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SGQR Pro Max

SGQR DeFi Payment System, using Singapore's Standardised E-Payment QR Codes, powered by XRP Ledger && EVM Side Chain

📝 Report

SGQR Pro Max Report

Problem Statement by Ripple

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?

🕧 Introduction

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

With cryptocurrency gaining popularity, and Ripple securing a Singapore payments license in 2023, cryptocurrency as a mode of payment in the world becomes an inevitable future. That's where SGQR Pro Max swings in!

SGQR Pro Max leverages SGQR's unified payment QR Code and XRP Ledger 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 SGQR Pro Max so long as the merchant supports their choice of payment.

Visit SGQR Pro Max at the Deployed Website

What SGQR Pro Max does

Blockchain payment system with existing SGQR codes. Merchants in the entire Singapore are pre-onboarded 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.

🙋🏻 How it works

Connect your wallet to SGQR Pro Max.
Scan a Merchant SGQR Code.
Enter the amount of SGDk.
Click on "Send Tokens".
Voila! It's done. You have paid a merchant in crypto!

✨ Features

😌 Pre-onboarded Users: Users can scan easily existing SGQR Codes and make payments in cryptocurrency.
🏘️ Ease of Use: Anyone owning a mobile phone with a camera, data connectivity, and an EVM Wallet will be able to make payments
🪫 Low Fees: XRP Ledger lowers the associated fees exponentially for both the merchant and the user.
🆙 100% Uptime: XRP Ledger provides a reliable blockchain infrastructure that ensures undisrupted payments.
🟰 Standardisation: SGQR being the world’s first unified payment QR code, combines multiple payment schemes into a single SGQR Code.

🗺️ Architecture

🙌 Hands-on

Visit our GitHub repository for instructions on trying it out!

🌐 Software

XRP Ledger: We use XRPL main chain to swap stablecoins for SGDk. The SGDk will then be bridged to the EVM side chain. The reason for using the main chain for holding and swapping for SGDk is explained as follows.
EVM Side Chain: We used the EVM side chain to hold all the smart contract backend, enabling payment processing for everyone in Singapore.
Tech Stack: React, JavaScript, HTML, CSS, Foundry, Solidity, Python.