Bayzat Online
A viable and convenient solution for the online payments. “Bayzat Online” App generates unique QR code for each transaction, which leads to a secured mode of transfer to happen between User and Vendor. It is an application similar on the grounds of the digital wallet where the amount can be added in the wallet and then the QR code can be generated to pay the amount to the vendor. The vendor would scan the generated QR code and then collect the required amount from the user. The Application provides a faster and secured way of transferring money from peer to peer and also help the same to pay the Vendors through QR codes.
Solution
Magneto understood the business scenario of the client and helped them to construct the solution for a payment wallet which can be used for faster and seamless transfer of money. Magneto designed a easy to use application keeping in mind the user age group ranging from old to young. A brief idea on the online solution of the App is given below.
- The application allows us to create our profile as a sender or a receiver during the signup phase.
- The user has to set up a secure code while entering sign up details, this code helps the user to keep his/her account secure.
- Everytime the sender enters his/her bank details it is verified and approved or disapproved in the CMS (Content Management System) by the admin. The process of approval/disapproval may take up to 24 hours.
- The administrator of the CMS can see all the details on their dashboard, details like total vendors, approved vendors, total revenue etc. is visible on the dashboard.
- The QR code application introduces a new feature where every time a user wants to start a monetary transaction, he/she has to generate a QR code.
- This special feature of the application will allow the user to use the code generated straight away or on a later date (before the code has expired).
- After generating the QR code the code can be assigned to a contact on the friend list, the user who has generated the QR code has the power to revoke the QR code as well.
- The user that has been assigned the QR code can only use the QR code, the user cannot delete or reassign the code to any other user.
- Once the user has the QR code, the vendor has to enter the amount and scan the QR code to receive money in their wallet.
- Money/Credits can be added in the wallet through the payment gateway.
Benefits
- The most important benefit of this application is security.
- E-Wallet, avoiding the use of hard cash and Cards.
- “QR Code Application” has a feature “Assign To” which allows the other user to pay the amount, provided assigned user’s contact is added. The users can assign a QR code generated to a specific person they want to send the money to.
- Every transaction involves unique QR code, this makes easy to verify/see incase if any discrepancy happens.
- Upon receiving the amount from the user, vendor will be prompted to enter OTP (Which has to be given by user). This makes even more secure transaction by adding extra layer security, i.e “OTP”.
- We designed the app to entertain every specific need of associates and contractors.
- Each QR Code is associated with “Expiry date”, which acts as a remainder.
- The remaining money in the wallet can be used for the next transaction.
- The platform provides a faster way of transferring money.
Facts & Figures
Magneto IT Solution is an IT Service provider and we follow the agile method which is key to the success of our product.
- Some 110 million Indian adults say they’ve swapped cash and credit for digital wallets at least once.
- About 75% of those surveyed — or more than 80 million Indians — say they use digital wallets because they’re a more convenient option than carrying around dollar bills and credit cards.
- A person using a digital wallet is likely to spend more money than if he/she has hard cash.
- Mobile wallets are more secure than any other form of financial mode.
- Mobile/Digital wallets allows the user convenience.
