Recapitulation of PocketPay PROJECT AMA event held at AMA LOVERS CLUB.
Date: Thursday, 5th May, 2022
Time: 8:30 AM UTC
The PocketPay PROJECT team was represented by @Yogesh0687 who judiciously shared with us detailed knowledge and information about PocketPay PROJECT.
1st Segment: INTRODUCTION
✨✨QUESTION1🩸: Can you please introduce yourself and your background, also introduce the team working on PocketPay?
👉ANS: We are software professionals, in IT industry since 2007. I own a software development agency since last 12 years, mostly work on the SAAS, eCommerce and Mobile apps development following SDLC model. Started working on Blockchain projects in 2017 specially the Solidity based, and recently got started working on the Solana RUST based projects. PocketPay is developed by our in-house team.
Our team is fully public and mentioned on the website https://pocketpay.finance. We are also attending upcoming Solana Hacker house on 10th-14th May with the team. You can explore more about me on LinkedIn - https://www.linkedin.com/in/yltrivedi/
✨✨QUESTION2🩸: Can you introduce PocketPay, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
PocketPay has created a Solana-based mobile wallet, offering users multiple DeFi options and payment gateway solutions. Central to Pocket Pay’s offerings is a non-custodial wallet. PocketPay is, however, many things—not just a wallet. It also offers users the ability to swap tokens, the means to stake and earn tokens and access an NFT marketplace.
Importantly, PocketPay is actively forward-thinking: beyond these functionalities, we are also building infrastructure solutions for off-chain and Web2 merchants. Doing so is central to our vision of spreading awareness about decentralized payments among crypto and non-crypto users alike. Using our wallet features, businesses will be able to integrate an "Easy Pay" crypto payment method seamlessly into their everyday transactions.
Now let’s come to what and why
As per our market research, we found that during the pandemic situations the use of contactless payments has picked up at a very good pace of around 57%. The decline in using credit/debit cards and cash payments is witnessing that the World is moving into wallet payments.
In last 2 years, we saw a huge growth, awareness of cryptocurrency, and impression of web 3.
This is where PocketPay is targeting, grabbing the opportunity to convert centralised %% into decentralised transactions. Our core focus is both offline and online merchants. We're targeting and building complete infrastructure as the payment method and b2c platform as decentralised ecommerce startups launch and a wallet as a base to make payments using the PocketPay.
So this where the idea came to make a wallet compatible with decentralized payments in eCommerce industry. We started in 2021 q4 and were focusing on Solana for payments, but later in Feb 2022 Solana introduced the SolanaPay payment protocol and it made our work easier. Now we building a bridge for web 2 merchants in form of a mediator infrastructure to utilize SolanaPay as its super quick in transaction confirmation.
1. Building payment gateway for web 2 online stores so they can start accepting the SolanaPay
2. Plugins for Magento, Shopify, and WooCommerce so the eCommerce websites who built on using this platforms can easily install and start accepting the SolanaPay without any technical knowledge.
3. APIs for the custom made eCommerce stores, easy approach available.
4. Decentralized infrastructure for offline merchants in wallet itself, they can easy on board their business and start accepting the payments using SolanaPay...
In nutshell, we are empowering merchants with an infrastructure to accept decentralized payment with a Solana wallet.
Working on the following segments:
1. Infrastructure for offline merchant
2. SolanaPay payment solutions for online merchants
3. Infrastructure for ecommerce Startups
4. Access to third-party DAPPS from mobile itself.
✨✨QUESTION3🩸: Can you briefly tell us some key achievement of PocketPay since commencement and what is to come in the nearest future?
👉ANS: It’s a long list:
1. Devnet release of wallets on android and iOS device
2. Member of Solana wallet roundtable meetings hosted by Solana Labs multiple time in a month, table shared by top wallets on Solana ecosystem.
3. PocketPay was able to demonstrate the project on Binance and YouTube live with Dorahacks.
4. Attention from VCs to PocketPay, we got multiple VCs to support the project.
5. SolanaPay integrated with wallet
6. On boarding infrastructure for merchants in wallet who wants to utilize SolanaPay in just few steps.
7. Showcase of PocketPay payment method prototype version.
8. Recently integrated Ramp network services to offer users to buy SOL/SPL directly from the wallet using FIAT/Credit Cards
9. Integrated Bonfida SNS (Solana Name Services) so that users can directly send assets using domain name, e.g., Yogesh.sol, instead of typing/copying the full public address.
