SanPay

Problem Statement

Every transaction today, has a middle-man involved thereby adding overheads to both customers and banks. Small businesses are pushed to a place where commissions, costs for hardware and licensing is extremely taxing. This is resulting in the middle men making more money (Debit card and credit card industry is projected to up-shoot to a market of 45 trillion by 2025). There is no way for smooth connection between customers and banks directly. Also, the tedious and long process of banks are making the customers rely on other sources resulting in slow decline of banks. It is essential to address this issue and emphasize on helping both banks and customers solve their issues

Solution- Software

SanPay is a multi payment platform integrated with OpenID and Digital Trust Protocol. It enables direct transaction between the bank and customer.

Solution- Hardware

To address the issues of small businesses, and vendors who are unavailable to purchase expensive credit or debit card machines and go through the process of establishing their financial accounts, SanPay provides a in-house built card which can be bought at as low 1 euro which has a magnetic reader to allow transactions between customer and the vendor to happen very smoothly without incurring any high transaction costs. For users wanting to use cryptocurrency for daily usage, the card also has a USB port to accept these crypto currency transactions. Its a multifunctional affordable card using the software of SanPay There is another USB port for customers to directly connect their phone for transaction.

Benefits and Impact of SanPay

Common people : Low overhead costs, direct contact with banks, avoiding advance banking procedures
Santander: no penalties, no third party company fees, opening up santanders cryptocurrency market, ownership of funds centered to Santander.

Business overview

The idea of this project is to implement the project in the quickest way possible. By integrating digital trust protocol, the project is seamlessly ready to be deployed within the next few months. It is a great bonus to the bank in itself who has bought the Ethereum bond now as they can implement that into the cryptocurrency sector of SanPay which now enables the bank to be diverse and help the customers in different ways.