Decentralized subscription payments with cryptocurrency

Project Information

AMBRPAY

Grant agreement ID: 887968

DOI

10.3030/887968

Project closed

EC signature date 26 November 2019

Start date 1 December 2019

End date 31 May 2020

Funded under

• INDUSTRIAL LEADERSHIP - Innovation In SMEs

Total cost

€ 71 429,00

EU contribution

€ 50 000,00

Coordinated by

AMBRPAY AG
Switzerland

Periodic Reporting for period 1 - AMBRPAY (Decentralized subscription payments with cryptocurrency)

Reporting period: 2019-12-01 to 2020-05-31

Summary of the context and overall objectives of the project

Ambrpay is a middleware API that can be integrated directly into any system of a business and allow it to accept recurring payments (like direct debit or credit cards) with cryptocurrencies from its customers and converting the customers´ cryptocurrency into the business’s currency of choice.
Ambrpay aims at bringing decentralized subscriptions to cryptocurrency. For this purpose, ambrpay creates and interacts with smart contracts on the blockchain. Customers can put their funds in these smart contracts (like a digital pre-paid credit card) from which the businesses that provide a service can take the necessary amount of crypto from. 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 objectives of the Feasibility Study are the following: i) Integration and interoperability with other blockchain platforms; ii) Development of new functionalities and improvements; iii) Market Study and market penetration strategy; iv) Risk assessment; and v) Business plan development.

Work performed from the beginning of the project to the end of the period covered by the report and main results achieved so far

The prototype implemented a functional working blockchain platform and a set of applications running over the blockchain. During the Feasibility Study, we have implemented a new API hosted on Amazon's Cloud AWS CloudFront. This API integrates our solution into MyEtherWallet (the Ethereum wallet interface) and allows companies to accept cryptocurrencies for their subscription-based services.
Our dashboard deeply includes the logging of all transactions with their amount, which plan it was done for, which customer, what date, etc. We have also extended our Webhooks and their events. Webhooks are when ambrpay connects to MyEtherWallet and sends them information that for example a transaction was made, a subscription is due to be paid, or a subscription was cancelled by the end-user.

Progress beyond the state of the art and expected potential impact (including the socio-economic impact and the wider societal implications of the project so far)

Currently, the solution to recurring payments are based on their own payment gateways and with no possibility to use cryptocurrencies. Further, they do not aspire to be a payment gateway and want to provide their own wallet ecosystem. Our innovation tries to stay as much as possible in the background, not diverting the end customer from the business brand.
The subscription and billing management market was valued at €3.38 billion in 2018 and is expected to reach €9.32 billion by 2025. Thanks to our commercialization strategy we will reach a turnover of €30M and a ROI of 14.88%.

Market share of Payment Gateways