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Selfpay – Bridging the gap between traditional payments and cryptocurrency

Since the advent of the most famous cryptocurrency, Bitcoin, released in 2009, to this day the number of sellers or merchants accepting digital assets is still ridiculously low.

A number of reasons have been offered to explain this, for example, the slow speed of transactions; but real solutions that would help solve this are still to be found.

Recently, a promising blockchain technology, Ethereum, released in 2014, has been bringing faster transactions, addressing one of the main Bitcoin issues.

The possibility to execute code called smart contracts and the recent release of the ERC20 token standard, based on these very contracts, has enabled new concepts to emerge. Some of them involve the possibility to use physical credit cards backed by cryptocurrency accounts, thus enabling customers to effectively pay in cryptocurrency.

That’s a perfectly suitable workaround, but the main problem remains: sellers and merchants still do not accept digital assets as easy as cash or credit cards and both customers and sellers are still paying exorbitant interchange fees to the banks when using credit or debit cards or when withdrawing cash at ATMs. Believing that the main problem for sellers and merchants to accept a cryptocurrency is both change resistance as well as core technology issues, we are proposing an innovative mixed solution with a clear update path to bring sellers to accept any cryptocurrency, anywhere, anytime.

WhatisSelfPay?

A Point of Sale payment aggregator

SelfPay is a payment aggregator that uses local payment processors in each merchant’s country to provide a unified mobile and Web interface to accept international credit cards and local debit cards. Its unique set of selling values are as follows:

• Reducing payment friction by enabling real-time payment feedback using a smooth Web application interface and realtime technology.
• Enforcing buyer’s trust as the payment happens on the buyer’s device. Buyers are inclined to trust their own phone more than a stranger’s POS system.

As such, SelfPay is providing solutions covering each use case. From informal offline merchants (Instagram / Facebook, etc.) to small and medium online businesses.

Besides our frictionless payment system, we are incentivizing sellers and/or buyers to use our solution by giving them SxP tokens back equivalent to 20% of the fees of each transaction made using the platform.

Plug’n’Play architecture

SelfPay is built with a modular architecture that allows payment gateways to be swapped in and out in a seamless fashion. This allows the user to select their preferred payment gateway depending on their business context and the country their business is targeting. The modularity allows SelfPay customers to adapt their payment gateway to a more favorable one as their business grows or shifts.

It also allows SelfPay to expand to new regions and territories with great ease. By simply layering new payment gateways on top of SelfPay’s solid foundations, we can grow the portfolio of gateways that SelfPay supports linearly.

Security

SelfPay is a SaaS (Software as a Service) solution, and provides payment functionalities by integrating local payment gateways (Stripe, CyberSource, Omise, etc.).

As such, the security and PCI compliance are provided by the local e-payment gateway; credit card numbers are never hitting SelfPay’s servers, providing the highest possible security.

Progressive Web Apps, also known as Installable Web Apps or Hybrid Web Apps, are regular Web pages (or Websites) but can appear to the user like traditional applications or (native) mobile applications. This new application type combines features offered by most modern browsers with the benefits of the mobile experience

Instead of trying to force the buyer to use another mobile application or even a wallet application, the buyer’s application is a Web app that does not require any installation.

It is built to be mobile friendly and to use the latest HTML and CSS technologies to provide a responsive and real-time transaction feedback.

It automatically opens when you scan a QR code or when you follow the link sent from the seller via SMS or chat.

1. The customer receives a link by SMS
2. This link opens a page that lets the customer enter his credit card information
3. The customer receives an SMS once the payment is con- firmed

Taking the opportunity that, in Asia, the transaction fees are very high and always added on top of the final price, instead of proposing loyalty point to customers that are mostly tourists and will unlikely return, we are sharing those transaction fees with the seller and our ICO backers!

An Existing product
Our product already exists (released in 2016) and is ready to be marketed and spread across South East Asia. We have a clear roadmap to ensure a product market fit at each step (offline seller to online merchants)

A mature team
Our team is balanced, including senior people that are able to manage the growth, but also young talented members to keep the steam going

Applying existing technology
We are building on top of other existing technologies such as using payment aggregators instead of setting up our own payment gateway which is time consuming. We’re leveraging the Ethereum blockchain technology to bring cryptocurrency transaction to small and medium businesses.

The right place
We are targeting South East Asia first – as an Asian based team and company, we know that our product is answering the local payment needs. Typically SelfPay enables the critical step of entering credit card information, to be performed on the buyer’s device, helping to build up the trust that is needed in transactions in Asia.

A unique approach

Business to business (B2B)
Meanwhile most of the projects are targeting Business to Consumer, we are also targeting Business to Business. We want to smooth up the financial transactions between Distributors, Retailers & Wholesalers, using the lower fees proposed by cryptocurrencies but also be able to help by providing credit facilities, powered by other decentralized technologies

Cross-border across S.E.A
Business to Business cross-border payments in Asia happen everyday and leave much to be desired: High fees, not working during week-ends, high local banks fees, etc… It is slowing down the entire ecosystem in Southeast Asia

Team

Julien Chalté

CEO

Raphaël Tant

CTO

Vincent Birot

Vice President Business Legal Affairs

Milestones