Micro-credit transfers UX design

SlicePay is a product that provides credit to students and young professionals. While users were easily able to purchase online using SlicePay credit, purchasing at offline (physical) shops, paying in small amounts at stalls, kiosks and carts was not possible.

The quickest way to fill this gap without stepping out of the scope of its business was to tie up with existing payment platforms. A payment solution needed to be chosen that had already established deep penetration in the offline market. 

Two such platforms were chosen:

Paytm is an online wallet that enables offline transactions by simply scanning the QR code placed at the merchant's shop. This platform gained widespread use during the 2016 demonetization of currency in India, with its penetration running deep from upscale malls, cafes, and restaurants to your neighborhood paan-beedi wallah, and runs deep to this date.

UPI or Unified Payments Interface (UPI) is an instant real-time payment system developed by National Payments Corporation of India facilitating inter-bank transactions. The interface is regulated by the Reserve Bank of India and works by instantly transferring funds between two bank accounts on a mobile platform.

As part of the user research, I spoke to 12 students (our target audience) to understand their spending behavior, especially in offline scenarios. Valuable insights were gathered: what features to include, what options to provide and how best to optimize the flow based on user behaviors. 

Results

This flow was released in early 2017 and saw an overwhelming response. More than 70% transactions done with SlicePay credit now happen via Paytm Wallet: approximately 3500 new (first) transactions and over 40,000 repeat transactions per month!