Project by: 

Ziwei Liao; Jamsmine Tang

High Concept Statement: 

Situation
A group of friends go out for dinner and have to calculate the bill, not calculate the tip correctly per person, and/or the person who pays with card has to go home and figure out the totals
Roommates go shopping for household necessities together and pick out things that are only for themselves while they are at it.

Vision
Venmo is able to take care of the situation of splitting money evenly between friends and roommates. Friends know exactly what they’re paying for, the tax associated with it, and the amount of tip (if applicable)

Solution
The app is able to take a picture of the receipt and with the receipt, is able to read all the items and the cost associated with it. With this information, the app allows the user to check a friend they want to send the cost to -> allow the user to check which items belong to the friend -> calculate tax & tip
With more friends and more sharing of the food, the user is able to pick other friends who is in the group and check the items they got (one item can be split between multiple people).

Platform:

iPad

Category:

Utilities

Need or Demand:

Situation
A group of friends go out for dinner and have to calculate the bill, not calculate the tip correctly per person, and/or the person who pays with card has to go home and figure out the totals
Roommates go shopping for household necessities together and pick out things that are only for themselves while they are at it.

Vision
Venmo is able to take care of the situation of splitting money evenly between friends and roommates. Friends know exactly what they’re paying for, the tax associated with it, and the amount of tip (if applicable)

Solution
The app is able to take a picture of the receipt and with the receipt, is able to read all the items and the cost associated with it. With this information, the app allows the user to check a friend they want to send the cost to -> allow the user to check which items belong to the friend -> calculate tax & tip
With more friends and more sharing of the food, the user is able to pick other friends who is in the group and check the items they got (one item can be split between multiple people).

Product / Service / Solution:

Potential Problem 1: What if the receipt doesn’t include a space for tip?

Or tip is handwritten?
Potential Solution 1: If the receipt doesn’t include a tip option, it will ask the user before sending out the requests if there is a tip and what percentage they will choose.

If the tip is handwritten, the app should be able to decipher good handwriting and split the tip among friends evenly. If the tip is handwritten, then the app should confirm the total amount after tip.
Potential Problem 2: Are there any open source projects that already tackle the picture to text issue?
Potential Solution 2: Yes! Tesseract-OCR is one of the more popular ones. https://github.com/tesseract-ocr/tesseract
Potential Problem 3: How do I split evenly with a roommate without a receipt necessarily?
Potential Solution 3: You can choose “amount” instead of “picture” (in mockup, second row, first sketch),   which will allow you to charge the same amount to everyone in a group!

Value Proposition:

Potential Problem 1: What if the receipt doesn’t include a space for tip?

Or tip is handwritten?
Potential Solution 1: If the receipt doesn’t include a tip option, it will ask the user before sending out the requests if there is a tip and what percentage they will choose.

If the tip is handwritten, the app should be able to decipher good handwriting and split the tip among friends evenly. If the tip is handwritten, then the app should confirm the total amount after tip.
Potential Problem 2: Are there any open source projects that already tackle the picture to text issue?
Potential Solution 2: Yes! Tesseract-OCR is one of the more popular ones. https://github.com/tesseract-ocr/tesseract
Potential Problem 3: How do I split evenly with a roommate without a receipt necessarily?
Potential Solution 3: You can choose “amount” instead of “picture” (in mockup, second row, first sketch),   which will allow you to charge the same amount to everyone in a group!

Competition:

Vemno, Chase quick pay, PayPal.

Revenue Model:

We measure the influence by the participants on the platform and we charge the fee from the third company (Visa, MasterCard, and the banks)