Objective:
Building a scalable and value-driven feature ‘Save and Split’ for Phonepe product for the Indian Ecosystem.
- This feature tracks the spending habits of users and reviews it in a dashboard and also gives an option to Split the bill among their peers after the transaction.
Why build a ‘Save and Split’ feature for Phonepe users? : The construct
- Phonepe has 46% of its market share in the UPI segment and is growing constantly. In those transactions, the number of transactions with merchants and bill payments is around 768 million.
- Due to a lack of financial insights, people are not educated about their spending habits and have less control over finance, so there is an opportunity to track their expenses and categorize them accordingly.
- And also, the new-age millennials face issues while splitting the bills with their friends or relatives.
- The above points confirm the need for the ‘Save and Split’ feature, particularly in the merchant and bill payment section.
What is the core need for this feature?
- As the disposable income of the consumers is increasing at a high rate, there is an urgent need for an expense tracker, which can showcase the spending behavior.
- Connecting the target audience with Phonepe ‘Save and Split’ feature
Product Solution and its scope:
- Phonepe's‘ Save and Split’ feature will allow users to see their expenses category wise and they can use that feature as a cost-saving opportunity. The split feature will allow users to split the bill at a go by creating a cohort with the people they want to split.
- On a high level, we will have two features which will be the USP of the Phonepe Expense tracker and Bill Split
Bonus:
We can enable a small screen where we can collaborate with financial influencers and show their videos on the platform. By that users will become more financially literate and will use the phone app frequently to learn bonus tips.
Phonepe Save and Split feature — Mock-Up Screen
The success of the ‘Save and Split’ feature in terms of target KPIs.
