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PRD: [PayLater Feature]

DANA's Product Requirements Document
PayLater Payment Method
Maria Marquis
Justin Hales
Adam Davis
Alan Chowansky
Short-term financing feature that allows verified / premium DANA users to make purchases and pay for them at a future date.
Oct 15, 2022

Problem Alignment

The Problem

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.

High-level Approach

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,
25% in retention rate,
20% of monthly active users (MAU).

Solution Alignment

Key Features

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

Key Flows

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

Launch Readiness

Key Milestones

Mon, May 4
Dogfood 🐶
Internal employees only
Testing internally
Mon, May 11
Beta 👥
Early cohort of 100 customers
Getting user feedback
Tue, May 19
Launch! 🚀
Gradual ramp over the day to 100% of all users
It's the big day!
There are no rows in this table

Launch Checklist

Instructions if "Yes” (or unsure)
Feasibility Study
Will new learning material be needed (or updates to existing documentation)? Help Center articles? Images/GIFs? YouTube videos? Plugin documentation?
Talk to the Product Education team.
Will this feature require new support processes, like saved replies, new tags to track feature changes, or training the support team on new products/changes?
Talk to the Support team.
Growth & Data
Have you implemented sufficient tracking in order to measure success, risks and impact on user behavior for the new feature?
Involve your data counterpart to make sure feature is well instrumented.
Could this impact Growth numbers? (E.g., impact to NUX, UI changes to CTAs.)
Let the Growth team know. Consider running this as an A/B if you haven’t already.
Are we turning this feature on for everyone immediately (versus a gradual rollout)
Defend in this section why you’re opting for an instant ramp to 100%.
Are we running a Beta for this?
Talk to the PMM team.
Do we need an onboarding experience?
Talk to the PMM team.
Will this be available only in certain tiers (Pro or Org)?
Make sure the Enterprise team is in the loop and have good reasoning for your packaging decisions. In addition, if this is to be included in sales enablement material, talk to your PMM.
Is this a new action that should be included in the Activity Logs?
Talk to the Enterprise team.
Are you introducing new functionality that we’d want to add to our Web or Plugin APIs?
The general expectation is that the feature team builds these capabilities into these APIs. Talk to the Platform team if you have questions.
Could this break any existing integrations (e.g., with Zeplin, JIRA)?
Talk to the Platform team.
Will this introduce new work on mobile or mobile web?
Talk to the Prototyping team.
Security & Privacy
Are you introducing new data models, or exposing new API end points? Or are you changing anything to do with Authentication, Sign in, or Sign up? Is data flowing to a new vendor or outside of Figma prod ?
Talk with the Security team.
Are we collecting any data that we did not already, or are we using any data in a manner that we did not already use it in?
Talk with the Legal team.

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