Smart Group Payment & Expense Splitting Platform

Problem (Pain Point)

Managing shared expenses and group payments is often complicated and leads to awkward situations. People struggle with tracking who owes what, sending multiple payment requests, and maintaining records of settlements.

Proposed Solution

A comprehensive group payment management platform that automates expense tracking, payment requests, and settlements while providing clear visibility into shared financial obligations.

Overview

• Core Features:

  • Automated expense splitting with customizable ratios
  • Group creation and management
  • Payment request automation
  • Debt optimization algorithm
  • Payment history and analytics
  • Receipt scanning and categorization
  • Integration with major payment platforms

• User Experience (UX):

  1. Create or join groups
  2. Add expenses with photos of receipts
  3. Specify splitting rules
  4. Automated payment requests
  5. One-click settlements
  6. Monthly summary reports

• Benefits:

  • Reduced friction in group payments
  • Clear financial transparency
  • Automated record-keeping
  • Simplified debt settlement

• Technical Approach:

  • OCR for receipt processing
  • Graph-based debt optimization
  • Payment gateway integrations
  • Cloud-based transaction logging

Target Audience Personas

• College students sharing apartments
• Friend groups planning trips
• Families managing shared expenses
• Roommates splitting bills
• Small social groups organizing events

Market Gap

Existing solutions lack advanced features like debt optimization, receipt scanning, and automated payment scheduling. Current platforms often focus on basic splitting without considering complex group dynamics.

Implementation Plan

1. MVP Development

   • Basic group creation and expense tracking
   • Simple payment request system
   • Core splitting functions

2. Beta Testing

   • Launch with college students
   • Gather feedback on core features

3. Feature Expansion

   • Add receipt scanning
   • Implement debt optimization
   • Develop analytics dashboard

Tech Stack

• Frontend: React Native for mobile apps
• Backend: Node.js with Express
• Database: MongoDB
• Cloud: AWS
• Payment Processing: Stripe
• OCR: Google Cloud Vision

Monetization Plan

• Freemium model with basic features free
• Premium features:
  • Advanced analytics
  • Receipt scanning
  • Multiple group management
  • Custom splitting rules
• Transaction fees on payments

Validation Methods

1. Landing page with feature signup tracking
2. College campus beta testing program
3. Social media surveys on payment pain points

Risks and Challenges

• Payment platform integration complexity
• User adoption and network effect
• Competition from established players
• Security and compliance requirements

SEO + Marketing Tips

1. Target Keywords:
   • Group payment manager
   • Split expenses app
   • Roommate payment tracker
2. Content Strategy:
   • Blog posts about money management
   • Social media tips for splitting expenses
   • Student-focused educational content
3. Partnership Opportunities:
   • College housing offices
   • Travel planning platforms
   • Property management companies