10. Almost finishing the integration of Jupiter Aggregator to provide our users with Swapping features utilizing the Jupiter liquidity.
11. Next in line would be to integrate the CryptoPlease protocol so that users can directly send crypto using links that can be sharable on WhatsApp or any source of messaging app.
12. Working with bidali.com to provide users with the power to buy coupon codes and subscriptions using SOL/SPL.
13 Series of AMA
14. Co-marketing going on with ParsqIQ, IQ Protocol and 20 other projects on Solana eCosystem
15. Solana hacker house event in Bengaluru 10th May – 14th May, anybody visiting from this group can meet me there.
16. Co-Marketing with Bonfida starts in 3rd week of May
17. Partnerships with Launchpad’s
18. Huge PR campaign coming in before and after Public IDO.
19. In discussion with top 10 CEX for TGE and Listing
…… Many more to come stay tuned.
✨✨QUESTION4🩸: Can you briefly describe your PARTNERSHIPS and BACKERS so far?
👉ANS: Here is the list:
BigBrain Holdings, Rikx Capital, Digitized AV, Cogitent Ventures, CryptoIn, Chainlink, Bonfida, IQ Protocol, Solster Finance, CryptoIn Investments, Zebec, Cropper Finance, DAO Starter, Seeded Network, Ramp and Dao Launch
More to come.....
✨✨QUESTION5🩸: Finally on this segment, Can you give an overview of the Tokenomics and Utility of $PPAY tokens?
If you see we have NFT marketplace, Solana Pay, Easy Pay section, B2C eCommerce startup launch program, brands products advertising, staking and rewards system. The token will be utilized in fee and rewards to community. Also, we have a b2c launch program so the holders will get discounts on the products.
NFT Marketplace – Users will be charged in PPAY to mint, buy and sell on the platform. However they will be able to buy and sell SOL but fees will be charged in PPAY, the mechanism will be set in the program.
Fees in PPAY to advertise the products on the EasyPay section by the brands we will do partnership.
Commission on selling via startups launch program.
We are also developing a decentralized payment gateway infrastructure for the web2 merchants, and working on multiple possibilities.
1. Open Source:
We’ll develop the gateway and distribute the product with the APIs so the merchants will be able to integrate and install the gateway on their own server and do the changes as they want.
We’ll host the gateway on our managed server, merchants will be able to create accounts for their online stores. The system will supply them with a merchant ID and Secret Key. The System will charge a small recurring fee on the monthly basis.
Staking – users can stake and earn the more PPAY
PPAY holders will get extra benefits, like discounts on easy pay and startups launch programs.
2nd Segment: LIVE Questions
✨✨QUESTION1🩸: You say that PocketPay is not just a wallet but an infrastructure for merchants to use decentralized payments using SolanaPay, but these payments will be limited to fungible assets? Or will they also allow payments with NFT assets?
👉ANS: payments always be in the fungible tokens, SOL and SPL, as of now no protocol available to use NFTs as a mode to payment, if anything comes in future we will surely implement it.
✨✨QUESTION2🩸: Binance Smart Chain and Ethereum Blockchain are one of the biggest and most used Blockchains, so why did you decide to build your project on Solana instead, does it offer any sort of advantage? Do you have plans to be interoperable in the future?
👉ANS: If you see we have product that are based on the merchants and POS transaction, also we’ve another segments for b2c start up launch program. So if you are a user and you are buying something, you will never want to stand in que and wait for transaction to complete in minute or more. So this is where Solana is used because of its high TPS so the transaction can complete in a seconds.
✨✨QUESTION3🩸: One top feature of PocketPay for me is the Pocket Launch because it offer so many benefits to businesses as well as users. How can businesses get started/enrolled on Pocket Launch? What are processes involved?
👉ANS: Screening process involved in that, it will be available for specific countries to start with.
online / offline screening process involved. it like KYC, product use case and future, logistics dept, warehouses, manufacturing capacity to deliver commitment, this are the points that are part of it.
✨✨QUESTION4🩸: Why should Online Store Owners Choose Your Platform for Accepting the Decentralized Payment?
How would this be different than Choosing other 3rd Party Options?
👉ANS: Well first of all we are in the eCommerce industry since last 12 years, we have reports of the industry and the payment method we built is best expressing the demands.
