WhatTheWallet

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Inspiration

We have experienced loss of our debit cards which caused our money to be spent before we realised that our cards went missing.

Hence, we thought that having an E-wallet specifically for spending with limitations on your expenses could prevent incidents like this from happening.

Additionally, Credit card theft reports escalated to 5.73 million in 2021. 49% of all reported consumer-related fraud in 2021 was credit card fraud.

What it does

Our service aims to protect your assets through limiting your balance of your E-wallet. What the Wallet allows users to add required transactions ( recurring or instant ) such that the E-wallet will only have the required amount at all times. At the end of each month, the total balance of the E-wallet will be: $0 At the start of each month, there is an automated withdrawal of total required amount from your main savings bank account for your required recurring subscriptions!

How does it solve our problem

This prevents malicious users from accessing large amounts of funds from one's savings accounts and instead only has access to the limited funds in our E-wallet. Thus, when users lose their physical What the Wallet card, they have additional security features to prevent their savings from being stolen and have ample time to take action before the next top up of funds.

How we built it

We built it using full-stack NextJS with ReactJS. We used Supabase for our backend services and Stripe for payment gateways.

Challenges we ran into

As funds would only be withdrawn at the start of the month, we realised that in the case where users want to make immediate payments such as for Food or Traveling, they would need to wait until the next month for the money to come through

Thus, we have added a feature ( Top up manually ) which allows users to immediately draw required funds into their account through our E-wallet interface and an OTP security feature to the user’s registered email.

Accomplishments that we're proud of

We managed to create a full stack application within 24 hours which was not easy due to ideation, design and architecture and how we were going to implement the secure system to manage one's funds.

What we learned

We learned how to work in a group efficiently within a short time frame and explored different frameworks such as Stripe API and Supabase to manage our data.

What's next for WhatTheWallet

Connect with actual banks APIs to automatically withdraw money at the start of every month and implementing an anomaly detection system to flag out potential malicious activities through our payment services.

Built With

• css
• git
• html
• javascript
• nextjs
• react
• restful
• stripe
• supabase
• typescript