Several times I have experienced failed transactions with my debit card at the point of service due to failed instant inter-bank settlement, which usually results in stress in getting the funds reversed and sometimes takes weeks for resolutions. Many individuals have the activities on hold because they have no additional funds to retry to pay for the required service. There is a need to provide a seamless and easy way for individuals to run point-of-sales transactions without running into fund retractions. This is why I am creating DiffusePay.

What it does

DiffusePay is a cardless and cashless payment solution, which gives individuals the freedom and confidence to effortlessly pay for point-of-sales services, generating a token equivalent to the service amount. The token is then used to run payments at the merchant store and instantly completely remove the inter-bank settlement process at that point of sale.

How we built it

For easy use by individuals, DiffusePay mobile will allow the user to easily fund their Vault and instantly create a Vault Token (VToken) on the go. The merchant will integrate DiffusePay into their platform through the developer's RESTful API and/or by using DiffusePay POS device, allowing the user to validate their token and make instant payment.

Challenges we ran into

Not many challenges, aside from the following:

  • present hosting infrastructure, but will be working towards getting appropriate infrastructure,
  • need to get more clarity to be certain about the regulations and/or licenses if required at all.

Accomplishments that we're proud of

The flexibility to be able to allow users to pre-fund their Vault for quick future payment at any point of sales, and also the generation of the token help to build more confidence for the user on any POS-related transactions.

What we learned

Can actually expand the DiffusePay functionalities due to the large possibility of diverse products/features offered by the payment APIs such as Flutterwave, Paystack, Seerbit, etc.

What's next for DiffusePay

  • To see the possibilities validating the market for viability and expansion.
  • To create more values such as the transfer of tokens, social token contributions, expenses, financial analytics, voice trigger for vault funding and token generation, and more.

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