does anyone here knows the Algorithm behind piggy bank and other money savers applications?

Especially the part where they save money for each user, how is this done?

THanks

you want to develop one or just researching about it

hontimmy:
you want to develop one or just researching about it

i may develop one if the need arise, but i just want to research about it now

"Algorithm" is not the word. If you want to code such an app, you may have to figure out the "logic" behind it.

I believe anything can be coded if you can figure out the logic.

Simple logic:
User has bank account
Piggy has bank account
User transfers (deposits) to Piggy account(via app)
Piggy holds all money from Users
User makes request (withdraws) from Piggy (via app)
Piggy transfers(credits) back to User bank account

Revenue model: Piggy may charge commissions on deposits & withdrawals or pay user when you use a refcode to signup a new user.

Just a rough theory from the top of my head.

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The idea is straight forward

this simple description is enough to get an algo going:

Piggybank.ng enables Nigerian debit card holders save little amounts of money frequently with minimal effort. They automate the process of saving tiny amounts daily, weekly, or monthly; and then allowing you to withdraw for free on only set withdrawal dates thereby practically making saving more possible for you by eliminating the temptation to withdraw.

Hmmn. Nice simply idea. Op, the algorith is simple. Hook up to some backend that allows the client access/manipulate user financial data, with user authorization of course, and provide interfaces to users to perfrm/automate certain tasks.

Is there really anything as a piggybank algorithm? I thought the right phrase will be piggybank design or model.
Anyway I think the design revolves around transfer of money into a non-debitable account or safe. It should give option for automatic or preprogrammed periodic
deductions and manual transfer as the spirit leadeth. It should be able to interface with popular banks for easier transfer of funds. It should be able to accept multi-currency.

CodeTemplar:
Is there really anything as a piggybank algorithm? I thought the right phrase will be piggybank design or model.
Anyway I think the design revolves around transfer of money into a non-debitable account or safe. It should give option for automatic or preprogrammed periodic
deductions and manual transfer as the spirit leadeth. It should be able to interface with popular banks for easier transfer of funds. It should be able to accept multi-currency.

I am not sure about that muti-currency. And I also think that the bulk of the work is on the payment gateway

Paystack should be able to handle this

cbrass:
Paystack should be able to handle this

i think that would be a bad option, cos paystack charges 1.5% for transactions <= 2500, && 1.5% + 100 for transactions above 2500,
so imagine someone wants to deposit 100,000 into his/her piggybank account, that means, you the merchant would charge the user 101600, which doesn't sound like saving to me.

MountainView:


i think that would be a bad option, cos paystack charges 1.5% for transactions <= 2500, && 1.5% + 100 for transactions above 2500,
so imagine someone wants to deposit 100,000 into his/her piggybank account, that means, you the merchant would charge the user 101600, which doesn't sound like saving to me.

This is true o.. So how did those people do it then

I mean like how does piggy guys make profit

cbrass:


This is true o.. So how did those people do it then

I mean like how does piggy guys make profit

It's very simple. i think, they re in partnership with Wema Bank, and its's also registered under CBN as a Micro-finance Bank.

please ignore any errors

MountainView:


i think that would be a bad option, cos paystack charges 1.5% for transactions <= 2500, && 1.5% + 100 for transactions above 2500,
so imagine someone wants to deposit 100,000 into his/her piggybank account, that means, you the merchant would charge the user 101600, which doesn't sound like saving to me.

Paystack charges the merchant
not the end-user (saver).
The merchant will make money via turnover
depending on volumes of users plus fees.
If the users are quite small, then it's a loss already. so profit will be determined by volume of users

MountainView:


It's very simple. i think, they re in partnership with Wema Bank, and its's also registered under CBN as a Micro-finance Bank.

please ignore any errors

Thank you for that secret,

If not Son of man would have jumped into the business and crash out again

My post got banned

mcqwerty:
My post got banned

Why

makavele:


Paystack charges the merchant
not the end-user (saver).
The merchant will make money via turnover
depending on volumes of users plus fees.
If the users are quite small, then it's a loss already. so profit will be determined by volume of users

Well, i don't think you get what i just said, let me give an illustration

just imagine your service cost N100 and Paystack charges you 1.5%(which is N1.5) as a merchant
for that N100 service that was purchased, that means you're left with N98.5

what do you think I'd do as a business man, that wants to make profit??

well it's simple. I'd simply charge the user N101.5
Now the user pays for the Paystack charge. and you're left with your N100, at the end the users are the one that gets to pay for the Paystack charges.

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