Project description DEENESFRITPL A simple way to use bitcoins for subscriptions The cryptocurrency industry is growing. A leading crypto-tracking site, CoinMarketCap, has listed more than 2 000 coins. Currently, one-time payments in cryptocurrencies are easy. Subscription payments are not. The EU-funded AMBRPAY project aims to facilitate recurring transactions for cryptocurrency via smart contracts. It will create and interact with smart contracts on the blockchain. Customers will be able to put their funds in these smart contracts from which the businesses that provide a service can take the necessary amount of cryptomoney. AMBRPAY will provide the business with a web interface to manage their customers and payments. Ultimately, it will make transactions cheaper, faster, and the use of your cryptocurrency a more convenient and simpler experience. Show the project objective Hide the project objective Objective There are more than 2000 cryptocurrencies, however they are designed for single use only with push-based payment methods, the buyer initiates the payment. This allows users full control over their funds, since cryptomoney is only transferred to a merchant if a user initiates the transaction. In order for a consumer to use bitcoins for recurring payments, he or she will have to use another service on top of using the bitcoin service. In addition, unlike credit card payments, bitcoin payments are always for a set amount. Some subscription services raise their prices every year, consumers who are already signed up for recurring payments will just be charged the new payment amount as soon as it goes into effect. For cryptocurrency users, it doesn’t work this way. Since all virtual payments must be authorized by the user, any change in payment requires the user to sign up again with their virtual wallet account. Thus, raising subscription prices can be more difficult when dealing with customers who use cryptocurrencies.ambrpay has found a way through smart contracts to stay true to the crypto ideals of having a trustless system, where each individual is responsible for their own funds. All while making transactions cheaper, faster and the use of your cryptocurrency a more convenient and simpler experience.ambrpay aims at bringing decentralized subscriptions to cryptocurrency. ambrpay creates and interacts with smart contracts on the blockchain. Customers can put their funds in these smart contracts from which the businesses that provide a service can take the necessary amount of crypto from. ambrpay provides the business with a web interface where they can manage their customers and their payments. ambrpay does not run its own blockchain or currency, can currently only work with blockchains that have the capabilities of running smart contracts (like the Ethereum blockchain). The global payment gateways market demand to grow steadily at a CAGR of around 17% by 2021. Fields of science natural sciencescomputer and information sciencescomputer securitycryptography Programme(s) H2020-EU.2.3. - INDUSTRIAL LEADERSHIP - Innovation In SMEs Main Programme H2020-EU.3. - PRIORITY 'Societal challenges H2020-EU.2.1. - INDUSTRIAL LEADERSHIP - Leadership in enabling and industrial technologies Topic(s) EIC-SMEInst-2018-2020 - SME instrument Call for proposal H2020-EIC-SMEInst-2018-2020 See other projects for this call Sub call H2020-SMEInst-2018-2020-1 Funding Scheme SME-1 - SME instrument phase 1 Coordinator AMBRPAY AG Net EU contribution € 50 000,00 Address Forrlibuckstrasse 10 8005 Zürich Switzerland See on map SME The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed. Yes Region Schweiz/Suisse/Svizzera Zürich Zürich Activity type Private for-profit entities (excluding Higher or Secondary Education Establishments) Links Contact the organisation Opens in new window Participation in EU R&I programmes Opens in new window HORIZON collaboration network Opens in new window Other funding € 21 429,00
