PAYPAK THE FREELANCERS PAYMENT GATEWAY

Project Title

PAYPAK THE FREELANCERS PAYMENT GATEWAY

Project Area of Specialization Computer ScienceProject Summary

PAYPAAK is a freelancer’s payment gateway to provide freelancers in Pakistan to get their payments easily in their e-wallets without relaying on banks or any other foreign payment service like Payoneer. It could enable freelancers to spend their earnings directly from e-wallet/ Payment gateway in Pakistani marketplaces without waiting for their payments/earnings to be transferred in their bank accounts and then to spend.

Project Objectives

Our idea is based on one main objective and that is financial inclusion. Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs. For Pakistan to become a financially inclusive society, carrying out cashless transactions like many nations worldwide, practical and tactical measures need to be taken. Other objectives behind the project are;

• To facilitate freelancers by providing alternative of PayPal in Pakistan
• To provide cost-efficient and user-friendly payment gateway in order to prevail financial inclusion.

Project Implementation Method

METHODS AND PROCEDURES:

We will be deploying following methods and procedures in the project evaluation.

• SURVEY TO UNDERSTAND MARKET NEEDS

Survey research helps in providing a comprehensive summary of the behavior patterns, beliefs and opinions of the population under consideration. Even though extensive researches and surveys have been conducted regarding financial inclusion and people’s attitude towards digital payment methods, we will still conduct a survey to deduce how much people are aware and adaptive towards the existing FinTech solutions in Pakistan.

• AFFILIATIONS WITH FINANCIAL INSTITUTIONS & PAYMENT PROCESSORS

We will be needing to stablish affiliations with certain financial institutions in order to execute transactions and make them more reliable and secured such as Banks, payment processors and other payment gateways.

• SECURED PAYMENT GATEWAY

After analyzing different statistics regarding how much the Pakistani society is financially inclusive and how receptive of technological development, specially in this sector, we decided to start from ground level and step into industry to make an impact by helping our youth prepare and practice a mobile payment solution. PAYPAAK will be a unit to facilitate freelancers within the Pakistan to conduct their financial transaction on real time.

Benefits of the Project

RATIONALE OF THE PROJECT:

• ALTERNATIVE OF PAYPAL

This payment gateway could be an alternative to PayPal, by enabling people to have their payments in Pakistan.

• M-WALLET

PAYPAAK could be an alternative of Easypaisa as well and would enable people to spend their earnings at Pakistani Online outlets and stores without relaying on bank accounts.

• More Freelance & Documented Economy:

Statistics of payments would be generated and govt would be able to impose taxes on incomes.

• Competitive Advantage:

100% competitive advantage in bridging the gap between Pakistani freelancers and Freelance Market Places.

Technical Details of Final Deliverable

Deployment of an EMI (Electronic Money Institution) while keeping an eye on the State Bank of Pakistan's regulations for EMIs

Final Deliverable of the Project Software SystemCore Industry FinanceOther Industries IT Core Technology Cloud InfrastructureOther Technologies OthersSustainable Development Goals Decent Work and Economic Growth, Industry, Innovation and InfrastructureRequired Resources