QuickPay

Screenshots

Problem Statement

QuickPay enables USDC holders on Base to make payments at physical merchants in Mongolia using the existing Qpay system. It bridges cryptocurrency and traditional payment systems without requiring merchants to integrate crypto directly.User orders coffee at the shop and merchant shows the QR code for the payment. QR is generated by QPay (https://www.qpay.mn/), Mongolian largest payment processor.Our app parses the QR code getting the amount, bank account and other details for the traditional transaction.User gets USDC amount to pay using our exchange rate (PYTH) from our ERC7540 vault contract.User signs and sends the required USDC to our ERC7540 vault contractOur app gets the transaction notification and starts the bank transfer process in the backend.Merchant receives the payment from our bank account with all necessary details and correct MNT amount.User gets the coffee :)This project focuses on enabling USDC payments via Qpay in Mongolia, bridging traditional finance with blockchain technology.https://miro.com/app/board/uXjVKsQGma0=/https://www.figma.com/design/RwUVnVOhRa9o66VbksCbuK/Design-File?node-id=1-142&m=dev

Solution

Alchemy AA (Account Abstraction):Simplifies account generation and operationsImproves user onboarding and transaction experiencesBase Network:Deployed on Base Sepolia testnetUses USDC for all transactionsCustom vault contract deployed on this networkSuperform ERC7540 Vault:Supports Bank MNT (Mongolian Tögrög) and USDCCan support any fiat currency not currently on blockchainExtensible to any local regionSupports Real World AssetsAllows traditional bank transfers through admin privilegesBenefits peer-to-peer traders of MNT and USDT on platforms like BinanceAutomates the process of providing MNT and receiving USDCAlchemy Notifications:Integrated for receiving transaction and contract event notificationsBlockscout:Used for transaction history trackingEnables smart contract verificationWorldcoin:KYC for larger amount payments due to Mongolian banking regulationOur architecture creates a robust bridge between traditional finance and blockchain technology, specifically tailored for the Mongolian market but with potential for expansion to other regions. The use of Account Abstraction enhances user experience, while the ERC7540 vault provides a flexible and powerful mechanism for handling cross-currency transactions and real-world assets. The project now not only facilitates USDC payments via Qpay but also provides a comprehensive solution for cryptocurrency adoption in regions where direct use of certain cryptocurrencies might be challenging. The inclusion of peer-to-peer trading benefits and automation of MNT-USDC exchanges adds significant value to the ecosystem.This solution demonstrates a thoughtful approach to solving real-world problems in cryptocurrency adoption, leveraging advanced blockchain technologies while providing a familiar interface to end-users. It's an excellent example of how blockchain can be integrated with existing financial systems to provide tangible benefits to users and merchants alike.