Short-term financing feature that allows verified / premium DANA users to make purchases and pay for them at a future date.
Based on our research, we discovered complaints regarding the payment issue and almost have experienced issues with the current available methods. We also found that the PayLater feature is one of the most used services from financial platform users. As there are 60% of total users who have used a PayLater feature and over 45% of the PayLater users use it “most of the time”. ()
The core issue is third-party errors which are out of our control, as well as other internal issues such as failed top-ups, failed payments, unusable balance due to errors and many other factors during the payment.
Urgent matters can’t wait, and currently, we do not have a feature that could facilitate the issue where users could get done with the transaction instantly and worry about the payment later.
So, users that experience these errors can’t go on with their transaction and will most likely bounce. This leads to user frustration and plays a huge factor in our cancellation rate increase, retention rate decrease, and churn rate increase.
To prevent users from being frustrated and eventually cancelling, we are providing flexibility on how users pay, by creating a PayLater feature where users are allowed to make purchases and pay for them at a future date.
This also provides an opportunity to people who are not exactly comfortable with regular loans and just want a quick short-term financial option where they could pay later due to whatever reason.
By enabling a quick credit line and allowing more flexibility on how users pay, there’ll be no blockers for users to complete their payment, this would help solve any errors that could come with the current PayNow method and retain the users, also by enabling a new way to transact, we could tackle a new market by attracting users to use DANA PayLater on various platforms and produce more active users. All these benefits will translate to the increase of our completed transactions, retention rate, and monthly active users (MAU).
Goals & Success
Our goal for this feature is to increase our :
total completed payments (NSM), user retention rate (Objective #1), active users (Objective #2). Taking into account the , we’re aiming for an increase of : 30% of completed transactions, 20% of monthly active users (MAU).
Give an overview of what we’re building. Provide an organized list of features, with priorities if relevant. Discuss what you’re not building (or saving for a future release) if relevant. *TBD
Show some mocks/embeds of the experience. Link to any other documentation as necessary. In general, it’s helpful to organize these around certain user journeys / use cases. Show enough of a clickthrough where people can walk away with a reasonable understanding of how the product works. *TBD
⭐️ Open Issues & Key Decisions
Keep track of open issues / key decisions here. Sometimes, certain decisions are made that might feel controversial; document these here so people know that the discussions have happened and there’s strong awareness of the tradeoffs. *TBD
Instructions if "Yes” (or unsure)