Mobile Payment App DigiPay: Business Development & Market Analysis

This report provides a comprehensive analysis of DigiPay, a UK-based multinational financial technology company, focusing on its business development strategies within the digital payment system. It examines the market need for mobile payment applications, DigiPay's value proposition including its unique offerings and competitive advantages, the identification of its target customer segments, and the various revenue generation models employed by the company. The report highlights DigiPay's user-friendly interface, multilingual support, and diverse revenue streams such as mobile recharges, UPI transactions, and e-commerce partnerships. It also emphasizes the company's strategic response to the COVID-19 pandemic, capitalizing on the increased demand for cashless transactions. The analysis concludes that DigiPay's business development efforts contribute significantly to its growth, brand awareness, and market expansion, fostering strong customer relationships and ultimately driving profitability.

ENTERPRICE AND BUSINESS
DEVELOPMENT

TABLE OF CONTENTS
 INTRODUCTION
 Market need
 Value Preposition-
 Target Customer-
 Revenue Model-
 CONCLUSION
 REFERENCES

INTRODUCTION
 Business development is a crucial part for the generation of profits, building
strong customer relationships, and identifying the customers or businesses that
can have a major advantage mostly from what the company has to offer.
 It is particularly important for the B2B brands but even the big organizations
don't always have a big procedure.
 A team of business development starts with the experts of sales, marketing and
the development of products. The company gets benefited from the business
development as it aids in connecting the innovation, prevailing strengths and
the requirements of the customers into a win-win package.
 DigiPay is a UK based multinational financial technology in the
field of digital payment system, e-commerce and the services relating to the
finance.
 This report will discuss the market need of the mobile payment app, value
preposition which includes what will it offer to its users, the way in which it
will deliver it, how it differs from other mobile payment apps, the target
customers and how it generates the revenue.

MARKET NEED
 A market or the customer need is the objective that compels a consumer to
purchase a product or a particular service. At the end, the requirement is the
main thing of the consumer's purchase decision.
 Often the organizations look at the requirements of the consumers as an
opportunity to solve or add surplus value to the real objective.
 The type of food, the location, the duration of time that the specific need of
the customer will take all the factors to how consumers decide to fulfil the
needs of the customers.
Product needs
 Convenience- The product or service should offer a proper solution to the
function that the customer is trying to get from the product.
 Design- With the help of experience, the product or the service is required a
different design to make it comparatively easy and inherent to use.

 Reliability- Whenever the company advertises any product then it needs to
function in a reliable way every time the customer wants to utilize it.
 Performance- The service or the product is required to perform correctly so
that the consumer can achieve their objective or goal. Through the
performance of the app, the satisfaction of the customer can be measured
when the app is able to meet the expectations of the users.
Service needs-
 Information- The consumers require information, from the time they start
communicating with the brand of the company till days and months after
purchasing the product.
 Accessibility- The consumers are required to be able to access the service
opportunities by the company which means offering various channels for the
service of the customers.

Value Preposition-
 A Value preposition signifies the value that the company promises to offer to
the customers that they choose to purchase the product.
 It is a part of the organization's overall marketing strategy that offers a
complete declaration including the statement that introduces the brand of the
company to the customers by stating them what the organization stands for,
the way in which it operates and the reason it deserves their business.
 Some of the benefits of the value preposition are that the potential consumers
can fastly comprehend what the organization has to provide which helps in
meeting their requirements,
 It creates a strong difference between the company and the customers which
means that a influential value preposition tells the consumers the benefits of
buying from them and not the rivalry company which helps the customers to
properly understand the value of the products and services of the company.
 DigiPay is one of the most popular and the trusted apps in making the online
payments. It has a different presence and a wider customer base that is
continuously rising.
 Also, it has many opportunities in the near future which is the reason that
presently this app is emphasizing on growing its customer base as fast as
possible.

 DigiPay also has a very appropriate interface which lets the customers to use in different languages
and is not very hard for them to use it.
 Also, the app provides many other sources to its users through which it can generate revenue such
as the mobile recharges which is the primary source of generating profits.
 Moreover, it also offers the benefit of making the UPI transactions to its users through which the
app gets the access to the data of the users which helps them to present the suggestions and
recommendations that will catch their interest and then enhance their engagement with the app
resulting in rising its customer base.
 Also, DigiPay benefits to the businessman through which they can send the money directly into
their bank accounts without any fees.
 Offering business related rewards, provides the customers to make payments by using their phone
number and the QR code, improving the details of the transactions which shows the amount that
they have earned on the app.
 It offers the use of the scratch cards, gifts cards, and other such interesting offers and gifts to keep
the users engaged to it, many of which can be taken by referring through friends, which will offer
exposure to the app conveniently.

