PayProtocol is a simple and convenient cryptocurrency payment platform for both e-commerce and retail use. It is a cryptocurrency project supported by Danal, a payment company based in South Korea.
By combining Danal's 20 years of experience in payments with blockchain technology, PayProtocol aims to mitigate the pain points of traditional payment systems, mainly excessive intermediary processes and high fees caused by them and slow payment schedules.
PayProtocol has been developed on Hyperledger Fabric(HLF). Unlike general blockchain where unspecified people participate in data processing, HLF is a private blockchain where only authorized node can join the network. It ensure fast transaction and excellent privacy which makes it best suited for payment services.
Reduce unnecessary verification costs by simplifying the process with blockchain. Minimize the cost for service providers and secure partnership with merchants.
Increase user convenience by supporting various virtual assets such as Bitcoin, Ethereum, and enhancing user experience for Paycoin(PCI) users.
Establish virtual asset payment network based on Paycoin and provides other financial services such as loan, remittance, custody and more.
Drive user adoption and retain active users within the platform through giving out user rewards based on the payment history.
Expand business operation through providing infra-free payment solution to underdeveloped countries where access to financial infrastructures are limited.
PayProtocol aims towards bridging the gap between users and merchants through blockchain technology. Which is why we provide an easy integration tool fit for both retail and e-commerce settings. PayProtocol provides API and SDK for e-commerce integration, development API for retail Point of Sale (POS) device, and smartphone POS apps for merchants that cannot install POS systems. This allows us to connect all payment channels via a single solution.
PayProtocol allows users and merchants to choose the currency when trading. PayProtocol supports a broad range of cryptocurrencies, including BTC, ETH, and stable coins, and fiat money as well. Users and merchants are then free to use whichever currency they want when they make and receive payments. Additionally, PayProtocol has an integrated native token PAY. Validators are chosen based on the Pay Token Holder's votes. Pay Tokens contribute to the Promotion Pool that incentivizes trading. A portion of the Pay Tokens are credited to the Customer Payback Pool. Staked Pay Tokens also enable faster settlements.
PayProtocol has obtained over 20 years of payments knowledge and merchant relationships from Danal, and has the ability to provide an effective management system based on the transaction data. PayProtocol provides an integrated merchant management system that allows merchants to manage their transactions, apply promotions, and specify other payment-related policies. Using this system, merchants can manage their information and data for each channel under a single window, select promotions including discounts and coupons, and manage other transaction policies.
Anthony has experience operating numerous businesses in China, polished from dealing with mobile operators and payment partners across the vast country. One of the major roles he played was obtaining the license required to service WeChat in South Korea.
Eddy was the developer behind South Korea's very first carrier billing. He has successfully maintained a payment system that was free from critical errors for 20 years. His achievements include finding new, better ways to process transactions and simplify APIs to improve the overall quality of the payments we use today.
Ted was an early member of a leading credit card company in and became an expert in payment systems and infrastructure of validation process, transaction flow and more. Prior to his current role, Ted Hwang was a marketing, payment and innovation professional on consumer finance for 27 years in Hyundai credit card and Samsung credit card.