Financial Management App Development for UPI Users
Ashish Pathak
Product Report
Ashish Pathak
PROBLEM RECOGNITION AND
VALIDATION
01 Unified Payments Interface (UPI) processed ₹80.8 lakh crore ($964 billion) in April-July 2024, marking a 37% year-on-year increase. UPI has become the world's leading alternative payments method, surpassing Alipay, PayPal, and Brazil’s PIX in transaction volume.
02 PhonePe had 48.3% market share in UPI in June followed by Google Pay and Paytm with 36.7% and nearly 8% market share respectively.
03 However, one of the most under-tapped markets in the Indian banking industry is that of young adults or teenagers.
Do you tend to overspend when using digital payment methods?
Yes 80%
No 15%
Don't Know 5%
UPI platforms have given today’s youth unmatched convenience when it comes to making both large and small financial
transactions. But with this ease often comes the
risk of overspending and losing track of financial discipline.
As traditional financial tools fail to align with their needs, many
individuals find it hard to navigate and
understand the complicated financial terms.
Despite monitoring their financial activities, users often
struggle to spot potential savings and
fail to make well-informed investment choices.
Only 27% Adults, 16.7% of Indian Teenagers Financially Literate as only these students got passing
scores. [3]
According to a survey, more than 75% of Indian adults do not adequately understand basic
financial concepts. [4]
As per an RBI report, 58% of people allow money to build up in
their savings bank account, resorting to passive saving.
With nearly 161 million registered investors, young Indians face
challenges in making informed decisions due to the lack of
automated way to save money.
Yes
No
Don’t Know
Can you effectively track your monthly expenses using payment apps?
Yes 83%
No 17%
Yes
No
Siddharth, 27 PM at PhonePe, BLR
Mukesh, 37 Business Man, Lucknow
User Personas
Income Source
Pain Points
Needs
Pocket money from parents
Can’t understand her expenditures so has to ask parents for money regularly causing frustration
Wants detailed analysis of her spending behaviour, needs predictions of her future expenses
Salary for his work
Overspends a lot during weekends with his friends. Can’t keep track of the categories where he spends
Wants categorised expenditure breakdown, create separate budgets for different categories
Profits from sales
Lack of knowledge about benefits of savings & money investment, complexity of existing investment apps
Needs to save money to go on a family trip, wants to invest money & increase his savings to reach his goal
Shivam, 21 College Student, Nagpur
Challenges with Current UPI Apps
Benefits of Addressing These Challenges
Challenging to monitor daily transactions and organize them into categories.
Difficult to establish a budget and stick to it for smarter spending.
Lack of support in managing finances and making informed decisions.
No automated system for saving and investing money.
Customer’s Perspective Product’s Perspective
Smart Budget Oversight & Strategic Financial Planning
Enhanced Financial Knowledge & Improved Money
Management
Improved Savings & Investment Practices
Elevated User Interaction, Growth, & Retention
Distinctive Features & Competitive Advantage over
Current App
Strengthened Brand Reputation, Building User Trust & Goodwill
Target Audience I'm developing a solution for UPI users aged 18-30, primarily students and young professionals, who tend to struggle with financial management and are more likely to overspend.
Glossary P2P - P2P transactions are payments done by person to a person i.e. Peer to Peer Payments. P2M - P2M transactions are payments done by person to a merchant i.e. Peer to Merchant Payments.
Although the app is tailored to the unique needs of this age group, its intuitive design, financial insights, and savings features will benefit UPI users across all age groups.
SOLUTIONS AND
TECHNOLOGY USED
A pop-up window appears upon transaction completion to detect and confirm any payment made
Payment Done
Money Mate A comprehensive solution offering budgeting, saving, personalized financial guidance, and investment advice tailored for the youth. This can be launched as a standalone product or integrated as a feature within existing UPI apps.
Users can integrate all their online payment gateways and associated apps from their mobile device
Powered by AI, the app will: Seamlessly track activity across all connected platforms Automatically collect and merge all expense and income data
Category
Set
Category
Not Set (Skipped)
Money Track PendingSkip
Groceries
Travel
More...
Groceries
Travel
More...
A payment of INR 200 to Ashish has been detected.
Please select a category so we can track your expenses accurately.
A payment of INR 200 to Ashish was detected.
Please select a category so we can track your expenses accurately.
DoneIf skipped, the transaction will be stored in the pending section. Users can categorize the payment later when
they have time.
Rs. 9000
Recent Expenses
Establish Budgets Across Different Categories
Monitor Expenses and Spending
Pending Bills and Payments
Stick to Budget and Detect Excess
Spending
Scan Through Various UPI Options
View All
Automobile Home Beauty Transport - Rs. 86Rs. 96 Rs. 116 Rs. 56
Financial General Groceries Entertainment - Rs. 65Rs. 256 Rs. 36 Rs. 47
Money Monitor
Key features of this app are as follows:
Money Monitor :1. AI-driven Money Tracker for Smart Budgeting
Available Budget
Rs. 1500 / 7000
August Expenses
Rs. 12800
Upcoming Expenses
Rs. 2000
Remaining Balance
Rs. 25000
Notifications Real-time pop-up alerts to
keep users updated and engaged
Hold on, Champ! �� You've reached 80% of your
monthly budget. Time to rein in your spending and stay on track!
Upcoming bill alert! �� Your internet bill of Rs. 899 is
due in two days.
Daily Savings Boost! �� Take a moment to set your saving
goals today and watch your financial dreams come to life!
