Summary Of Problem
"Online, entering incorrect payment information was the most
prevalent cause of transaction failures, causing 25% of canceled
transactions.
~ PYMNTS.com"
From ecommerce stores, to subscription businesses, to platforms and marketplaces, UPAYID addresses all payments needs across channels.
Through your local Issuer, or Wallet Provider or through www.UPAYID.com
With features like Confirmation of Payee (COP), Value/Velocity
Checks, Adherence to Travel Rule (FAFT), PSD2, Section 1033
(Dodd Frank).
With multiple currencies and dozens of payment wallets UPA makes it easy to launch new markets and add your customers’ preferred way of paying to increase conversion abroad.
Payee's preferred way of getting paid (e.g. Bank, Card, Wallet, Crypto, etc.)
Payee’s EXACT payment credentials (specific Account number/IBAN, Card #, Wallet address)
Knowledge of payee full name, address and other details.
Information like value/ velocity limits ahead will help
“routing” of payments by Payer
Successful Person to Person payments would require accurate
knowledge of Payee information to the Payer.
Global
P2P volume grew from $2.62 billion in 2022 to $3.04 billion in
2023 at a compound annual growth rate (CAGR) of 16.4%
Increasing presence of IOT and with adoption of device-bound
payments is leading to ”subscription” economy extended to
short term borrowing of utility vehicles, as well as making
instant purchases
Global IoT payments market is
forecast to be worth US$935 billion in 2024, of which 42% will
be in the Asia- Pacific region, according to a study by
Juniper Research2
NFC based payments through PAYs (Apple Pay, Google Pay,
Samsung Pay) have enabled M-Commerce interactions with
Customers seamless. Merchants are creating Paywalls online to
offer flexibility to Customers how they can pay. Very soon,
Merchants will be required to offer Paywalls even for
M-Commerce
Each payment instrument such as a bank account, card number,
crypto Address (e.g. Coinbase Wallet ID, Metamask ID, etc.) or
Wallet addresses (e.g. Google Pay, Meta Pay, PayPal, etc.) would
have a unique IP address - which is termed a “UPAYID”
By
assigning each payment resource discoverable through standard
Internet Protocols, information about these resources (Payment
Instruments) can be easily transmitted to party requesting. This
process is similar to how a Browser makes a call to DNS Server
to resolve a Domain Name (URL) with an IP address, to GET the
information/Content.
APPS
UPAYID transforms every Payment credential associated with a
Payee (Beneficiary) into a "Universal Payment Resource."
Payees are required to register each payment instrument’s
credential (such as Bank Accounts, Credit/Debit Cards, Wallet
IDs, Crypto End Points, etc.) in the UPAYID repository. Upon
registration, an IP Address is assigned, linked to the Payee's
Beneficiary ID (alias), which can be a Phone number, Email,
LinkedIn ID, Twitter ID, or any other Identifier. These links
between Identifiers and IP Addresses are made accessible
globally through a Payment DNS server
Note: Users
have the option to establish access controls and authorization
workflows, including two-factor authentication (2FA), to
facilitate the granting of permissions in compliance with
GDPR/CCP.
