Paytomat is a decentralized payment system that enables cryptocurrency payments in both brick and mortar stores and online. We have a working infrastructure that consists of in-house developed Paytomat Core (the payment processor powering the system), non-custodial customer wallet, plug-ins to existing point of sales, web control panel and a set of APIs. We have tested the product in the field with over 200 merchants from Europe, mostly in Ukraine.
The main architecture is now being migrated to EOS for major transparency and scalability. Paytomat is working internationally to connect new merchants and reach out to new customers, while developing and servicing a huge infrastructure.
We invite EOS BPs to support the project directly, fund the development, contribute technical expertise and help kick-start local retail communities. Please read on for details.
You can also see our presentation from the very first EOS Community Conference back in Seoul.
Paytomat team includes over 50 people combined with quite diverse experience in developing of security, infrastructure and blockchain services.
We employ over 20 developers - separate smaller teams are on the mobile products (iOS and Android wallets for customers, Merchant apps), core and “external” blockchain integrations, e-commerce plugins and devops operations.
About Paytomat
Paytomat is a decentralized system for cryptocurrency payments. For the last year we’ve been working on a set of products that can help both merchants and customers start using cryptocurrency worldwide.
Here are the products:
This is one of the best approaches that scales in the long-term. The fall-back solution for merchants who don’t have a POS solution currently is our Merchant App - it’s mobile updated version is scheduled for September 2018 and web panel is already available.
At the moment we have integrations with the following software: Poster, 1C, Servio, Profit Solutions, Iiko.
Below you can see EOS payments using Poster POS and Paytomat Wallet.
On the background, we are running full nodes for each blockchain that gives us a full control over our own infrastructure. The next version of our software will be moved onto the EOS blockchain where Paytomat will represent a subchain within EOS network.
You can watch various examples of our product on our YouTube channel.
For clients who have no POS system installed, there is a Web Control Panel where they can generate invoices on the fly. Here’s an example of how one client is using it in a coworking space dedicated to blockchain development.
Every payment network involves managing thousands of transactions per second, as well as performing various data analysis. So far EOS is the best solution that exists in the blockchain space that meets all of our requirements: instant speed, high TPS and a clear governance model with an ability to rollback transactions which is the most useful feature from traditional financial sector.
Also, all of the transactions on Paytomat network will be processed via EOS blockchain, which will increase its real-life usage. In our case, EOS will represent a transportation layer across centralized as well as decentralized exchanges for processing transactions with the most convenient exchange rate for merchant.
Funding and BP Benefits
##Funding Costs
Our main costs are related to integrations to POS systems and their further maintenance which includes:
We define 3 types of donations based on the amount of EOS a particular Block Producer is willing to give:
Paytomat as a company is established as DAO and is funded and owned by core teams of cryptocurrencies as the main shareholders. We want the BPs to be among the decision-makers of the biggest retail system built on EOS.
Each Block Producer becoming a Paytomat Ambassador or Contributor will receive an airdrop of PTM coins with proportion of 1BTC=10,000 PTM, including bonus. Roughly 4500 PTM for 500 EOS and 10000 PTM for 1000 EOS.
The holders of PTM coins will both have voting rights on the platform (choice of coins, position of coins on POS, etc.) and financial retribution - our business model is transactional and the holders of coins/masternodes hosted in the EOS subchain will receive a cut on the commission the system takes.
Crypto-payments per se are very early stage - so none of the customers or merchants expect the amount of transactions to be huge at start. It’s a “landgrab” and a strategic investment in what will fuel the whole decentralized economy in the future.
Short-term and mid-term Paytomat plans to be profitable by cooperating with core teams of transactional coins on terms of “subscription fees” for retail marketing and liquidity.
With every Block Producer who is going to support our project we’re ready to organize mutual meetups and events to grow EOS community in different regions, as well as to showcase the payment option in EOS as one of the fastest and the most usable cryptos on the market.
Since our major focus is cryptocurrency payments, we’re thrilled to help existing merchants to start accepting EOS and other cryptos. However we can help with opening new places that are focused on crypto only as well. We’ve seen various proposals from Block Producers that are aiming to do that. Why not to collaborate on this one?
Please refer to Paytomat Website to learn more or contact us directly at [email protected].
