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PayLiao❗️

DeFi QR Payments System, using Singapore's Standardised E-Payment QR Codes (SGQR), powered by Polygon (Mumbai).

🎬 Introduction

SGQR is the world’s first unified payment QR code system. It combines multiple payment QR codes from payment providers into a single SGQR label, making QR payments in Singapore simple for both consumers and merchants.

With Singapore giving greenlight to stablecoins such as XSGD by StraitsX, CBDCs (Central Bank Digital Currencies) as a mode of payment in Singapore becomes an inevitable future. That's where PayLiao swings in!

PayLiao leverages SGQR's unified payment QR Code and Blockchain to provide a DeFi payments alternative.

Anyone owning a mobile phone with a camera, data connectivity, and an EVM Wallet will be able to make payments via PayLiao so long as the merchant supports their choice of payment.

Visit PayLiao at the Deployed Website

🤨 What is a Blockchain?

Overview

A blockchain is a digital ledger that records transactions across a network of computers. It's known for its security, transparency, and resistance to tampering.

Key Features

Decentralization: Operates across a distributed network
Immutability: Once recorded, data cannot be altered
Transparency: All transactions are visible on the network

Relevance to PayLiao

Enables Secure Transactions: Blockchain's secure nature makes it ideal for financial transactions
Supports Diverse Currencies: Ideal for handling multiple currencies

😩 CeFi Pain Points

Uptime Challenges
- Traditional banking systems face uptime issues
- DBS experiencing downtime twice in 2023.
Accessibility Challenges
- Many countries lack services like Revolut and Wise
- Hawker centres do not have credit card machine
Rollout Challenges
- Introducing new payment systems to end users and merchants poses significant challenges.
High International Transaction Fees
- To compensate the purchaser’s bank for converting funds into a foreign currency

🔮 Future of Payments: PayLiao!

For Consumers 🛍️

Effortless Transactions, Anytime, Anywhere
- Scan and PayLiao with existing SGQR
Swift Onboarding, No Hassle
- Minimal KYC/AML
Tourist Friendly
- No KYC
- Change currencies easily
- No remittance fees

For Merchants ⛴️

Effortless Transaction Monitoring
- No onboarding, elderly friendly
- Just key in UEN or scan QR code to see
Smart Contract Integration
- Your on-chain banking app
- Monitor and manage your funds directly on the blockchain
Tourist Friendly
- No KYC
- Change currencies easily
- No remittance fees

For Banks 🏦

Alternative to Banking Apps
- Serves as a backup in case traditional apps like PayNow fail
Enhanced Security for Customers
- Blockchain reduces fraud and cyber attacks
Improved Transparency
- Transparent nature of blockchain can aid in regulatory requirements

📑 Smart Contracts

Overview

UEN Management Contract holds the database of all UENs in Singapore
ERC20 contract holds the balance of merchants identified by their UEN

Modified ERC20 Contract

Holds merchant balance information
Requires merchant to onboard and whitelisted before withdrawal
Merchants can view balance before onboarding
Can be forked to replace bank backends

UEN Management

Primary contract which contains all UENs.
Prefilled by grabbing government data.
Account is by default already up, no need for further onboarding to start accepting payments.
Can be referred to by other smart contracts.