PayPYUSD
PayPYUSD offers a secure way to make online payments and P2P transactions, eliminating the need for customers to share sensitive information with merchants.
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About
The problem it solves Traditional payment methods often require customers to share sensitive information such as Credit Card information with merchants. Despite most merchants being legitimate and genuine, in some cases, customers do lose their information to illegitimate merchants on the web. In rare cases, merchant systems are hacked and customer credentials are lost to fraudsters. PayPYUSD aims to solve this issue by providing a pay with pyusd option that does not require customers to share any sensitive information with merchants. For merchants, PayPYUSD had mulitple levels of authentication to ensure that the account owners are the ones actually making the transaction, meaning they are not oblidged to make chargebacks. PayPYUSD uses a custodial wallet architecture, ensuring that users who are not farmiliar with web3 and crypto also benefit. The wallet is completely transparent to the user. PayPYUSDuses PYUSD stablecoin by PayPal to ensure users don't lose value of their money over long periods of time. PayPYUSD also provides an easy way to credit accounts and cash out immediately using moonpay. To make a one time purchase, merchants provide a pay with PYUSD option, get the Unique Customer ID, then redirect to a confirmation page confirm the payment and authorize it with thier password. The payment is made to the merchant and the customer is redirected back to the merchant website. The merchant also receives a transaction hash to validate the payment. Further more, PayPyusd also supports P2P transactions. Users can send and receive PYUSD on PayPYUSD which they could immediaetly cash out using moonpay, this makes P2P transactions, cross-border transactions, easy, cheap and extereemly fast. To make a P2P transaction, you need your recepients's Unique Customer ID and you can easily transfer PYUSD to them which they can off-ramp to any fiat of their choice immediately. Discalimer: Customers may still lose money, but only once and just the amount they intended to pay, nothing more.
How it's made
Challenges we ran into We had a really hard time trying to get and summarize customer's transactions. The current implemenation does not provide much understandable information to the users. We also had a tough time trying to improve the security of the application, the user's wallets and user's accounts. The application may not be perfect, but it demonstrates the vision we have for web3 online payments and P2P transactoins, using PYUSD stablecoin by PayPal