Upcoming Bills
Upcoming 3 Days
Upcoming 4 Days
Upcoming 7 Days
Upcoming 8 Days
Rs. 5000 Loan EMI
Rs. 2500 Home Rent
Electricity Bill
Rs. 1200
Entertainment Amazon Prime
Rs. 199
This Month
Rs. 12800
Rs. 4500
Rs. 3000
Rs. 2500
Rs. 1000
35%
23%
19%
7%
Available Budget
Total Daily
Money AI Start a new conversation Tailored Advice
How can I optimize my budget to increase savings?
What mutual funds can I invest in to effectively save for further studies?
Which credit cards should I get that would reward me for my travel expenses?
Rapid View How much pocket money will I need next month?
How has my spending changed recently?
Financial Intelligence Why is financial intelligence important for personal
finance management?
How has my spending changed recently?
Key features of this app are as follows:
2. Money AI : AI based personal finance assistant
Ask about your finances or plans
What can I do to save ₹1,274 per month? What can I do to save
How much do I need to save monthly to buy a new laptop worth ₹75,000 by December 2025?
Based on your current financial situation and the cost of the laptop, let's calculate how much you need to save over the next 15 months:
Here are your financial details: Current net worth: ₹21,683 Average monthly income: ₹6,886 Average monthly spending: ₹7,611
Now, let’s calculate your potential monthly savings: Monthly savings potential: ₹625 Amount required for laptop: ₹53,317
Therefore, to reach your goal, you will need to save approximately ₹3,555 per month for the next 15 months.
Engage with Money AI for tailored insights and personalized advice on
managing your finances.
Consistent Alerts
Inquire with Money AI ! Have questions about investment choices or
seeking budgeting advice? Financial Tip!
Frequent coffee shop visits can affect your
budget. Consult BuddyGPT to learn more!
Withdraw your Savings
Invest Now Invest in Stocks Track your Investments
Track your Investments
Users can choose their own way to save Grow your wealth, penny by penny
Automate your savings journey - choose your daily amount and let Money Bank grow your money automatically
Effortlessly save the leftover pennies from every purchase
Experience the magic of automated micro-savings: As you go about your daily shopping, our system rounds up each transaction to the nearest 10, transforming those small differences into powerful savings in your Money Bank
Flexible savings, your way When fortune smiles with extra cash, your Money Bank is ready! Add any amount, anytime, through your preferred
payment mode
Key features of this app are as follows:
3. Money Bank : Your Digital Piggy Bank for Everyday Savings & Investments
Money Bank
Total Savings Rs. 7000
Invest Now Invest in Digital Gold Track your Investments
Invest Now Invest in Mutual Funds
Get money directly to your bank account via
PhonePe UPI !!
Send money instantly and effortlessly to
anyone via PhonePe UPI—safe, secure, and
just a tap away !!
Grow Your Savings with Stock Investments!
Buddy Bank helps you maximize your savings by
automatically investing your saved money in
Stocks.
Invest smart. Save more. Click here to know more
Personalized notifications tailored to each user, highlighting various
investment options.
Product Launch
Launch a referral program where current users of the selected UPI app can invite friends or family to participate in the exclusive beta testing group. Those with the most
referrals, or their referred friends, could earn early access to the beta phase.
Beta Testing with Referral Program
We can establish collaborations with banks, financial institutions, and e-commerce platforms, as well as partner
with popular brands, to provide exclusive offers and benefits for transactions made through the app, driving
user adoption.
Partnerships and Collaborations
Incentives
For instance, if a user regularly spends on groceries, provide cashback or discounts on grocery transactions made via the app. This not only incentivizes responsible spending but also
rewards users for their everyday purchases.
Personalized coupons based on user’s spending behaviour
Set attainable milestones for users to accomplish within the app and reward them with incentives or badges. For example,
successfully saving a specific percentage of their income regularly or meeting predefined budget goals consistently.
Rewards for reaching specific financial milestones
Key metrices
Money Monitor User Retention for Creating Regular Investment Plans
User Engagement via Monitoring Progress and Utilizing Tracking Tools
Money AI Total Responses: The number of queries resolved by Money AI
User Query Frequency: Average number of queries submitted per user
Money Bank Investment Returns: Evaluating Overall Profitability Over Time
Aggregate Savings: Total Funds Managed by Money Invest Across All Users
Overall (North Star Metric) Adoption: No.of Budget Buddy us ers / Total no.of users of that UPI App
Challenges Solutions & Scalability
Over Dependant Users : Relying solely on AI guidance could lead to a lack of personal accountability for financial choices.
Lazy Users : Creating Budget is tedious for users which could result in a lower adoption rate of this feature
Market Volatility in Investment: All investments are subject to market fluctuations, which can lead to potential losses and are often misunderstood by users.
Decrease in no.of transactions : Can happen since users are mindful of their expenses (when implemented on a UPI app)
Automate this process using AI by suggesting a budget to the users based on their spending habits
Cutting-edge AI algorithms that track various investment markets and analyze historical data for real- time risk assessments. Users receive timely alerts and suggestions to make informed investment decisions.
Promotion of these features can capture new users Incentivize mindful spending via brand partnerships, offering rewards
Implement a hybrid model where AI guides but also connects users with human advisors for complex or sensitive financial matters.
Thank You
Like this project
Posted Jun 20, 2025
Developed a financial management app for UPI users aged 18 and above.
