SelfPay provides an innovative solution to bridge the gap between traditional payments (debit and credit card cards) and cryptocurrency.
20% of each transaction fee are given to the merchants in cryptocurrency and 40% are transferred to SelfPay SxP token holders
After 2 man years of development, the first alpha version of SelfPay was released in mid-2016.
This version was then iterated upon to work as a payment aggregator, and by the end of 2016, the new version was released incorporating aggregation functionalities and a new design. The release laid the groundwork enabling the product to work as a SasS (Software as a Service) to accept payments via different payment gateways.
This version of SelfPay was alpha tested in two Southeast Asian countries using Omise (creator of the OMG token) and CyberSource (the parent organisation of VISA) as payment gateways.
Building on top of the existing product, version 2.0 of SelfPay begun a period of beta testing with a few selected trusted testing users.
The payment aggregator functionalities became validated. Sellers could man age their own payments both offline and online with self-managed payment gateway keys and their own contracts with their preferred payment gateways.
During that time, while the team was investigating new ways of funding SelfPay to maintain its growth, the ICO project began.
During Q3 2017, the ICO project was officially launched.
Funds raised during the ICO are used to market the product across Southeast Asia.
- Ether cash back and SxP retribution process are added to the application.
- The SxP token is added to major cryptocurrency exchanges.
- Sales teams are set up to market the product in Southeast Asia.
- Customers are able to pay using bank accounts as well as credit cards (bank to bank payments).
- Customers are able to pay using Alipay, representing 450 million potential Chinese customers.
- The inventory used by each seller is used to create a marketplace, enabling offline sellers using our solution to have a new eCommerce channel provided for free.
- Integrate SelfPay with remaining eCommerce platforms and shopping cart services (e.g. WordPress, PrestaShop, Magento, Wix, Weebly, Shopify).
We offer the possibility to each seller to exchange their blockchain assets seamlessly from one user to another in a decentralized manner, removing any risks that is usually associated with current centralized solutions.
Each seller will be able to send transactions between each other using the SelfPay system, thus providing a B2B solution.
Crypto rewards can be received in any major cryptocurrency and ERC20 tokens, enabling sellers to manage a multi-cryptocurrency wallet of rewards.
Since fees are taken from the token transacted in, the most popular tokens used accumulate to the distribution contract, helping the value backing SxP tokens.
Any seller can be paid directly in any cryptocurrency, achieving the original target to bring cryptocurrencies seamlessly to any seller.
Internal exchanges setup to optimize the cross-sell between the crypto rewards given to sellers and the rewards withdrawn by the merchants. Local exchanges are still being used to provide liquidity when needed.
The product is then being consolidated to integrate other Web 3.0 functionnalities coming from other blockchain projects including OMG, OpenBazaar and weTrust.