ZOOLPAY | Cryptocurrency Payment Gateway

At FingTech™, we believe that the best way for global commerce to become more efficient and accessible is by making cryptocurrency spendable available everywhere and for everyone.

We believe it's just a matter of time until digital commodities become a fundamental element of global business, with daily bitcoin transactions topping $20 billion USD, Despite this, cryptocurrency's total worth of 0.25–0.5 trillion USD is basically useless in real stores.Brick-and-mortar payments are the greatest barrier to realizing the actual benefit of cryptocurrencies, given that retail purchases still take place offline. 

Furthermore, cryptocurrency's long-term worth depends on widespread retail acceptance.

 

The solution to blockchain payments

We created ZOOLPAY network as an open standard for rapid cryptocurrency payments in businesses and on the internet. This new network is intended to operate as a middleman between merchants and the blockchain, providing them with low-cost, fraud-resistant transactions that are free of volatility risk. Consumers may pay with their favorite cryptocurrency while maintaining their independence, security, and data privacy. ZOOLPAY also doesn't require any physical cards or changes to merchant point-of-sale systems.

ZOOLPAY is the result of decades of experience in the fintech, retail, and payments industries. Today, ZOOLPAY has a Pre-registered high-profile merchant on its platform, and its introduction represents the first actual instance of a decentralized, Sudanese payment network with the potential to improve the efficiency and accessibility of trade for Sudanese people.

 

We’re making cryptocurrency useful

Satoshi Nakamoto presented a perspective on the flaws of modern-day commerce in the initial Bitcoin whitepaper, which depends “almost exclusively on financial institutions... to process electronic payments.”

In Sudan and throughout the world, digital payment instruments are made up of intricate financial settlement systems that may cost merchants up to 10% in processing costs and involve up to twelve separate organizations (each a discrete point of failure) to conduct a single transaction. Meanwhile, retail fraud losses in Sudan have reached new highs, presenting an age-long problem.

Consumers, on the other hand, benefit greatly from today's payment instruments, which are widely accepted by merchants. It is also vital that cryptocurrencies become spendable everywhere in order for them to achieve equivalent tangible and long-term worth.

Many businesses have recently released wallets and applications that allow for retail blockchain payments. However, they all rely on traditional payment networks. When actual debit cards, connected accounts, or centralized payment infrastructure are required to purchase a cup of coffee, thus the promise of cryptocurrencies is not achieved.

ZOOLPAY is the first network dedicated to making cryptocurrency payments more practical by enabling quick, fee-free transactions in stores, restaurants, and online. ZOOLPAY is a turning point in the use of cryptocurrencies for consumer and merchant payments in Sudan.

friendly Integration. ZOOLPAY enables developers to add retail payment functions to any app using a simple SDK, making it easier for merchants to accept cryptocurrencies and reducing volatility risk.

On the ZOOLPAY network, the ZoolPayToken (ZPT) is a new digital collateral token for facilitating retail cryptocurrency payments. Every payment on the ZOOLPAY network is staked, enabling quick, fraud-free point-of-sale transactions at stores throughout the nation, and assisting in the long-term objective of making cryptocurrencies spendable everywhere.

ZoolPayToken guarantees that the network is blockchain-agnostic by being a basic, neutral, fixed-supply ERC20 token that allows individuals to spend the cryptocurrencies that are significant to them. 

On the ZOOLPAY network, anyone may stake their wallets. Stakers assist in the collateralization of transactions conducted by those wallets in exchange for stake compensation dependent on transaction volume.

We're establishing a new, payment system to disrupt the existing status quo by integrating businesses, banks, and the blockchain with this open network.

We anticipate that, in the future, our network will serve as an open network infrastructure for any blockchain payment, similar to how Visa, Mastercard, Sudapan, and Bank Cards provide closed payment rails.

The blockchain as the economy of the future

The key strengths of blockchain technology eliminate the constraints of traditional payment instruments—fraud and expense. As a result, retailers and the larger blockchain community stand to gain from the ability to spend cryptocurrency anywhere.

Payment card fraud and transaction expenditure are two of the most important operational costs for many retailers to control and actively cut. Today's payment card fraud takes numerous forms, ranging from stolen account details to marketing incentive misuse. Even chargebacks, which were designed to safeguard consumers, have become a tool for malevolent activities. 

Smaller businesses bear a disproportionate percentage of the losses because they lack the capacity to combat sophisticated fraud or defend themselves in a dispute.

