Problem Statement
Question 4: How can we utilize the XRPL and its EVM sidechain to create a DeFi application that tackles a specific, real-world financial challenge or significantly enhances existing financial systems? (Problem Statement by Ripple)
Inspiration
DBS broke down twice in 2023, we wanted to fix that. Tourists are unable to do cashless payment with hawker stalls, we wanted to fix that. NETS/Visa/Mastercard is expensive, we wanted to fix that.
What it does
Blockchain payment system with existing SGQR codes. Merchants in the entire Singapore are preonboarded as UENs are public info, and with that, their UENs are stored on the blockchain as an identifier. Users can then pay a stablecoin to the merchant via the XRPL EVM sidechain, with onboarding, KYC, making it extremely accessible for tourists.
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