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New multi-chain DeFi payment protocol allows vendors to accept any token

A fully decentralized solution offers customers a simple and user-friendly way to make payments in any cryptocurrency, automatically routing token swaps through the least expensive decentralized exchange (DEX).The core DePay Payments widget is free and simple to integrate into DApps and websites, requiring a few lines of drop-in code. But it is the customer’s user experience that is at the heart of the decentralized finance project. An automated, two-click payment interface eliminates the need to send buyers off-site to a DEX to get the required cryptocurrency — a process that both requires some technical knowhow and adds to the likelihood of abandoned shopping carts.Once the buyer clicks the DApp’s “buy” button, DePay scans the buyer’s wallet, selecting the cryptocurrency that can be converted into the seller’s desired tokens in the most cost-effective way. It also scans decentralized liquidity pools to ensure swaps can be made immediately.DePay then displays the item or service being purchased, the cost in both dollars and the chosen cryptocurrency, as well as the network fee. When the customer hits “pay,” the DePay protocol’s smart contract makes the swap and sends funds to the seller in real time. Customers have the opportunity to select a different cryptocurrency in their wallet if they choose.Right now, DePay says vendors and sellers end up missing out on a lot of potential revenue because of how they have to go through additional token conversions on various exchanges, creating friction, wasting time and causing fees to add up.

In the pipeline

Along with the core DePay Payments tool, the company has eight other products built on its core widget in the pipeline, with two up and running: DePay Sales, which lets buyers purchase the DApp’s own token directly, and DePay Donations.Next up is DePay PRO, which is how the company plans to monetize its products. The subscription-based product will overlay a comprehensive payment dashboard on its payments product, offering tools like filters, search functionality, and analytics, as well as customer profiling data, invoicing and financial reporting tools, data export capability, and integration with mainstream products like CRM platform Salesforce. Products coming later this year are DePay Swap, offering straight token trades; DePay Subscriptions, which automates recurring payments; DePay Payroll, which can pay employees with crypto; DePay Credit, which will offer loans collateralized with tokenized subscription and payroll streams; and DePay Wallet, which will let buyers use the DePay Payments widget on DApps that do not offer it directly. A DePay Credit Card is scheduled for 2022, and the company plans to hand over all protocols and basic products to community governance in 2023. 

Branching out 

Initially built on the Ethereum blockchain, DePay has a chain-agnostic outlook and is in the process of scaling onto other blockchains, as well as interchains that interconnect blockchains.Speaking on the Blockchain Brad podcast, Depay CEO, CTO and founder Sebastian Pape said that the company is “incentivized to grow onto different chains because our value proposition is that we enable as many digital assets or crypto assets as possible.”DePay has gotten more than a little traction with this idea, having been included in the CoinList Seed Winter 2021 Batch and being named a finalist at 1inch’s winter 2020 ETHOnline hackathon.It has also made some important partnerships, starting with multi-investment platform DAO Maker, a launchpad and accelerator for tokenized businesses. By integrating DePay Payments, DAO Maker provides its user base with a way to invest using any token, as well as allowing clients to pay for services and products in the same way. DeFi messaging platform iMe, built on Telegram open source, is also integrating DePay.DePay also has a ERC-20 token, DEPAY, with several uses. These begin with utility — as it can be used to pay for DePay PRO when it launches — liquidity staking, and governance functions. A crypto payment extension to Binance Smart Chain is also coming soon.The project recently partnered with Unmarshal as part of a quest to build a decentralized payment platform, and DePay’s solution for crypto donations was recently presented at a United Nations conference.Based in Zug, otherwise known as the Swiss “Crypto Valley,” DePay was born when CEO Sebastian Pape sought to create a solution that addressed this burning question: “What is the missing piece for crypto payment mass adoption?”Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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