Best Ideas 2022 features all the nominated entries submitted under ‘Submit your Idea’ category. All the entries consist of innovative solutions or propositions for an enterprise that champions the Sustainable Development Goals. They can be on the conceptual, planning, or start-up stage.
Explain your idea in details:
Paypart is a payment solution that allows buyers to split their online payment into three equal monthly installments. Research and experience reveal that many customers do not have sufficient savings to pay the cost of items upfront. Industry-wide cart abandonment rate is about 70% because the checkout process demand them to make outright payment or the process is too complicated. Paypart emerge to solve these payment friction. Customers use Paypart on the checkout page of partner stores and pay for their purchases in three monthly installments. The first instalment is processed immediately, and the order is delivered to the customer. The remaining instalments are collected automatically on their verified debit/credit card thereafter by an installmental payment authority within the agreement. Paypart enables customers to buy now and pay later for things they want and need by splitting payments into three monthly installments for online purchases. Customers can checkout with Paypart on the websites of partner merchants and partner stores listed on our website. Paypart business model is structured towards helping people make purchases responsibly without incurring interest, or fees for customers who pay on time. Late payments from customers will attract a fixed fee of $5. Debt collection policies will apply to customer accounts who abscond from adequate payments. Paypart main revenue is derived from transaction fees of $0.25 and variable fees up to 3.00%. Also, Paypart is offering an optional charity donation that allows shoppers to add a 1 euro donation at checkout to help the poor in the society. We believe in the next generation of millennial online shoppers and we are committed to assist them to buy now and pay later while they enjoy the utility of their purchase. Paypart enables financial wellness and mindful shopping by offering an alternative to traditional credit to customers while simultaneously creating true value for our retail merchants.
Expected impact of your idea on sustainable development
Paypart impacts strongly on two sustainable development goals: SDG (1) No poverty - With the Paypart charity donations, the poor will be able to fully absorb large negative income shocks such as low salary/wage, unemployment, livestock death, bad harvest, business failure, or poor health. Paypart payment solution which splits the purchase amount of online shoppers into three installments at checkout page, create access as an alternative to traditional credit facility which contribute to build the resilience of the poor by reducing their vulnerability to economic, social and environmental shocks and disasters. SDG (2) Industry innovation and infrastructure - The introduction of Paypart as a buy now, pay later payment gateway is an innovation that enable our merchants to increase conversion rate up to 35 percent and average order value by over 52 percent, allowing them to effectively and efficiently sustain and expand their business. Our partner merchants will increase sales by giving their customers the freedom to split their purchases into three instalments. Paypart is transforming the existing retail status-quo by offering accessible financial products to our customers who we cherish, while simultaneously creating tremendous value for our retail merchants.
Plans for implementation and sustainability
Paypart software Development team are developing the prototype with quality, and tracking down analytics to user engagement. We conducted a test for Paypart app and ran an ad campaign which included a nice (mobile-optimized) landing page. On this page, we described the app and put two links, one to iTunes and one to Google Play, when someone clicks, the page display, 'Coming soon!' Then we had to track the interest as measured by clicks on the ad. We got over a million clicks on the links to iTunes and Google Play in few weeks. Now we are sourcing the best plugin and themes that will give the best user interface and experience. We are sustaining Paypart by building a secure platform for payment transactions, securing strategic partnerships and being committed to our vision and mission to our esteemed users and partner merchants. Paypart main channel is its website. The company promotes its offerings through its social media pages, print ads and advertising (online and TV). Paypart creates customer base by making its service widely available by marketing on various search engines such as Google, Yahoo, and Bing. We nurture relationships by supporting our customers and business partners. We are committed to high service quality to create customer loyalty. Paypart is adopting offline marketing channels like Billboard ads, Print Ads, TV and Radio adverts.
My names are Onwuka Uchenna. I am thirty-six years of age. Innovator and entrepreneur with ten years in business leadership. Experienced in all aspects of business Development, operation, finance, and management. Effective communicator and motivator who identifies and leverages assets in teammates to reach organizational goals. Relentless optimist who believes there is no failure, only feedback. I am motivated by success and smart technology. I am good in Software Development using java. I obtained a Bachelor of science degree in Marketing from Abia State University in Nigeria and Diploma in Software Development from National Institute for Information Technology, Lagos, Nigeria. I have strong command of business and management principles as they pertain to development, resource allocation, production methods, and leading others. -Deep technical background in business analytics with experience using project management and user interface software which has made me exceptional in my endeavors home and abroad. I worked with Megaprofile productions in Lagos, Nigeria as a Business development manager where I led trainings in sales best practices, product iteration, research and analytics, customer service, branding, and international considerations. Also I assisted with development and implementation of products and increased annual sales by N3 million. I won the Global Innovation Award in 2021, sponsored by Social shifters innovation challenge. Presently, I am the founder of Paypart with our domain in United Arab Emirates and branch in Nigeria. Onwuka currently lives in Umm Al Quwain, United Arab Emirates and use my free time to play chess game, engage in travel and adventures and spend time with family and friends. Also, I love sampling different tea brands from around the world and curling up with a good book.