Target Customer-
 DigiPay aims at focusing on those consumers that already have a bank
account or credit card..
 Also, the students and the customers with low income do not have a bank
account or credit card of their own because they did not meet the minimum
requirements required for that which reflects that the existing payment
industry can not serve the important group of consumers.
 DigiPay has the capability to recognize the prevailing opportunities in the
target market and thus decided to target the potential group of consumers
 In September 2018, DigiPay covered almost 50% of the US
market share in the payment gateway industry and targeted the young
individuals whose major transactions were on food, cabs , services relating to
the purchasing of clothes, furniture, etc.
 The app has also taken a wide advantage of the COVID-19 pandemic where
the most of the users chose the cashless transactions over the contactless
transmission of the amount to resist contact from the external world.
 Also, digital payments are used for buying food, clothing, services and many
other things possible that makes all the customers ready for using the DigiPay
app.

 The mobile payment market across the globe has been classified on the basis of the
type of payment, the mode of transaction, end user, the type of purchase, application
and the location.
 So, due to the increasing rate of the Covid patients around the world, the consumers
had shifted to the method of mobile payment which impacted the growth of the
market in a positive way.
 DigiPay also helped the stakeholders in a significant way with the help of providing
the current and the future trends to examine the major investment projects, offering
information about the main elements, barriers and the responsibilities and their effect
on the mobile payment market size across the globe.
 However, from the analysis of the recent years, the development of technology and
the innovative advancement in technological field has helped the financial institutions
to offer services like e-banking and mobile money to the unbanked people in the
growing market.
 These markets are still not acquired with the financial services and the limited
geographical knowledge of the financial firms in the far away locations.

Revenue Model-
 DigiPay has resulted the use of the cashless transaction very
convenient and easy to use which led to more and more people shifting to this
app for accepting and making the transactions.
 After the policy of demonetization, even the street vendors such as the fruit and
the vegetable sellers started to use this app. With the help of its advanced
business model, it was able to generate a large amount of revenue such as the
recharging business, bill payments, digital wallets, and the business of E-
commerce.
 The company started to provide recharge services initially and then shifting to
providing bill payments, digital wallets and ultimately the business of E-
commerce.
 Whenever any consumer recharged using the DigiPay app, then the company
earned a commission of almost 3% to 4% from that particular operator.
 For the same, the bill payments such as the electricity, water, educational fees,
etc., the company receives commission from the specific service provider.
 Furthermore, in relation to the E-commerce business, the app offered this
service and earned commission on every step that means the company used to
get commission on the total value of the sale of a specific product from the
seller.

 There exists some other ways also through which the DigiPay can earn
money that is by charging fee from the sellers for offering them a
marketplace to promote their products on the monthly basis, earning from
advertising with the help of collaboration .
 Some sellers also launch their services and products live on the website of the
DigiPay app and provide them a sound and better share in the revenue.
 Though the app do not earn a huge amount of revenue from their services but
they do not go into any losses.
 Also, it is just the beginning of the digital world as the government and the
private institutions are assisting and supporting the increased use of the
cashless transactions and making the best services to the consumers digitally
available.
 When the consumers deposit money in the wallet of the app then it is
deposited by DigiPay in an escrow account with a specific bank

CONCLUSION
 From the above report, it has been concluded the market need of the
application, the value preposition including what the app will offer to the
consumers, the way in which it will deliver it, how it differs from the
other mobile payment apps, the target customer segments and it generates
its revenue.
 When it comes to the matter of the growth of the organization then
business development performs as a glue.
 Business development acts as an important element in creating a well
planned business development that helps in achieving its goals and create
a list of tasks for the team to acquire to assist in achieving the growth.
 In short, business development involves the strategies and the actions that
assist in the growth and development of the company by using strategies
such as relationship building, brand awareness and expansion of the
marketplace.
 Also, business development helps in building the necessary relationships
with the potential customers, its a main strategy for increasing the profits
and lowering the costs, helps in enhancing the overall image of the
company and expands the new market.