We have multiple options for them, either they use open source solutions that can be hosted on their own web infrastructure or they can utilize PocketPays cloud solutions, we recently showcased our payment gateway prototype hosted solutions.
✨✨QUESTION5🩸: From which country you will start integrating with different kind of merchants and stores?
Have you had any in Recent times?
👉ANS: Onboarding the merchants within app is fully decentralized so it can be handled by the merchants itself. The online merchants can opt for the open source source or cloud solutions based on their requirement. So payment method utilization based on country legal structure is a truly choice of the merchant as we just provide infrastructure.
For startup launch program for b2c startups is country specific as this needs to be comply with legal body as it will be managed by the PocketPay.
✨✨QUESTION6🩸: From my Research, I Found that SOLANAPAY has Integrated With the POCKETPAY, Will you please Tell me More about these Two Integrations , Why this Integration is Neccesary and What Role it had played in Growth ?
👉ANS: SolanaPay providing merchants and consumers with a new set of decentralized payment standards and protocols to enable direct acceptance and settlement of digital dollar currency, such as USD Coin (USDC), at the point of sale and online.
Solana Pay ushers in new commerce capabilities and the ability for merchants to accept and move any volume of digital dollar currencies compatible with the Solana Blockchain at any hour, anywhere in the world, for disruptively low fees measured in fractions of a cent.
Solana Pay was developed as a decentralized, open peer-to-peer protocol with the initial support of Solana Labs.
SolanaPay is already integrated with PocketPay and available for wider adoption and customization by ecosystem participants – including large and small merchants, ecommerce platforms, POS providers, and a broad array of payment service providers – who want to define the next generation of payments.
"Solana Pay gives merchants a new, simplified framework to transact with their customers, enabling them to accept and settle funds directly with no intermediaries, zero fraud liability, and processing fees measured in fractions of a cent.
✨✨QUESTION7🩸: Hai 👋👋
What I read about Pocketpay is planning to do multi-pool staking after IDO. If so. Can you give us more information about the multi-pool betting plans that Pocketpay wants to offer? How can users participate?
👉ANS: There are multiple staking.
1. Sol Staking that will be on validators directly in the wallet
2. SPL PPAY staking - multiple pools with different criteria, qty and locking time with different APY.
✨✨QUESTION8🩸: The intention of PocketPay is to build infrastructure for #Web2 merchants to use #Web3 as a decentralized payment method. But how will they manage to establish this communication bridge between technologies of different generation? How will you make it secure and adaptable?
👉ANS: PocketPay will play middle man role -
Request —- eCommerce website » PocketPay Payment Gateway » Blockchain
Response - eCommerce website « PocketPay Payment gateway « Blockchain
The communication with different technologies will be lead by the APIs and plugins we will supply to them.
Do you currently have an ongoing or upcoming bounty program/airdrop campaign, please provide us with details and do you have any influencers and program ambassadors for your project? Many communities organize events to attract more people. This is also a major factor in attracting project investors.
👉ANS: I cant say about the airdrop or tasks, but we are planning a huge bug bounty campaign to find vulnerabilities in wallet before it go live. Continues bounty worth 500,000 $PPAY is coming soon. Other airdrop will be announced by our marketing team.
✨✨QUESTION10🩸: I noticed that Merchants can use PocketPay's EasyPay product to accept payments from customers. With that in mind, could you tell us more about what merchants need to do to accept EasyPay payments? Also, what are the advantages of using it instead of traditional payment methods?
Will Pocketpay Wallet use 2FA authentication or any other layered security to ensure the protection of our wallets?
👉ANS: So there will be a interface in wallet where a user as a merchant will create a business account. They can generate QR code for their business account and put it on their retail shop and start accepting payment using PocketPay, with the universal nature of POS and SolanaPay any wallet that supports SolanaPay can be used to make payments.
Merchants will be able to see the transactions and value based on filters we will provide and can also generate reports, etc....
👉Follow Us On Our Various Social Media Communities For More Update👇👇👇
Website - https://pocketpay.finance
iOS Testflight for iPhone- https://testflight.apple.com/join/gWeiWOPS
Android APK - https://pocketpay.finance/docs/pocketpay_v1.37.apk
SolanaPay Guide - https://medium.com/pocketpay/solanapay-pocketpay-devnet-test-guide-56ad456a4b6
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