One of the biggest challenges facing the mainstream adoption of cryptocurrencies is the ability to pay Merchants using digital assets. Frii Pay’s mission is to directly connect the XRPL to the existing 50+ million retail smart POS devices across the globe – enabling Merchants and Consumers access to web 3 products, services and experiences at point of sale.
A New Web 3.0 Payment Network
We are setting standards for future commerce based on best practices established over the last 20 years, building a framework for Web 3.0 payments, to support and protect consumers, merchants and providers
- Special Merchant Accounts for Web 3.0 – On-chain wallets with custom features for retail payments
- Daily settlements – Automated off-ramping of takings into merchant FIAT account
- Chargeback Arbitration – Ensuring Consumer rights protection through peer review processes
- AML & Fraud Monitoring – KYC & real-time analytics that watch for and flag questionable behaviour
Blockchain technology, in particular the XRP Ledger, makes the secure exchange of assets cheaper, faster and more transparent than traditional i.e. Web 2 payments. Whilst identity verification is an important factor for regulation, blockchains are providing intelligent ways to authenticate without unnecessarily exposing personal Consumer data.
Furthermore, due to its transparency and interoperability, the use of Blockchain enables more enriched experiences for the Consumer. Where Web 2 transaction data is isolated, Web 3 technologies can leverage wide data sets without compromising the Consumer’s security or identity.
How it works?
The Frii Pay platform provides an end to end web 3 payment solution, leveraging a range of technologies and partners.
The solution combines a Merchant POS terminal application, a Consumer Crypto wallet and a specialised Merchant Crypto Account to settle the final payment in FIAT.
To satisfy regulators. Frii requires Consumer accounts to be KYC’d and an enhanced KYC is required for Merchants, in order to be boarded to the platform.
The Frii POS terminal application is built on Android OS and can be deployed on a vast majority of smart POS devices around the world via a simple OTA download.
The application is designed to integrate with hardware to provide features such as receipt printing, magstripe and contactless card reading and QR/Barcode scanning.
The UI enables Merchants to accept payment by Cryptocurrency or traditional payment means through the same checkout flow. The Merchant simply enters the amount to be taken in their local currency and by selecting Frii Pay rather than Pay by Card, the terminal presents a QR code payment request generated from the XRP Ledger.
Consumers can then scan this QR to sign the transaction using their Xaman (previously Xumm) wallet (A Consumer-focussed Frii Wallet app is in development). The wallet UI presents the Consumer with the identity of the Merchant and requested amount and uses the XRPL Dex and pathfinding to present options to fulfil the payment with any tradable currency that they hold in their wallet.
Once signed, the funds are deposited into the Merchant’s Gatehub Crypto account held on the XRP Ledger and confirmation receipts are provided to both the Consumer and Merchant. At the end of the day, qualifying funds are off-ramped to the Merchants FIAT account automatically.
Whilst the current solution has been built on the XRPL for speed, reliability and security, interoperability with other chains is equally possible either directly or through bridges with the XRP ledger such as the EMV sidechain.