Payme Bear

Payme Bear Page
Pay with QR Code
Merchant scanned QR Code, returns the amount, press Pay to complete payment
Gift card shops
Find merchants nearby

Inspiration

Inspired by the Starbucks prepaid card app which has more transactions than Apple Pay (according to a speaker from Epicenter). Preloading a small amount of funds to a crypto payment app has less concern for security, allows faster payment processing with little transaction fees, requires no KYC (in certain regions), and allows the user to earn interest by locking some liquidity into Aave or Compound.

What it does

Payme Bear ecosystem consists of:

Preload payment to Payme Bear Card via Zabo (which connects to other wallets)
Deposit partial fund to earn interest on Compound (integration with Aave in progress)
Pay with QR code scan with Payme Bear Card
Accept payment via QR code with Payme Bear Card
Merchants can sign up and create stores accepting payment without paying 2-3% to credit card company
User can earn perks for spending on Payme Bear: collect ERC 721 crypto-bears

How we built it

Payme Bear is built with a crypto-based gift-card-like payment and stored value program. It uses a React-based client for the frontend interface and to interact with contracts and decentralized wallets, with the help of Zabo. Payme Bear Ethereum accounts are created via Web3. After depositing funds, a portion is immediately sent to Aave to earn interest until recovered by the user or used for purchase (in progress). QR codes are generated on the edge device for payment at merchants (in progress) and merchants can log in to accept payment as well (in progress).

Challenges we ran into

Not enough time

Accomplishments that we're proud of

Able to design an entire ecosystem with very limited time. Targeting users who like to collect cute bears and earn interests to open account on Payme Bear App, initially selling gift cards and micro-investment products to build early adopters. On the merchant side, with initial users and ability to accept payments without paying credit card fees provide compelling reasons to sign up.

What we learned

Zabo, XPRING, Aave, and Kong cash are the sponsor products we have deep-dived into. We may not have time to integrate all of them to complete the product during hackathon, and we know this is something we can accomplish given time with these excellent tools.