BaapPay addresses the problem where cryptocurrency is not able to gain mainstream adoption unless online and offline commerce starts integrating it into the shopping habits of normal users. What if you could pay for your cup of coffee with Bitcoin or Ethereum? It is possible, but the merchant would have to change their point of sale equipment. BaapPay is enabling universal merchant acceptance of crypto. They believe this will accelerate the adoption of cryptocurrencies by the masses.
Local merchants still fear the volatile nature of cryptocurrencies and lack the knowledge to accept cryptocurrency payments. BaapPay should solve these issues as they want to provide a seamless conversion to fiat upon payment, so the merchant doesn’t need to worry about the conversion himself
BaapPay’s Unique Selling Point
Instead of waiting for confirmation of each transaction by the blockchain, BaapPay’s smart contract allows a customer’s transactions to be funded through a liquidity pool. This protocol removes the need for each payment to be individually written to the blockchain and makes point of sale purchases instant.
“I’m a huge blockchain and crypto-enthusiast, cryptocurrency investor, and entrepreneur, and it was my fundamental understanding of current solutions that led me to realize the gap between what’s available and what business owners need in order to make incorporating both fiat and crypto in their day-to-day operations reasonable.” said Sukhpreet Singh, CEO of BaapPay, “BaapPay was created from that necessity.”
BaapPay will carry the major cryptocurrencies, such as BTC, ETH, LTC, XRP, BCH and its own BAAP token. If they consider other cryptocurrencies are strong enough, they will add them as a new payment option to the platform.
The payment platform will accept credit and debit card payments as cryptocurrencies. BaapPay gives merchants the option to automatically convert received cryptocurrency into fiat or keep the cryptocurrency so they can convert it later on. We like this flexibility offered by BaapPay.
Finally, BaapPay wants to offer a PayPal-like personal buy/order button which can be easily integrated into webshops, websites, and blogs.
Smart Payment Terminal
Merchants who choose to adopt the platform at their physical locations will have the option of using the “SPOS”, a smart payment terminal, which is an Android-based 5.5-inch capacitive touch screen terminal with GPS, Bluetooth, barcode scanner, and a host of other features. This terminal can be connected with t
he Baap point of sale software. The SPOS Smart Terminal combines all aspects of a sale: register, payment, and accounting.
Development SDK and Baap App Store
Baap wants to launch its own SDK so developers can build applications for uploading to their Baap App store. Baap wants to create an Android-based BaapWorld app store. The multitude of apps in their store should help the mass adoption of crypto, and encourage innovation within their community.
The token will be used for the liquidity pool. Token allocation looks like this:
- 40% – Contributors to the pre-token and token sale
- 25% – Liquidity pool
- 10% – Future dev (payment gateway, app store, point of sale terminal, )
- 10% – Founders and team
- 6% – Future strategic and partnership
- 5% – Banking partners/Payment data providers
- 3% – Advisors and ambassadors
Sukhpreet Singh – Founder & CEO: Successful entrepreneur, ICO, and blockchain enthusiast. Sukhpreet Singh is an early cryptocurrency investor and successfully founded several B2C ventures. Wants to apply his extensive experience to build a blockchain based online payment processing solution incorporating both fiat and crypto.
Praveen Korukonda – CIO: A software expert in the banking industry, Praveen has over 12 years of IT experience. He has managed, developed and created multiple software projects using cutting-edge technologies. He specializes in full-stack e-commerce applications and payment gateways.
Jeremy DeBattista – CTO: Jeremy has led different teams in building highly-reliable software products, with a focus on the end user experience while working at Microsoft. An expert cloud computing and full stack engineer, Jeremy is a blockchain evangelist and focus-driven coder with 11 years of IT development and management experience.
- 2018 Q2: Release fully integrated Web App point of sale system.
- 2018 Q3: Release Smart Terminal SPOS which integrates with the point of sale platform, and release a Google Play & iOS app.
- 2018 Q4: Finish BAAP token wallet and let the customer own their own private keys for their personal wallet.
- 2019 Q1: Cryptocurrency payment gateway alpha version.
- 2019 Q2: Fiat payment gateway alpha version.
- 2019 Q4: Android BaapWorld App Store beta version so users can start developing apps.
BaapPay shows us a comparison of all different web-based point of sale software currently available in the market. The cheapest software pricing starts at $79 and goes up to $250, where BaapPos is completely free.
BaapPay’s goal is to make cryptocurrency payments adoptable for both local and online shops. Providing merchants with a payment gateway which both accepts fiat and cryptocurrencies can accelerate this adoption process.
We like the idea of offering the hardware smart terminal SPOS which integrates easily with their point of sale platform and mobile apps.
BaapPay offers instant payments by using its liquidity pool.
At last, the merchant gets a lot of flexibility by offering him the possibility of immediately converting his crypto to fiat, or letting him do it manually when he thinks it’s best.
- Getting the right partnerships will be a huge task.
- Won’t be easy to become PCI certified as a crypto payment provider.
- People don’t like change by nature, so it will be a tough challenge to convince merchants to accept cryptocurrency and fiat, even though there is no risk when using the BaapPay liquidity pool.
BaapPay is a proper project which tries to help the mass adoption of cryptocurrencies by providing a payment gateway that accepts crypto and fiat. Merchants can use their SPOS terminal to accept payments. The benefit of this terminal is that it easily integrates with the BaaPay point of sale platform.
BaaPay manages to take away the risks (like the high volatility of cryptocurrency) by using a liquidity pool so that merchants get instant payments.