Financial Management App Development for UPI Users

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.

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

As traditional financial tools fail to align with their needs, many

individuals find it hard to navigate and

Despite monitoring their financial activities, users often

struggle to spot potential savings and

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

Yes

No

Don’t Know

Yes 83%

No 17%

Yes

No

Siddharth, 27 PM at PhonePe, BLR

Mukesh, 37 Business Man, Lucknow

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

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.

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

DoneIf skipped, the transaction will be stored in the pending section. Users can categorize the payment later when

they have time.

Money Monitor :1. AI-driven Money Tracker for Smart Budgeting

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!

Ask about your finances or plans

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!

Total Savings Rs. 7000

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.

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.

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

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.

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.