Due to society-wide economic hardship, people are having to pool together funds like never before. This involves contributing to purchases and expenses with a level of uncertainty. Will the money be used for its specified purpose? Can I trust this person to pay their part?
Similarly, we are seeing a rise in third-party purchases; that is, other people have become intermediaries for purchases. Those unable to leave their home, such as the disabled, at risk, or elderly, must trust others to do their shopping for them, and to spend their money in the way, and within the budget they intended.
The challenge that Venmo, PayPal, and CashApp all have is that there is currently no way for one card to run through multiple accounts and charge different percentages or amounts for the bill. As of now, someone must still front the burden of the full cost and then be reimbursed before or after.
Whenever money is exchanged, a level of security must always be required. Currently, with money exchanging platforms, there is a lack of verification regarding the usage of the money sent.
With the scope of the economic struggles we have, it's never been more important to know whether the money you sent is being used for the expenses you intended.
That is precisely what the "Fuzhn" app intends to solve. We are able to "fuse" together multiple accounts into one account.
Fuzhn generates a virtual card that when run, charges an agreed-upon portion to each person's card, making sharing expenses and bill payment easier.
For example, if siblings are joining together to pay Dad's electric bill, each sibling could approve a specific percentage or dollar amount they will contribute to the bill from the electric company. As a result, only one generated card number would have to be used to make the payment (see diagram below).
Fuzhn can also be beneficial for charges made with a single account. For example, a pregnant woman who is quarantined could approve a charge of $100.00 to be made at Walmart. If the person tries any higher amount, or at any other store, it would be denied.
It's important that at this juncture, we look beyond the face masks and disinfectants and see the financial hardships people are suffering due to this virus. Fuzhn can make supporting each other financially easier and more secure.