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Designing a Bitcoin payment system

 

Problem Identification 

“Thanks to the evolution and advancements in financial technology, it is now possible to make international money transfers quickly and painlessly. However, such transfers can cost you some money. It’s either you get charged a fee on top of the principal amount you wish to send, or the recipient receives a lower amount, or both.

If you don’t look at the charges imposed on your transfer closely, you might be left wondering what the extra fees are for. And most of the time, these fees can really hurt the pocket. So, if you want to transfer money overseas for personal and business purposes, you should look out at these hidden charges.”

– BMMagazine

 

About Manilla

Manilla is a Canadian fintech company with aspirations to facilitate easy peer-to-peer money transfer and foreign currency exchange using blockchain and machine learning technology. At Manilla, our core aim is the creation of a user experience that makes overseas transfer seamless and financially efficient.


Business goals

– Increased revenue

– High conversion rate

– High user engagement

Manilla mock

About my role

I worked on this project as the UX/UI Designer. I worked alongside other great people like the Front End Developer, Back End Developer, Project Manager and Product Owners. This project lasted for about 4 weeks.

To kick start, I created a Research plan document to help guide the process.

Design Thinking process

Problem Statement

An indian national schooling abroad has a need to send money home and receive money from his loved ones back home to pay school fees and other bills. To do this, it is currently rather too expensive and takes too much time and energy, which has made him lose some opportunity in the past.

 

Empathize

User Survey

I created a survey to begin the Empathize stage of my Design thinking process. The survey was targeted to people who make regular international transfers mostly from countries like India, Canada, Nigeria and all other countries in the World. The aim of the survey is to identify possible problem areas they might have with the current process.

The Product owners belong to a community of international students in Canada who were more than willing to help provide insights. Leveraging on this community, I was able to get 100 sample size of survey participants, who were more than willing to provide as much information as I wanted. 

About 80% of the Survey participate belief that their current process is costly and stressful.z

 

 

User Interview

I spoke to four persons to further understand the problems to properly craft solution(s). I sought to understand their current process for money transfer and the problems they are experiencing therein.

 

 

User personas

Based on the User interviews, the personas of my Users are below

User personas
User personas
User personas
Flowchart
Flowchart

Define

I am designing for Users based in countries like Canada, Indian and Nigeria who pay fees of their family members internationally. Although the above sentence is true, people all over the world should be able to use this product to send money at the lowest cost possible.

 

Current painpoint of the prospective User

I gathered the following from the Empathize stage of this entire process design.


1 – Cost of International wire fees is generally high.

2 – The current process is tedious and costly.

3 – The exchange rate is usually higher than the banks.

4 – It takes too long to receive the money, especially since weekends are not an option.

5 – The amount that can be sent is limited.

6 – The exchange rates keeps fluctuating.

7 – The headache with having to find someone who has enough local currency to sell and someone who sells at a reasonable price.

 

Ideate

Solutions

One way to solve the current problems highlighted above is to introduce bitcoin to make international transfers way cheaper than it currently is.

Another solution is to ensure the transfer is instant.

Also, no limit to the amount that can be sent once they have filled the complete KYC form that will be available on the app.

I also have to ensure that using the app is easy to use and all the features of the app are 1 – 2 steps away from anywhere they are, on the app. Owing to this, I am going for an Hamburger menu where all options/menus (about 8 of them) are spelt out explicitly & can be accessed from any screen, unlike a bottom nav bar that has a ‘limit’ on the number of menu that should be there.

 

Wireframes

After the ideating stage, I proceeded to creating wireframes to accentuate the layout.

 

Prototype

Component Library

To kickstart the Visual Design process, I started with the Component Library.

Prototype

Visual Design

My Creative direction for the Visual Design is towards simple, minimalism with lots of white space, and allowing the brand colors to shine through.

 

Conclusion

One of the first things I am taking away from this Project is that, as always, not all user problems are solved by creating an app. For this one, an app aided the solution but isn’t necessarily the main solution.

Insights from the User research showed that the current process used by these students (and others) for making instant international transfer can be better in terms of cost and the number of steps to get it done.

Even though we think there are lots of Fintech products (in Nigeria, that is), there is need for more Fintech products serving other parts of the world and tackling more Fintech problems.

Also, I would have loved to do more research and testing but financial constraint is a thing.

The mobile App is currently in production.