is Rs. 136, Rs. 140 will be deducted from the customer's account. The extra Rs. 4 will be stored in the vendor's backup account. Over time, this extra money could accumulate to form a backup for the vendor, which they can use to manage any financial emergencies or invest in their business.

The built-in store feature of your app is also unique. It allows vendors to purchase materials they need to resell at a later time. By using this feature, vendors can maintain their inventory and sustain their business during times of financial hardship. This could help to ensure that the vendors can continue to provide their services and products to customers in the long term.

Your app has the potential to revolutionize the way people buy and sell goods and services in their local communities. By using your app, customers can easily support local vendors, and local vendors can earn a sustainable income. This could have a significant impact on the economy and help to promote local entrepreneurship.

Overall, your idea of creating an app that connects local vendors to customers is innovative, unique, and addresses a critical gap in the market. It empowers local vendors, offers convenience and sustainability for customers, and has the potential to revolutionize the way people buy and sell goods and services in their local communities. Your app could be a game-changer in the market and could help to promote local entrepreneurship and economic growth.

1. 1-year impact goals:

- Reach a user base of at least 10,000 people.
- Facilitate savings of at least $100,000 through payment rounding and loan accounts.
- Provide at least 1,000 on-demand errand services through the FairyWala store.
- Partner with at least 2 financial institutions or other companies to offer additional services or benefits to users.

2. 5-year impact goals:
- Reach a user base of at least 100,000 people.
- Facilitate savings of at least $1 million through payment rounding and loan accounts.
- Provide at least 50,000 on-demand errand services through the FairyWala store.
- Expand to serve at least 3 additional cities or regions.
- Develop new features and services to better meet the needs of users, such as financial education resources or personalized financial planning tools.

Once our project is completed we will be instantly deploying. So that we can test it live as more as possible. Number of audience will define how much progress our project is making toward impact goals.

Our solution will have a positive impact on the problem of financial insecurity by providing users with a simple and effective way to save money while also accessing affordable errand services. The payment rounding feature of the app encourages users to save small amounts of money on each transaction, which can accumulate over time and help users build a safety net for unexpected expenses. The loan account feature of the app also allows users to borrow money at a lower interest rate compared to traditional loans, providing a safety net in case of financial emergencies.

Additionally, the on-demand FairyWala service store provides users with access to affordable and reliable errand services, which can save users time and money compared to traditional service providers. This can be especially beneficial for low-income individuals or those with busy schedules who may not have the time or resources to complete errands on their own. Overall, the app's features are designed to promote financial security and provide users with greater access to affordable services, ultimately contributing to a more equitable and inclusive society.

Our solution is built on top of latest technologies such as Microservices, ML and we intent to build a scaleable software which will be easy to take forward.

1. Conducting thorough research: Before designing the product, it's important to conduct thorough research to understand the needs, preferences, and challenges faced by diverse communities. This research should include input from individuals with varying backgrounds, socioeconomic statuses, and abilities.

2. Prioritizing accessibility: The app and on-demand service should be designed to be accessible to all users, regardless of ability. This could include features such as text-to-speech or larger font sizes to make the product more user-friendly for individuals with disabilities.

3. Providing language support: To make the app more inclusive to non-native English speakers, providing support for multiple languages could be considered.

4. Cultivating a diverse and inclusive team: The project team should be diverse and inclusive, with members from different backgrounds and with different perspectives. This can help ensure that the product is designed to meet the needs of a diverse range of users.

5. Partnering with community organizations: Partnering with community organizations that focus on serving diverse populations can help ensure that the product is designed to meet the specific needs of those populations.

Overall, incorporating DEI into the project can help ensure that the our app is designed to meet the needs of a diverse range of users and are accessible and beneficial to all.

1. Freemium model: The app could be offered for free, but premium features such as advanced payment rounding or additional FairyWala services could be offered for a fee.

2. Subscription model: Users could pay a monthly or yearly subscription fee to access premium features of the app and receive discounts on FairyWala services.

3. Commission-based model: FairyWala service providers could pay a commission fee to the app for each transaction, while users would receive the service at a standard rate.

4. Advertising model: The app could include targeted advertisements from relevant businesses or services to generate revenue.

1. Commission-based model: One possible revenue generation strategy is to charge a commission fee for each transaction processed through the app, which would be paid by the FairyWala service providers. The commission fee could be a percentage of the transaction value or a flat fee per transaction.

2. Subscription model: Another possible strategy is to offer a subscription-based model, where users pay a monthly or yearly fee to access premium features such as advanced payment rounding or discounts on FairyWala services.

3. Premium features model: The app could offer premium features such as priority access to FairyWala services or advanced payment rounding options for a fee.

4. Advertising model: Another option is to generate revenue through targeted advertising from relevant businesses or services.

5. Partnership model: The app could form partnerships with financial institutions or other companies to offer additional financial services or benefits to users, and generate revenue through those partnerships.

Overall, a sustainable revenue generation strategy would require a deep understanding of the app's target audience, their preferences, and the competition in the market. The app should be priced competitively and offer features and services that users find valuable enough to pay for. Additionally, the revenue generation strategy should be adaptable and evolve over time to remain relevant and sustainable.

We are in prototype stage of our app, during the development we kept the business model of our app.