Selfpay (SxP) ICO Review – ICO Token News
SelfPay is a payment aggregator that uses local payment processors in each merchant’s country to provide a unified mobile and Web interface to accept international credit cards and local debit cards. Its unique set of selling values are as follows:
- Reducing payment friction by enabling real-time payment feedback using a smooth Web application interface and realtime technology.
- Enforcing buyer’s trust as the payment happens on the buyer’s device. Buyers are inclined to trust their own phone more than a stranger’s POS system.
As such, SelfPay is providing solutions covering each use case. From informal offline merchants (Instagram / Facebook, etc.) to small and medium online businesses. Besides our frictionless payment system, we are incentivizing sellers and/or buyers to use our solution by giving them SxP tokens back equivalent to 20% of the fees of each transaction made using the platform.
SelfPay is built with a modular architecture that allows payment gateways to be swapped in and out in a seamless fashion. This allows the user to select their preferred payment gateway depending on their business context and the country their business is targeting. The modularity allows SelfPay customers to adapt their payment gateway to a more favorable one as their business grows or shifts. It also allows SelfPay to expand to new regions and territories with great ease. By simply layering new payment gateways on top of SelfPay’s solid foundations, we can grow the portfolio of gateways that SelfPay supports linearly.
SelfPay is a SaaS (Software as a Service) solution, and provides payment functionalities by integrating local payment gateways (Stripe, CyberSource, Omise, etc.). As such, the security and PCI compliance are provided by the local e-payment gateway; credit card numbers are never hitting SelfPay’s servers, providing the highest possible security. Progressive Web Apps, also known as Installable Web Apps or Hybrid Web Apps, are regular Web pages (or Websites) but can appear to the user like traditional applications or (native) mobile applications. This new application type combines features offered by most modern browsers with the benefits of the mobile experience.
SelfPay transaction walkthrough
Consider the following scenario:
- The buyer is buying a product from a seller registered on SelfPay (offline or online business).
- The price set by the seller integrates SelfPay fees (including interchange fees, acquiring bank, card scheme, local payment gateway or only SelfPay fees when using a cryptocurrency other than the SxP token).
- The buyer fills up his credit card information or selects to use his SxP token balance or any cryptocurrency from his crypto wallet. Payment is then processed by the payment gateway.
- Upon a successful charge, the product amount is then forwarded to the seller’s account, where it can be immediatly exchanged for fiat currency in case of a crypto payment.
- SelfPay transaction fee benefits are then sent to the SelfPay internal exchange (those fees are exchanged if needed to cryptocurrency in case of a fiat payment).
- The transaction fees are dispatched to each of the masternodes (40%) and to the seller/buyer (20%) using SxP tokens.
These steps demonstrate how the SelfPay solution is a compelling way to transition both buyers and sellers into the world of cryptocurrency, accepting traditional payment, and cryptocurrency.
Why are there fees with cryptocurrencies?
Most of the actual blockchains are using transaction fees to incentivize their network. Those fees, in a blockchain based on a Proof-of-Work, are redistributed to the miners, and in a modern blockchain based on a Proof-of-Stake, redistributed to masternodes.
How does SelfPay addresses those fees?
SelfPay is a hybrid solution enabling a smooth transition from legacy payment (credit card / bank transfer) to a crypto-based economy. As such, similarly to the existing blockchain model, 60% of the transaction fees using legacy payment systems are exchanged to SxP tokens (using our internal exchange). 40% of those fees, once converted to SxP, are then distributed to each of the masternodes in the network as an incentive mechanism.
20% of the remaining transaction fees, converted to SxP, are reversed as a crypto reward to the seller and/or buyer, depending on the seller’s decision. On the other hand, when a buyer is willing to pay in ETH or BTC, those tokens will be exchanged to SxP, and then will follow the normal transaction fees in the SelfPay blockchain. Finally, products paid using SxP are following the blockchain mechanism and fees are sent to the masternodes. Obviously, as a cryptocurrency, the SxP token could also be exchanged to fiat currency, using either our own exchange or partner exchanges.
ICO pre-sale – The SxP token pre-sale has already been concluded and lasted for 30 days, in October 2017. During the pre-sale, only 1.13% of the tokens have been created with an average bonus of 78% for each token bought. This pre-sale will help us to fund a big marketing campaign for the ICO itself.
ICO schedule and target – The SxP token creation will last for 30 days, starting at 6am UTC on the 25th May 2018. A fixed number will be created during the sale and no more will be created thereafter.
Target – SelfPay aims to accept up to 25,000 ETH from our initial token partners and create 7,500,000 SxP for sale in exchange for the ETH committed. The SxP smart contract will stop accepting commitments at the 25,000 ETH hard cap. The Token Sale will last for 30 days. If the hard cap is reached, the event will close automatically. Check ICO list to know more about ICOs.
