PayLog
Your Financial Companion for Real-Time Insights.
Created on 1st October 2024
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PayLog
Your Financial Companion for Real-Time Insights.
Describe your project
Project Description: PayLog
PayLog is a GenAI-powered expense tracking application designed to help Micro, Small, and Medium Enterprises (MSMEs) manage their finances efficiently. The app prompts users to log transaction purposes in real time, ensuring accurate financial records and enhancing creditworthiness.
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What is in-scope in the solution?
Real-Time Expense Logging: Users are prompted to enter the purpose of each transaction immediately after it is made.
AI-Powered Categorization: The app automatically categorizes expenses and provides insights into spending patterns.
Data Visualization: Users can visualize their financial data through charts and reports for better decision-making.
Access to Financing Options: The platform connects users with various lenders, investors, and government programs.
Financial Management Tools: Features include budgeting tools and cash flow analysis to improve financial literacy. -
What is out of scope in the solution?
Direct Payment Processing: The app will not handle actual payment transactions or act as a payment gateway.
Loan Disbursement: While the app connects users with lenders, it does not disburse loans directly.
Full Banking Integration: The platform will not provide complete banking services or account management features. -
What are the future opportunities for this solution?
Integration with Accounting Software: Future versions could integrate with popular accounting tools for seamless financial management.
Advanced Analytics: Implementing machine learning to offer predictive insights on spending habits and cash flow needs.
Expanded Financial Education Resources: Providing users with tutorials, webinars, and resources to enhance their financial literacy.
Partnerships with Financial Institutions: Collaborating with banks and fintech companies to offer tailored financial products and services.
Challenges I ran into
The Problem
The biggest challenge I faced while developing PayLog was obtaining payment information at the moment a transaction occurs.
Initially, I implemented a feature where users would enter the amount in the app and scan a QR code, redirecting them to their UPI app with the payment and sender information autofilled. However, this approach failed because most UPI apps restrict such functionalities for security reasons.
Solutions
Next, I explored actions triggered by payments. I discovered that SMS notifications were one potential solution. However, after making several payments, I found that banks do not consistently send SMS alerts for every transaction.
Just when I was losing hope, I checked my Gmail and noticed that all payments made through PhonePe were recorded there. This realization sparked an idea. I dedicated time to studying IMPS and the Jakarta Mail API and successfully implemented it.
Finally
After integrating the Gmail API, I wrote a function to read messages from a specific label in the inbox, parsing them into date, amount, and receiver. However, this method wasn't secure since I had to use my app password to access Gmail.
To run this service in the background, I initially considered polling every second, which would generate excessive requests and be impractical. Another idea was to activate the service only when the PhonePe app was running, but this required extensive permissions.
Then one day, inspiration struck. I realized I could prompt users to open PhonePe through my app. When they clicked the button, I would start my mail-reading service and stop it 1-2 minutes later when the app closed. This solution was both efficient and user-friendly, allowing me to overcome the challenge effectively.
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