Modern individuals want more control of their lives. Just look at yourselves. Some of you work 50+ hours a week sitting at your desks while others may have 2 jobs to take care of their families. Busy lifestyles leave individuals with little time to do a lot. This phenomenon is called ‘Time Poverty.’ It is a state where individuals do not have enough discretionary time – the time available after engaging in necessary activities – to participate in activities that build their social and human capital.
Essentially, humans feel they have no control and less time to do the things that matter most to them. That is why they want ease, speed and control in their daily tasks; so, they can squeeze time for everything else. And if these daily tasks can be made fun along the way, even better.
Addressing time poverty is at the heart of most modern mobile applications and websites. The successful ones lay emphasis on improving UX and UI. Take for instance Amazon. Why do people flock to it? Because they pioneered, and patented, 1-Click shopping. It earns them billions and, most importantly, it makes our lives easier. But nowhere is solving time poverty most absent than in finance (banking, remittance, personal finance etc.) apps – with the exception of a few.
Logging into most banking apps seems dull and unfriendly. Imagine paying your monthly bill or sending someone money. It seems like a chore. It is dull, multistep and unexciting. Admittedly, you do not get excited about seeing money drain away from your account. You pay bills or send money out of a sense of responsibility. But why can’t banks mitigate that monthly blow by rewarding your payment? Or making it easier for you to pay? Or make it fun? Why not all three?
The remittance market is no different, if not more. Remittance companies or apps don’t allow you control over the money you send. You can only send money to a person, but this does not serve the needs of the modern busy expat. What if you have to pay for someone’s hospital treatment, in your home country, in the middle of the night. Sure, you can send them money within minutes, using your banking or remittance app. But those minutes can turn to hours because the money cannot be withdrawn from a bank at night. Or the receiver’s card may have spending limits which stops them from making a particularly large payment. Such a situation is certainly inconvenient, or in this case stressful. Imagine if you could pay for someone’s hospital treatment directly & instantly using your international account without the need to send them money? Wouldn’t that be a better world? It would give you control and the receiver convenience.
This is precisely the world Bayfikr aims to build. Bayfikr is
on a mission to extract expats & immigrants from time poverty. With us, you
will be able to send money to someone with ease and fun. But even more
importantly, we will enable you to make home country payments (bills,
businesses and the lot) directly and instantly. And we will try to reward you too. You will simply login, select the bill/payment you want to
make, enter your unique ID and pay. That’s it! No need to remit money cross
border to bank accounts or to someone. We do not want to waste your time and we
certainly do not want to waste your family’s time. We remove the middle step, so
you are Bayfikr and time rich.
Rascim K Khattak is the Co-Founder of Bayfikr. Bayfikr is a mobile fintech application empowering expats and immigrants to make home country bill payments directly, instantly and conveniently with their international bank accounts. Rascim graduated with an MBA from London Business School and, like the entire founding team, is an expat himself. He has been sending money to Pakistan for the last 8 years and is on a mission to disrupt remittances forever.
Bayfikr is headquartered and licensed in the UK. It is part of the prestigious National Incubation Centre in Pakistan and is launching in the UAE soon. Bayfikr has opened its waitlist for overseas Pakistanis here.