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The Mobile payments market in China is exploding.
The payment apps and QR codes in retailers and other offline businesses have become ubiquitous in China, young consumers rarely carry a wallet or cash. In 2015 Chinese citizens transacted $1 trillion through mobile payments using QR codes. In 2017 it was $15.5 trillion. In 2020 it is forecast that Chinese consumers will transact $45 trillion through mobile payments, by which time the county will be pretty much cashless.
Solutions like WeChat Pay and Alipay are:
- Highly Centralized
- A Chinese Bank account is needed
- Not available for foreigners
- Highly censored
The 27 Oct 2018 China ruled that China’s Merchants are Legally Allowed to Accept Bitcoin and Crypto.
What it does
xPay is an open alternative to mobile payment point of sale.
- Everything in dollars (DAI)
- Fast transactions (5s confirmation)
- Secure, no keys are stored in the POS, the connected wallet is used in watch mode.
How we built it
xDAI chain, web3, react-native, Blockscout explorer API
Challenges we ran into
web3 1.0 beta works badly with react-native, had to switch to previous version.
Accomplishments that we're proud of
The proof of concept is fully functional.
What we learned
xDAI Chain opens scenarios for real use cases for the local economy.
What's next for xPay
- Integration with Inventory Management Software
- Automated Accounting
- Record gift cards, and other forms of tender
- Send and track invoices from your device
- Apply discounts and issue refunds
- Send receipts via email or text message
- Access real-time sales data and complete sales history
- Track inventory in real time
- Connect a receipt printer, kitchen ticket printer, bar code scanner, and cash drawer