- JULIEN CHALTÉCEO
Julien has been a serial entrepreneur for 15 years. After his first business providing services for Webmasters, he started working closely with French TV celebrities before moving to Thailand where he co-founded one of the first fashion & beauty marketplaces called WearYouWant. Established in 2011, WearYouWant is one of the first startups in Thailand to have ever successfully raised a Series B funding round. Later on, in 2017, after being Head of eCommerce at LINE Thailand for almost a year to have one foot in the corporate world, he changed industry and co-founded Belaws with Vincent Birot, thus pioneering legal services marketplaces in Thailand.
- RAPHAËL TANTCTO
Working within the financial sector for the last 10 years, from Paris to Hong Kong and then to Singapore, Raphaël set up direct market access to the major stock exchanges in Asia (HKSE, HKFE, TSE, OSE) using FIX and exchange proprietary protocol, driving major projects for Natixis and Royal Bank of Scotland. Working from the front office to the back office including settlement, he is experienced in automated trading (Arbitrage - statsArb) and most of the financial instruments used on the financial market. His financial knowledge, his IT expertise combined with his extensive network will no doubt be instrumental to SelfPay’s success.
- VINCENT BIROTVice President Business Legal Affairs
Vincent is a lawyer and an entrepreneur. He holds a master degree in international business law from the University of Paris 1 Pantheon-Sorbonne, an LL.M in international commercial law from the University of Exeter and passed the Paris’ bar examination. Vincent started his career as an associate in the banking & finance department of Baker McKenzie where he advised clients on investment fund structuring. In South-East Asia, Vincent worked several years with a regional law firm focusing on emerging markets before launching the first legal service marketplace in Thailand with Julien Chalté. Particularly involved in the business communities, Vincent is a board member of the Franco-Thai Chamber of Commerce and a member of the steering committee of the French Tech Thailand.
- 12016: SELFPAY IS BORN
After 2 man years of development, the first alpha version of SelfPay was released in mid-2016.
This version was then iterated upon to work as a payment aggregator, and by the end of 2016, the new version was released incorporating aggregation functionalities and a new design. The release laid the groundwork enabling the product to work as a SasS (Software as a Service) to accept payments via different payment gateways.
This version of SelfPay was alpha tested in two Southeast Asian countries using Omise (creator of the OMG token) and CyberSource (the parent organisation of VISA) as payment gateways.
- 2Q1 2017: SELFPAY BEGINS BETA TESTING
Building on top of the existing product, version 2.0 of SelfPay begun a period of beta testing with a few selected trusted testing users.
The payment aggregator functionalities became validated. Sellers could man age their own payments both offline and online with self-managed payment gateway keys and their own contracts with their preferred payment gateways.
During that time, while the team was investigating new ways of funding SelfPay to maintain its growth, the ICO project began.
During Q3 2017, the ICO project was officially launched.
- 3Q2 2018: OFFICIAL PRODUCT RELEASE
Funds raised during the ICO are used to market the product across Southeast Asia.
- Ether cash back and SxP retribution process are added to the application.
- The SxP token is added to major cryptocurrency exchanges.
- Sales teams are set up to market the product in Southeast Asia.
- 4Q3 2018: EXPAND CUSTOMER BASE
- Customers are able to pay using bank accounts as well as credit cards (bank to bank payments).
- Customers are able to pay using Alipay, representing 450 million potential Chinese customers.
- The inventory used by each seller is used to create a marketplace, enabling offline sellers using our solution to have a new eCommerce channel provided for free.
- Integrate SelfPay with remaining eCommerce platforms and shopping cart services (e.g. WordPress, PrestaShop, Magento, Wix, Weebly, Shopify).
- 5Q4 2018: INTEGRATING THE BLOCKCHAIN
We offer the possibility to each seller to exchange their blockchain assets seamlessly from one user to another in a decentralized manner, removing any risks that is usually associated with current centralized solutions.
Each seller will be able to send transactions between each other using the SelfPay system, thus providing a B2B solution.
Crypto rewards can be received in any major cryptocurrency and ERC20 tokens, enabling sellers to manage a multi-cryptocurrency wallet of rewards.
Since fees are taken from the token transacted in, the most popular tokens used accumulate to the distribution contract, helping the value backing SxP tokens.
- 6Q1 2019: SETUP SELFPAY EXCHANGE
Any seller can be paid directly in any cryptocurrency, achieving the original target to bring cryptocurrencies seamlessly to any seller.
Internal exchanges setup to optimize the cross-sell between the crypto rewards given to sellers and the rewards withdrawn by the merchants. Local exchanges are still being used to provide liquidity when needed.
The product is then being consolidated to integrate other Web 3.0 functionnalities coming from other blockchain projects including OMG, OpenBazaar and weTrust.