- Last name
- At what stage is your proposal?
- Design (Prototype/MVP in development)
- What category/categories do you want to address with your idea?
- Describe the need or problem you want to address
- Third world countries struggle with solutions to increase living standards and reduce poverty. Issues like crime and violence plague low and middle-income societies leading to widespread chaos and deep social wounds. To increase living standards and have a net-positive impact on society, strategies must be set in place which will increase economic development. Well, one might ask, what does economic development have to do with crime and violence? Let me explain. I am sure at some point you have heard the popular idea that poverty creates crime. That, however, is simply not true. There is an index called the Gini Coefficient and it represents how much inequality of income distribution there is in a given geographic area. This index is used in economics to show that crime and violence is not caused by poverty but instead, it is caused by relative poverty. This index shows that poverty in places with flat income distribution have definitively lower crime rates than places where the wealth gap is large. So what does this translate to in everyday life? Well, the analysis shows that the cause of high rates of crime and violence is as a consequence of a wide threshold in societal advancement. In other words, the issue is not that youth do not want to work, it is not primarily that they are uneducated, and for sure it is not that there are no innovative, creative, or talented people in Belize, it is simply the fact that people feel trapped. People feel like there is no pathway for them to achieve success. As a result, they turn to aggressive crime as a way to make their mark on the world. So then, by creating an infrastructure for others to be successful we are having a deep, long-lasting effect on the lives of everyday Belizeans. We are creating the groundwork system for others to build on and for them to achieve their own success in whatever technological business venture they choose to pursue.
- What is the main product or service you will offer?
- Belize’s economy faces unprecedented economic, fiscal, demographic, and environmental challenges that make it imperative for the private sector to rethink how we do business and how we work together with the public sector. The problems that hinder economic development are varied but still share the same underlying need for efficient, reliable, and safe financial infrastructure. Infrastructure enables trade, empowers businesses, connects people, and creates opportunities for struggling communities. In designing Ting Pay business model, we thought about how to efficiently create a digital financial payment system that would be easy for any business to implement and that would cater to the Micro, Small & Medium Enterprises (MSME). In doing so, we sought to abstract all the low level financial red tape and provide the simplest payment transaction method that could be used in any business or any industry in Belize. We took a first-principles approach to development thinking what are essential foundations of financial transactions that must occur for all parties to be safe and satisfied? The answer is that all transactions have a buyer and a seller, or a merchant and someone paying. That is it, all the other details are simply sub-categories of that classification. So we aimed to create an app that would provide peer-to-peer payment service for any business adapting to scale while always keeping efficiency, safety, and ease of use in mind. We surveyed other economies, evaluating their solutions to creating a simplified national payment system and concluded that for security and efficiency, we would implement a Quick Response (QR) payment system that would allow transactions to occur by simply scanning a dynamically generated QR encrypted code. Today, QR code technology is reliable and security measure has been set in place to allow this technology to expand in all digital financial economies. Ting Pay intends to use this technology by creating custom text data that will be encrypted, converted and transmitted using QR Codes that can only be read by Ting Pay specific QR Code readers. These readers will be built into an app and anyone will be able to send and receive money personally or for business with simply a debit or credit card from Atlantic Bank, Belize Bank, Scotia Bank or Heritage Bank. We intend to provide the quickest, safest, most efficient payment method in this region. (see user interface video attached for design prototype)
- Briefly describe the community or population that will benefit from your solution and how do you plan to involve them in the project
- In terms of population impact, we are looking at a national benefit to society. We are trying to change the way money moves in Belize and move the economy away from a slow-paced cash-based society to a cashless society filled with opportunities for innovation and growth. We are specifically targeting micro, small and medium-sized enterprises because we know the impact it can have on the average persons daily life. We know that TingPay can open the gates of innovative ideas and provide a framework for others to go on to create amazing digital and technological advances in Belize.
- Does your proposal have a business model (i.e. strategy to generate revenue)? Please describe
- The business model of Ting Pay does not focus on commission collection nor profit generation but instead, we aim to be the only choice for financial transactions. Ting Pay aims to provide the best customer experience catering to all the financial needs of every person who contributes to financial transactions in Belize’s economy. As such, our forecast and market goals are based around monthly, quarterly, and seasonal usage of our services. Our goal of being your trusted payment system in Belize will be accomplished when we have every Bank account holder in Belize choosing Ting Pay to conduct their financial transactions. As it relates to daily operational costs such as app expansion and maintenance, developer salary, marketing and advertising, and brand expansion, we will work on a commission basis to cover these cost. To send money to anyone, the service is free for the sender and the recipient gets charged a 2% transaction fee. To add money to the app via debit or credit card is also free and to withdraw money from TingPay to any bank account incurs a 5% transaction fee. To put this into perspective, if you wanted to send $20 to a friend instantaneously it would cost less than 50 cents.
Do you think this idea
is positive for the world?
Give your support to "TING PAY"