xPay prototype won the POA 1st Prize at the #cryptolife Status Hackathon in Prague
Two days before #devcon4iV we presented xPay: an Open Point Of Sale and Payment Platform that allows merchants to accept DAI.
We are very happy to have shared this awesome experience during the #cryptolife Status Hackathon — October 26–29, 2018 — Prague, Czech Republic — National House Smichov and being rewarded with the 1st prize sponsored by POA Network.
xPay is an Open Point Of Sale and Payment Platform that allows merchants to accept DAI.
In this way merchants and customers will avoid the confusion of converting between different currencies as the value of DAI is stably attached to USD while benefitting from a fast transactions system (5 confirmations) that allows to pay gas in a single token. The solution is particularly secure since no keys are stored in the POS as the connected wallet is used in “watch mode” only.
Why xPay
The Mobile payments market in China is exploding.
The payment apps and QR codes in retailers and other offline businesses have become so ubiquitous in China, that young consumers rarely carry a wallet or cash.
In 2015 Chinese citizens transacted about $1 trillion through mobile payments using QR codes. In 2017 it was $15.5 trillion. In 2020 it is forecast that Chinese consumers will transact $45 trillion through mobile payments, by which time the country will be almost entirely cashless.
This doesn’t come without problems. Products like WeChat Pay and Alipay are in fact:
- Highly Centralized
- Necessarily attached to a Chinese Bank account
- Not available for foreigners
- Highly censored
On 27 Oct 2018 China ruled that China’s Merchants are Legally Allowed to Accept Bitcoin and Crypto.
Roadmap
We presented a fully functional proof of concept during #cryptolife Status Hackathon and defined the next milestones:
- Inventory Management and integration with 3rd party Softwares
- Automated Accounting: invoices, receipts, locations and employees management
- Advanced Analytics: real-time sales data and complete sales history + sales trend reports & profit projections
- Integration with NFC Hardwallet
- Customer management: ratings, feedback and refound requests.
- Loyalty Programs, gift cards and discounts managements
- Connect a receipt printer, kitchen ticket printer, bar code scanner, and cash drawer
- Web tools: integration with existing ecommerce; web widget
- Crypto-to-Fiat Automatic Conversion
Why xDAI
We believe that xDAI Chain opens scenarios for real use cases for the local economy. As we already mentioned before, having a USD stable coin, predictable $ gas cost in a single token and high performance that allows to execute transactions in only few seconds, improve the user experience of paying with crypto by an order of magnitude.