Aside from the costs of fraud, the act of processing a payment can be exceedingly costly due to the many fees and operational expenditures associated with dealing with cash, debit cards, and other payment instruments. For example, the top twenty-five merchants in the world by revenue spent a total of 19 billion USD accepting payments in 2016.

These costs are incurred as a result of complicated settlement processes involving a wide range of network parties, including payment gateways, processors, card associations, and financial institutions. Because of this, a regular debit card transaction in Sudan consists of more than five distinct phases.

 

 

What are the advantages for merchants and the blockchain?

The blockchain provides a realistic answer to merchants' fraud and cost problems. 
By imposing tamper-proof transactions on a ledger, it drastically decreases the number of possible fraud channels, and it decentralizes transaction verification, providing an open market for processing that more accurately reflects the real computing cost. Additionally, the blockchain supports borderless payments by default, allowing retailers to reach a worldwide client base without the need for extra payment infrastructure or currency conversion.

Meanwhile, merchant acceptance is required for the blockchain to become a viable alternative to traditional payment systems. Additionally, with increasing usefulness comes easier bitcoin pricing, lower volatility, and market stabilization. Increased merchant adoption will increase the value of cryptocurrencies and enable the globalizing impact of peer-to-peer electronic currency that Satoshi Nakamoto predicted.

The adoption of blockchain technology is unavoidable.

We feel that the blockchain complements the architecture of traditional payment instruments for these reasons. Many businesses, however, will require an intermediate service due to the operational and technological complexities of maintaining native cryptocurrencies at scale. This service must be built in such a way that it does not jeopardize the community's essential values of data security, decentralization, and choice.

The ZOOLPAY network, we think, provides the first viable cryptocurrency payment solution for retail, eating, grocery, petrol, travel, and other uses in Sudan. We simplify acceptance to provide businesses with fraud protection and low-cost processing while upholding customer rights to privacy, decentralized governance, and freedom of choice. Global commerce becomes significantly more efficient when merchants and their consumers can participate directly as buyers and 
sellers.

 

A framework for consumer adoption

The software that transports the great majority of money across the world today still employs legacy standards from the late 1970s, yet customers are stuck with the status quo because of the lack of a convincing alternative.

Since the launch of Bitcoin in 2008, blockchain groups have worked to make cryptocurrencies a viable alternative to traditional payment methods such as credit cards, debit cards, and cash. Commercial adoption has been hampered by core user-experience difficulties like un-intuitive QR code interfaces, complicated address strings, new security protocols, and network capacity issues. Various scaling options, including multi-layer protocols and Proof of Stake consensus algorithms, show a lot of potential for boosting the speed and value of blockchain transactions, but they also cause challenges for merchants in terms of complexity and compatibility.

Although a number of mobile wallets are advertising cryptocurrency payment options, they are all based on current legacy infrastructure. Virtual Visa and Mastercard debit cards with exorbitant fees are used in these wallets, which necessitate bank accounts, actual cards, and numerous levels of bureaucracy, Low transaction limitations (in some cases, less than $100) apply to digital payments on these platforms, as do Apple's restrictions on NFC access on iOS devices.

Due to the added friction compared to a standard payment card, these solutions have extremely poor customer uptake.

The answer to blockchain payments is to establish a new network that meets both merchant and customer demands, rather than layering cryptocurrency acceptance on top of current multi-layer networks.

Despite the fact that decades of retail payments expertise confirms the pain points of fraud and processing costs, we discover that customers' requirements are vastly different. Consumers assess payment mechanisms based on a set of five fundamental criteria:

 

 

When it comes to picking a payment instrument at a retail location, speed, utility, and value are frequently the most important considerations. For cryptocurrencies to gain widespread adoption, each of these characteristics must be addressed.

The following are the table stakes for customers in order for a sustainable blockchain cryptocurrency payment network to acquire substantial scale:

• Transactions should happen in real time
  In less than one second, merchants and consumers must get confirmation that a transaction was accomplished.
  
   
• There are no consumer-facing costs
  Because such a fee reflects negative value in their decision-making process, consumers will not pay a premium to utilize blockchain cryptocurrencies. On the consumer side of the transaction, the cost must be zero, and the fee must eventually create competitive spending incentives.
  
   
• Acceptance is widespread
  To achieve significant consumer adoption, cryptocurrencies must be able to be used for the bulk of daily expenses. Any less, and the mindshare necessary to keep "front of wallet" utility will be impossible to achieve.

It will be difficult to meet and significantly surpass these expectations, but any new payment network must address both consumer and merchant demands. ZOOLPAY, we think, meets all of the essential consumer needs required to shatter the conventional payments status quo.

