Freo's core product (MoneyTap), is a digital money lending platform wherein due to the nature of the business, Freo won’t be able to serve almost 90% of the acquired users because of the risk policies involved in approving a customer. So, Freo Pay provided a perfect way of serving such user segments & making them serviceable for near-future lending at the same time.
This 90% high rejection rate not only affected our potential growth but also left a vast segment of the market untapped. We realized that to drive growth and retain users, we needed to pivot from a rejection model to an acceptance model. This shift in perspective was crucial to developing products that could cater to a broader audience. That’s where Freo Pay - a simple-to-use credit line of up to ₹15,000 comes in place. The idea was to make the scan and pay the QR code with credit on UPI at a 0% interest rate.
Me working as a solo product designer with a product manager, 2 Frontend engineers, 4 Backend engineers and a copywriter.
My Role:
As a product designer (and the only designer on this project) I was a researcher, UX, UI and Interaction Designer.
<aside>
Responsibilities:
<aside>
Tools:
<aside>
Duration: We built this product from scratch and went live in 2 months with an MVP (minimum
viable product).
After ensuring product-market fit, we redesigned and rebranded it from Chillpay to Freo Pay over the next 6 months.
</aside>
After identifying the challenge, our next step was to conduct research and gather insights. Our target customers were primarily from tier 2 and tier 3 cities in India, so we needed to understand the penetration of digital payments and credit in these areas. To gain this knowledge, we analyzed research papers and interviewed 10 Freo users (MoneyTap customers).
<aside>
Research findings:
Based on these insights, we began ideating with a key focus on user-friendly consumer journeys by:
We also had to keep our financial partners' constraints in mind and work around them while defining the user experience.
<aside>
After conducting user and competitive research, I had a brainstorming session with the product manager and design head. During this meeting, I proposed designing our MVP application to resemble popular payment apps already in the market (such as GPay, Paytm, and PhonePe). This idea was well-received, and we proceeded to draft a "happy flow" which helped us identify and discuss potential blockers.
</aside>
User onboarding flow
Transaction flow
Repayment flow
After the brainstorming phase, I created initial wireframes and low-fidelity prototypes. This crucial step facilitated collaboration with our team and helped us gather valuable user feedback.
Storyboarding and wireframe sketching
After receiving the green light from our team, I focused on creating high-fidelity designs in Adobe XD. This stage involved fine-tuning details, such as selecting a color scheme and incorporating delightful elements to enhance the user experience.
<aside> 👇🏼 The MVP (Minimum Viable Product) user interface design, launched in March 2021. We went from concept to first customer in just 60 days.
</aside>
<aside> 👉🏼
Why we re-brand from chillpay to Freo Pay?
Repayment Confusion:
Drop-off Post AIP (approved in principle):
KYC Drop-off:
Repayment Support Tickets:
“Pay Again” Request:
Boosting Referrals:
6 month after app launch
As of 20th Feb 2024
<aside> 📈
</aside>
Designing the Freo Pay app taught me the importance of a user-centric, adaptable approach, the value of cross-functional collaboration, and how data-driven design decisions can solve real-world problems effectively.