Ripple Pay - A solution for Payment Service Providers/Banks

Ripple Pay is a solution providing CBDC primarily on USSD and SMS as channels (can be extended) to other platforms.it also offers other banking features like fixed deposits and merchant applications

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Inspiration

While I saw many submitting applications around mobile apps and decentralized application in past times. The goal of CBDC is to motivate people to move from cash based economy to digitization. And specially with developing economy and under developed economy, no everyone has a smart phone. May be just a regular phone. The Ripple pay Payment service provider platform allows PSPs to provide CBDC to even the under privileged. More over, even smart phones are helpless in remote areas and times of natural calamities where internet is shut, however, regular networks are made available ASAP.

What it does

Ripple Pay provides an interface to XRPL along with PIX(my first submission) that makes CBDC with XRPL easier and convenient on USSD or SMS based application too.

Now that anyone and every one can starting banking, why not allow to transfer funds to bank accounts like regular account or even open an fixed deposit account using the eco system of XRPL token issued by the bank and earn interest.

In Addition, it provides some other interfaces for merchants to allow check based transactions and multi sign facility to secure accounts

How we built it

There is a Node JS based application that currently for demo purpose communicates with the front end application (showcasing sms based XRPL custodial wallet). However, it serves as a common point for BFF and the front end allowing to expose on USSD/SMS or any messaging channels.

The merchant application would be a vue application connecting with a nodejs backend to consume apis from XRPL and PIX

Challenges we ran into

While I noticed late about this hackathon and my initial hesitancy to end the domain of block chain(although having banking experience), the scatter documentation on the internet was also there to confuse. Initially planned to start with XRPL4J, which is my preferred language but had to switch with lack of examples, documentation and time on the internet.

Accomplishments that we're proud of

Making CBDC available to everyone and in times of no internet is something feels good in the process of removing dependency of cash and fake notes.

What we learned

So far i enjoyed the blockchain tech with XRPL and i would continue how to marry functionalities of banking on to XRPL.

What's next for Ripple Pay - A solution for Payment Service Providers/Banks

While the demo only showcases an SMS based solution. The mentioned features are to be built and further extended to bill payments leg too. Although not directly related, but i would be building on another solution named "Ripple Echo" a cross notification engine for XRPL, including a voice box(just like PAYTM sound box) but this works simply on your smart phone.

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