Creating a Business Idea: Soon Pay Digital Payment App Report

This report outlines a comprehensive business plan for the "Soon Pay" application, a digital payment solution designed to facilitate easy and secure online money transfers and various financial services within the Australian market. The plan addresses key problems by directly linking to customers' bank accounts, utilizing a secure PIN system, and eliminating transaction fees. The app's features include unified payment services, access to financial investments, and comparison tools for financial institutions. The target demographic is individuals aged 18-50, capitalizing on the growing digital market. The report discusses barriers to entry, technology involved (including AI and Blockchain), profit margins, opinion leaders, competitors, and the demographics of the target market. It highlights the potential for the app to capture a significant portion of the market by offering a safe, convenient, and secure payment system, addressing the evolving needs of consumers in a digital economy.

Running head: FOUNDATIONS OF BUSINESS
Business Plan
Name of the Student:
Name of the University:
Author’s Note:

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Table of Contents
Introduction......................................................................................................................................2
Discussion........................................................................................................................................2
Addressing Key Problems...........................................................................................................2
Features and Benefits...................................................................................................................3
Demographic Trend, Patterns of Change and Lifestyle Stage.....................................................4
Barriers to Entry..........................................................................................................................4
Technology Involved...................................................................................................................4
Profit Margins..............................................................................................................................5
Opinion Leaders...........................................................................................................................6
Distributors, Competitors, Retailers............................................................................................6
Demographics of the Target Market............................................................................................6
Potential Customers.....................................................................................................................7
Approaching Customers..............................................................................................................7
Competitors..................................................................................................................................7
Conclusion.......................................................................................................................................8
References........................................................................................................................................9

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Introduction
The Mobile Payment Technology is changing the retail rules, involving the usage and
development of the digital technology in the era of online payment and transfers. Evolution of
digital payment services has allowed the companies to move a further step ahead from Physical
Currency Exchange to Online Digital Payment. The proposed start-up plan will be an Online
Digital Payment Application that will be helping in easy transfer of money from one party to
another via digital scanning and direct payment and via secured pin service. (Muchmore, 2018).
The App will be operating with its Trading name Soon Pay operating in the Australian region
that will be aiming to help out customers in online digital transfer of money and using various
other services like Financial Investments. Net Banking and various other financial services
which will ease the way in online payment transactions and other method of payments and
transactions that are done.
Discussion
Addressing Key Problems
The key problems that will be addressed by the start up company primarily would be that
the Mobile App will be directly linked to the Customers Bank Account where instant payment
can be made to other party without adding money to the wallet. A secured five-digit pin will be
required for initiating the transaction and the money to be paid. The same amount will
automatically be debited from the bank account of customers (Mozo.com.au 2019). The
proposed plan is on a comparative basis different from other online payment application and net

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banking features as direct transfer of money with ease and security will be the key highlight.
There will be no payment charges that the Soon Pay Company will be charging for the payment.
Payment Process Flowchart
(Source: Developer's Center – CyberSource 2019)

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Features and Benefits
The key feature of the product will be that it will be Unified Transferred Payment
Services that will ease the payment from one party to another via direct bank to bank
transactions. The Application would not be charging any transaction or processing fees for the
type and services provided by the company. The key benefits on the other hand, would be easy
access to various financial and banking services like payment of insurance premiums, financial
investments and savings that can be easily done with the various options available to the
customers. On a differentiation point the application will be allowing the option to compare the
charges and benefits provided by each of the financial institution companies.
Demographic Trend, Patterns of Change and Lifestyle Stage
The demographic age group that would be the key group focus for the company will be
from the age group of people primary in the age group of 18-50 who are becoming the key
customers for digital market and digital evolution in the growing economy. As the technology
involves and as more and more customers get induced with the revolving app technology the
customer base for the company will be increasing. The industry is currently in the development
phase where the start-up business plan is currently into the growth stage as the products or
services offered by the company gets attracted to the consumers. Initially it is estimated that the
consumer base for the company will be low where the company will be just starting the
consumers aware of the launched payment services and various other services that are generated
by the start-up.
Barriers to Entry
The cost and time involved in the development and launching of the application will itself
be a changing whereby the Unified Payment Interface Application needs to be well compatible

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with the digital technology like JavaScript and IMPS Technology. The technology behind the
Soon Pay Application will be allowing the customers experience better services in the form of AI
(Artificial Intelligence) Based feature that would be showing services according to the
preferences of customers.
Technology Involved
Technology involved in the application and development of the business model will be
solely based on the multi-usage application form where data encryption will be playing a key
role. The technology in the world of mobile payment services is dynamic and changing and it is
necessary that the companies should amend various changes in the desired technology for better
sustainability and development of the mobile payment services (Venture Insights 2019). The
amount of money spend and required in the start-up idea for the business for the start-up capital
will be solely based on the latest Scale Cube Model and the full-fledged data based Android
based software application that would be supporting the usage and the functions of the given
application process. The company will also be using the latest Block chain Technology where
encryption technology services along with the payment security will be some of the key
highlights of the applied technological application in the development of business model.

