Innovations Item Code: IN-2024-2100185
Sector: Transportation and Mobility
Description:
StarkPay is a revenue assurance solution that leverages on NFC(Near Field Communication) technology in order to ensure that transport business owners do not lose money. Apart from saving business money and guaranteeing the safety of business owners' revenue, it also eases the payment process for customers and makes it much easier for them to budget for their transport expenses and set the money aside. The bus conductors aren't left out though, by using StarkPay, we eliminate the need for change which makes their work a lot easier. In terms of economic impact, by encouraging users of all ages and socio-economic classes, we actually encourage financial inclusion. Our solution will be available via USSD for people who do now have access to the internet. StarkPay is innovative, impactful and will be a game changer for transportation in Nigeria.
Stage of Innovation: MVP (You have a product ready to go to the market)
Problem:
We are trying to solve a problem of revenue loss for business owners.
Unique Selling Point: Because of the small amounts being transacted, it allows us the luxury of not requiring KYC. StarkPay's transactions are extremely fast because the transaction is between StarkPay wallets. Other solutions to the problem of transport payments, require the customers to have their phone on them, with this, all you need is a StarkPay card. StarkPay offers business owners direct insights and data that allows them to make decisions to further grow their business. For instance, temporal data allows transport business owners to know when people move a lot, when they require transportation more, this allows them to focus their resources in order to accommodate for the high demand and make the most of it. They can sit back and allow us collect, visualize and present the data to them.