Topic: [ANN] Scan Pay - New Era Of Online Payment (Read 216 times)

Despite the unprecedented rate of E-commerce, we did a huge research and figure out 03 significant problems:

1) Trust: On public network, like Internet and Marketplace, this is super difficult to establish trust between merchants and buyers, especially for small and individual merchants with only few transaction unlike street-shopping or face-to-face shopping
2) Complicated and Expensive to setup and process payment services: there are total of more than 15-16 steps for money to be transferred from buyer’s bank account to merchant’s bank account. Even with new faster all-in-one online payment solution – PayPal, it requires total of at least 5-6 steps. Tons of multiple fees for merchants to accept payments from buyers from any transaction from 2.9% to 5.5% + 0.55 on average
3) Lack of ability to reach cryptocurrency economy

We think in the market there are some researches have come up with same findings and they are focusing on numerous areas on this topic.

At Scan Pay, our core values to customer are:
- Decentralized Trust platform implementing Escrow Service (dynamic holding consensus)
- Just "Scan" & "Pay" on any trading on global e-commerce platforms like WooCommerce or Magento
- Mobile integration at any point of trading process
- JIT Exchange
- Rewards per transaction

why people use and trust ?

We have done 80% MVP and try to get our 10 customers in early Feb'18. They might be merchants or e-commerce platforms/websites.

If you are interested, we can immediately to you our first draft White Paper for further discussion
 
PROBLEM

According to Statista (2017), global retail e-commerce sales in 2016 were USD 1,859 billion and are projected to increase to USD 4,479 billion by 2021. Despite the unprecedented rate of E-commerce, there are 03 significant problems:
 
1.   Trust
2.   Extensive, Complicate, & Expensive Payment Services
3.   Lack of ability to reach cryptocurrency economy
 
SOLUTION

Scan Pay will build a trusted and decentralized payment solution on Ethereum blockchain using smart contract (EC20), enabling buyers to use their favorite cryptocurrencies (preferred ETH) in order to pay sellers (private or merchants).
 
1. Trust
•   Develop a global decentralized trust and reputation system for tomorrow’s global e-trade
•   Enhance trading process experience - minimize disputes by implementing a Dynamic Holding consensus (Escrow Service)
 
2. Fast, Simple and Secured
•   Make payment process become simple only one step with 2 activities: “Scan” and “Pay”
•   Removing all of intermediation in between (banks, VISA, MASTERCARD, etc.), the payment only between Merchants and Buyers directly, generally up to 10,000 times faster compare to bank and 30 times faster compare to BTC. Scan Pay allows users to transfer money instantly around the globe with nothing more than a phone number (or ‘’Address” using blockchain technology)
•   Secure and Cheap digital payment by nature attribute of blockchain technology, saving up to 8 times
•   Mobile payments as opportunity for merchants to reach more potential customers.
 
3. Scale up to cryptocurrency economy
•   Bring cryptocurrency to the masses or specifically the Ethereum based token economy to the game
•   Real time conversion: Close the gap between cryptocurrency to fiat with the lowest conversion exchange rate. We aim to drive the adoption of the API by the merchants by providing them a way to receive directly in fiat currency from crypto-currency buyers, shielding the merchant from market volatility and decreasing the risk of accepting crypto-currency
•   Earn rewards every time you spend or make a purchase in order to enhance multiple transaction in our eco-platform
 
BUSINESS MODEL

Scan Pay will charge a 1.5% transaction fee from merchants. Of that, 0.5% will go to a “Voucher Smart Contract” of SPC for Scan Pay token holders for an ability to use that in the Scan Pay’s ecosystem and other 1% will go to the company as revenues.
 
PRODUCT
 
Phase 1 (80% DONE): Fully developed 1st MVP Functional Payment Gateway that can integrate to E-commerce platforms, accepting ETH
•   Time: Jan & Feb 2018
•   Goal: Approach first 10 e-commerce platforms
 
Phase 2: Fully Payment Gateway (Decentralized Trust and Reputation Consensus) solution accept ETY based tokens with JIT Exchange to exchange Ethereum currencies to fiat currency and transfer funds to their preferred account. Also, we will launch 1st MVP of Mobile Application for buyers
•   Time: Q3 & Q4 - 2018
•   Goal: Approach first sizing 10 - 100 e-commerce platforms (WooCommerce, Magento), validate and enhance our product such as: smart contract, real-time analytic, and dashboards for merchants will be introduced during this stage. Moreover, we aim to reach 10,000 first users in our community to test our wallet.
 
Phase 3: Full functionality of the decentralized trust and reputation system & Loyalty Program, Fully launch Mobile Application
•   Time: Q1 - 2019
•   Goal: This level of financing will allow us to fully develop a globalized trust and reputation system to enable both parties to initiate/resolve claims so that global trust rate would reflect “the true trust of both parties”. Reviews will be enabled, which will have a significant weight on trust rate for merchants and clients. Trust system algorithm will be improved to facilitate claims and client reviews. Mobile wallet version 2, mobile in-app SDK and other improvements to merchant’s interface will be developed during this phase
 
Looking to hear from you. Thank you very much and appreciated!