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Profit Margins
The profit margin that will be associated with the business will be solely based from the
commissions that the company will be making in the first year of operations. The commission
amount will be varying for the various kinds of financial services that will be provided by the
company in the field of insurance, financial investments and savings into the financial
institutions that will be done by the customers for a define time period (Australian FinTech
2019). The typical profitability margin in this industry is around 10% whereby if the company
provides a various kinds of off services like insurance selling, payment of mobile phone
recharges, monthly rent, telephone expenses, electricity expenses, other groceries expenses can
be well paid by the customers with the help of the Soon Pay Application. It is projected that the
Soon Pay Application will also be earning a 10-15% of net profit margins and the same has been
well forecasted after accounting for revenue sources and expenses that the company would incur.
Opinion Leaders
The opinion leaders that guides the Digital payment and Block chain Standard Committee
will be leading the overall development of the digital payment transformations. The key opinion

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leaders in the industry are Dr. Liming Zhu and Matthew Byrne that are some of the key leaders
in the Artificial & augmented intelligence industry. Dr. Zhu chairs the Australia's block-chain
standards committee and is also leading the Software and Computational Systems Research
Program at Data61, CSIRO. On the other hand, the Matthew Bryne is the Program Director of
AGSM's flagship leadership program (Liu, 2013).
Distributors, Competitors, Retailers
The key distributors and competitors of the Soon Pay Application will be One Touch-
PayPal, Safe2Pay, ChargeBee are some of the key companies operating in the Digital Payment
Industry. The Companies operating in the digital transaction have their own way of designing
and developing their own set of application process.
Demographics of the Target Market
Customers require a safe and an easy way for the purpose of carrying on various
payments and transactions they usually carry out. A safe, convenient and a secure payment
system is what the potential customers requiring (Pay.google.com 2019). It is observed that
around two-third of the New Zealander's trade is done without cash, 90% of the undertaken
population use credit cards, while the other 80% of young people want to use mobile payments,
59% of New Zealanders think mobile payment is a type of payment technological innovation and
around 38% of the businesses want to use a new payment technology.
Potential Customers
The target market developed for the business model will be Millennials (born between
1982-2000) that would be the main force of consumption. It is observed that the undertaken or

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studies 93% of the population have smartphones and use them for various operational and daily
work and activities carried.
Approaching Customers
It is important that a market research should be well conducted whereby various
operational work for the company will be done with the help of the assessing the needs and
demand of the customers. The customers would be assessed with the help of the various
forecasted demand under the given set of circumstances whereby customer’s view point about
the digital payment will be considered for the purpose of developing the business model. Market
Survey and Information regarding the needs and view thought about the companies will be
considered for the purpose of assessment of customer demand and needs.
Competitors
The key competitors of the Soon Pay Application will be One Touch-PayPal, Safe2Pay,
ChargeBee are some of the key companies operating in the Digital Payment Industry. The
product offered by the Soon Pay will be a digital Unified Payment Transfer method where in
features like scan and pay, features like direct payment from bank to bank transfer would be
some of the key points of the developed business model.
Conclusion
The feasibility of the developed business model will be solely based on the customer base
that would be built by the company in the initial set of years. The associated profitability arising
from the business activity on the other hand will be dependent on the market penetration of the
various services offered by the venture. Evolution of technology and the application of the

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Online Financial services in the various business process will be some of the key highlight that
the company will be undertaking for increasing their market share.

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References
Australian FinTech. (2019). Digital Wallet – Australian FinTech. [online] Available at:
https://australianfintech.com.au/products-2/digital-wallet/ [Accessed 1 Sep. 2019].
How Payment Processing Works | Developer's Center - CyberSource. (2019). Cybersource.com.
Retrieved 25 October 2019, from
https://www.cybersource.com/developers/getting_started/how_payment_processing_works.html
Liu, S. (2013). Digital Wallet Comparison - Guide to Digital Wallets | finder.com.au. [online]
finder.com.au. Available at: https://www.finder.com.au/digital-wallet-comparison [Accessed 1
Sep. 2019].
Mozo.com.au. (2019). Mobile payments: A guide to paying with your smartphone. [online]
Available at: https://mozo.com.au/credit-cards/guides/mobile-payments-a-guide-to-paying-with-
your-smartphone [Accessed 1 Sep. 2019].
Muchmore, M. (2018). The Best Mobile Payment Apps of 2018. [online] PCMag Australia.
Available at: https://au.pcmag.com/personal-finance/52569/the-best-mobile-payment-apps
[Accessed 1 Sep. 2019].
Pay.google.com. (2019). Google Pay (AU): Pay for whatever, whenever. [online] Available at:
https://pay.google.com/intl/en_au/about/ [Accessed 1 Sep. 2019].
Safe2Pay. (2018). Mobile Payments Australia | Mobile EFTPOS, Wallet, App - Safe2Pay.
[online] Available at: https://safe2pay.com.au/mobile-payment-and-its-boom-in-australia/
[Accessed 1 Sep. 2019].

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Venture Insights. (2019). Mobile payments – Australia moving from cashless to walletless? -
Venture Insights. [online] Available at: https://www.ventureinsights.com.au/product/mobile-
payments-australia-moving-cashless-walletless/ [Accessed 1 Sep. 2019].