Enabling Payments
Fast, cheap & secure payements
Every time a Payer deposits funds through our checkout button on any Payee dApp or Merchant, the Payer automatically signs a digital receipt (a “verifiable presentation” or VP) including his private ID, the hash of the on-chain transaction, the amount and the blockchain. This VP is, via the integration with Sprynt, sent to the Payee seller (dApp or Merchant), that automatically calls our validation API to confirm the validity of the VP. Our Sprynt validator, verifies on-chain and confirms this to the Payee. This validation then triggers any on-chain action (ie. call of any function of a smart contract) or off-chain action (“successful payment session” in the database of the Payee).
Figure 3
- 1.The Payer deposits funds in Payee’s smart contract
- 2.The Payer signs a VP (verifiable presentation) and is automatically sent to Payee via Sprynt, letting the Payee know know that he deposited funds in the smart contract,
- 3.The Payee doesn’t fully trust the Payer is telling the truth so it calls the Sprynt validator to check if the VP & the associated on-chain deposit is confirmed
- 4.After checking the validator to match the VP signature with the deposit transaction and the deposit amount the validator returns true and payment is complete.
Figure 4
- 1.The Payer deposits funds in Payee’s smart contract.
- 2.The Payer signs a VP (verifiable presentation) and is automatically sent to Payee via Sprynt, letting the Payee know that he deposited funds in the smart contract,
- 3.The Payee doesn’t fully trust the Payer is telling the truth so it calls the Sprynt validator to check if the VP & the associated on-chain deposit is confirmed
- 4.The validation fails with the validator responding with a reason (e.g. insufficient amount deposited).
- 5.The Payee sends a message to their smart contract that sends the deposited funds back to the Payer.
Refunds and chargebacks are a fact of life for e-commerce and other online applications when exchanges of funds occur. Because payments are made interchain they can be refunded interchain. Sprynt can track the payments in the smart contract with the associated payers address making refunds and chargebacks convenient. (figure n)
Figure 5
Last modified 17d ago