 

Introducing ZOOLPAY

ZOOLPAY is an open network that allows retailers to accept safe cash deposits using their existing point-of-sale systems, allowing them to accept immediate cryptocurrency payments in shops and online.

ZOOLPAY is a payment service that allows you to send money from any wallet, in any currency, to any merchant, anywhere in the world. ZOOLPAY's network is already linked with a number of high-profile global merchants, allowing developers all over the world to accept hundreds of cryptocurrencies instantly.

This new network aspires to be the open, frictionless standard for cryptocurrency payments Online and in physical stores across Sudan.

 

ZOOLPAY payment experience

Payments using ZOOLPAY are meant to be as simple as possible. ZOOLPAY validates your cryptocurrency balance against a public index rate and provides a patented ZPcode for payment with only a single touch and scan.

ZOOLPAY payments are neither limited by Apple's requirements for payment cards to be loaded into the Wallet app, nor by tap-to-pay (contactless) adoption timetables or transaction restrictions because they do not need NFC (like standard payment cards). When compared to alternative cryptocurrency payment options, this considerably minimizes the network's risk.

The ZOOLPAY Wallet SDK delivers two major components to client programs in a ZOOLPAY transaction:

• The first is an FPAN (flexible primary account number), which is a one-time permission that permits a retailer to deduct local fiat cash from a bitcoin wallet balance.
  
  
• The second is called a ZPcode, which is a proprietary and backwards compatible barcode format that is scannable by standard point-of-sale barcode readers.Through the merchant's point-of-sale system, each ZPcode sends the FPAN along with any user-authorized information.
  
  

Because all ZOOLPAY transactions utilize the same payment authentication method, they are the only interface that is as secure and equally usable in shops and online.

 

Principles for network development

ZOOLPAY will propose six network principles, which embody our vision for the network's continued development and platform expansion.

In order to become a trusted, public cryptocurrency payment rail, we believe that ZOOLPAY must be:

 

 

We propose these principles to help guide the development of ZOOLPAY, and we believe that by expressing them as the network's continuous intents, we can create confidence and openness with the blockchain community:

• Compliant : ZOOLPAY was created to support local compliance and data protection.
  rules. Unlike other institutional payment systems, the network does not require ZOOLPAY or third parties to act as custodians of money; instead, the technology works as a direct payment processor without exposing merchants to volatility.
  
   
• Secure : The ZOOLPAY network uses open-source, end-to-end encryption to protect against man-in-the-middle attacks and other types of monitoring or manipulation, and only exposes non-sensitive data when completing a transaction.
  
   
• Instant : Regardless of block time, ZOOLPAY will be the first network to allow rapid cryptocurrency conversion via direct bank deposits at merchant point-of-sale. End customers just need to touch once to approve payment, with transactions (verified by point-of-sale) taking less than a second to complete. In Sudan, ZOOLPAY transactions are meant to be the quickest payment option accessible.
  
   
• Open : ZOOLPAY is a cryptocurrency payment system that enables the free and open use of cryptocurrency at retail. A wide range of developers and merchants from all around the world will be able to use the network. The network community merely needs to stake ZPTcoin to promote this widespread adoption. As a result, in order for developers to connect their wallet or transmit cryptocurrency transactions, ZOOLPAY does not require a special license or gateway.
  
   
• Simple : ZOOLPAY will enable easy, basic API methods for exchange and payment from tap to transaction. Payments are pre-authorized in a single message since the network is not dependant on current payment infrastructure, allowing authorization signatures and settlement to be bundled into one fraud-resistant transaction. ZOOLPAY makes cryptocurrency payments simple for merchants and their consumers thanks to its ease of integration, operation, and settlement.
  
   
• Useful : ZOOLPAY is built to work with existing POS systems and to be as interoperable as feasible with as many partners and platforms as possible. Starting with the very first apps on the network, which take use of existing POS interfaces and don't require any additional hardware or merchant upgrades, we've been working to make the ZOOLPAY network more accessible and widely accepted.
   

The present state of digital payments

Digital payments take many forms around the world and move a collective more than 10 trillion USD each day.  The majority of these transactions are conducted using one or any combination of three instruments:

 

 

Final Thoughts 

“As we continue to expand our global footprint, we want to introduce more compliant payment gateways to more countries and regions. This is also in line with our vision to make finance more accessible and inclusive, in Africa” 

You can read more at ZoolPay Offical Blog 
Offical website https://zoolpay.sd