Idea: Team Paysa is developing a fingerprint authorization system that uses biometric data to support merchants in Nelamangala, India, in accepting non-cash purchases from customers. Upon receiving a bill, the merchant will display the total amount and the customer can place their finger on the scanning device to confirm the amount. The software will then use their fingerprint to verify the customer’s identity and complete the transaction. Paysa believes that financial independence and mobility should be made easy.
Problem and Context: Globally, there is a big concern over low levels of financial literacy and mobility in the developing world and especially in India. In the rural parts of the country, there is high poverty and financial inequality.
Solution: The project Paysa works towards the goal of reducing poverty and increasing financial mobility in India. It aims to partner with a bank, a phone service provider and a local school to develop software that links the biometric database to the person’s bank account.
Anticipated Challenges: There are many cultural barriers that might cause challenges for the entry of the application. The rural parts of the India are not familiar with the technological advancements of the project. There might also be certain resentments for the attempt made to change the financial understandings and culture in rural India, by the utilization of this new database.
Team Members: Yashna Sureka, Darpan Bohara