Decentralized subscription payments with cryptocurrency

Informazioni relative al progetto

AMBRPAY

ID dell’accordo di sovvenzione: 887968

DOI

10.3030/887968

Progetto chiuso

Data della firma CE 26 Novembre 2019

Data di avvio 1 Dicembre 2019

Data di completamento 31 Maggio 2020

Finanziato da

• INDUSTRIAL LEADERSHIP - Innovation In SMEs

Costo totale

€ 71 429,00

Contributo UE

€ 50 000,00

Coordinato da

AMBRPAY AG
Switzerland

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

Periodo di rendicontazione: 2019-12-01 al 2020-05-31

Sintesi del contesto e degli obiettivi generali del progetto

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.

Lavoro eseguito dall’inizio del progetto fino alla fine del periodo coperto dalla relazione e principali risultati finora ottenuti

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.

Progressi oltre lo stato dell’arte e potenziale impatto previsto (incluso l’impatto socioeconomico e le implicazioni sociali più ampie del progetto fino ad ora)

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