Please describe your proposed solution.
SynthPe recognizes the importance of providing a seamless user experience to drive adoption, especially considering the availability of similar solutions on other popular blockchain networks such as Polygon and Ethereum. By integrating with the Unified Payments Interface (UPI), SynthPe aims to bridge this gap and remove the barriers hindering the adoption of Cardano in India.
The lack of a user-friendly payment solution has been a challenge for Cardano in India. SynthPe's integration with UPI addresses this issue directly, offering a familiar and widely accepted payment method. This allows users to easily manage their Cardano payments and participate in the NFT and DeFi ecosystem without the need for in-depth knowledge of blockchain technology.
By leveraging the popularity of UPI, which processed over 590 billion transactions worth ₹39 trillion in 2022, SynthPe can tap into the existing user base and payment infrastructure to promote widespread adoption of Cardano. This integration not only benefits the Indian market but also presents opportunities for expansion into other countries where UPI is gaining popularity, such as Singapore, Bangladesh, Nepal, Bhutan, France and Sri Lanka.
This initiative aims to position Cardano as a viable and accessible option for crypto investors in India and beyond, which would result in greater adoption and growth of the ecosystem.
How does UPI work?
- The VPA of the Payee (For ex. UberEats), the payer’s account information and transaction details are securely sent from your phone to your PSP’s server.
- They are forwarded to the UPI interface (at NPCI).
- [a] UPI forwards this to the Payee PSP. [b] The PSP responds with the account details of the Payee (merchant), using its in-house mapping of VPA to account number.
- [a] UPI forwards the account details of the payer (you), obtained in step 2, to your bank and asks them to debit your account. [b] The bank responds to UPI after debiting your account.
- [a] UPI then instructs the merchant’s bank, aka the beneficiary bank, to credit the payee’s account (obtained in step 4). [b] The beneficiary bank responds with a success to UPI after having credited the payee’s account.
- UPI responds to the payer’s PSP with a success confirmation.
- You get a notification on your phone saying the payment is successful!
Technical Architecture:
Note: We will be closely working with the NMKR team to integrate the tech seamlessly into NMKR's Payment Gateway through SynthPe APIs.
1. User Registration and Wallet Assignment:
- Upon signing up and successful KYC registration on SynthPe, a custodial Cardano wallet is automatically created in the backend for each user linked to their email.
- This ensures a smooth onboarding process, and users can access their wallets immediately.
2. UPI Integration on "Buy NFT" NMKR Page:
- SynthPe integrates the UPI library on the "Buy NFT" NMKR page.
- A UPI widget is added on NMKR Payment Gateway, enabling users to initiate UPI transactions and complete NFT purchases.
- The widget captures transaction details like the amount and transaction note for that particular user to facilitate seamless payments.
3. Transaction Detection and NFT Minting:
- We will setup a backend listener to detect successful UPI transactions made through the SynthPe UPI widget on NMKR payment Gateway.
- Once a successful transaction is detected, SynthPe utilizes the NMKR API to initiate the minting process of the NFT into the user's assigned wallet address on SynthPe.
- The NMKR API receives necessary data from SynthPe, such as the user's wallet address and any additional information required for minting the NFT.
User Flow:
1. User Registration:
- While selecting UPI as a payment method on NMKR Payment Gateway, user will be prompted to do a one-time registration on SynthPe widget.
- Users registers and complete KYC on the SynthPe platform by providing necessary details.
- A Cardano wallet is automatically created for each user linked to their email.
2. Completing UPI Transaction:
- Users enter transaction details, such as the amount and transaction note, within the UPI widget.
- Upon successful completion of the UPI transaction, the backend listener detects the transaction.
3. NFT Minting:
- SynthPe utilizes the NMKR API to initiate the minting process of an NFT into the user's created SynthPe's wallet address.
- The NFT is minted and sent to the user's wallet, completing the purchase process.
Features:
1. User-Friendly Experience:
- SynthPe simplifies the complexities of Cardano blockchain, making it accessible to users unfamiliar with Web3 and blockchain technology.
2. Automatic Wallet Creation:
- Upon registration, Cardano wallets are created automatically for each user, streamlining the onboarding process.
3. NFT Minting:
- Successful UPI transactions trigger the minting of NFTs into the user's SynthPe wallet address.
Revenue Streams:
Transaction Fees: SynthPe will generate revenue by charging a 1% fee on each UPI transaction made through the platform.
Regulatory Scene:
The Indian government has taken a relatively progressive stance on cryptocurrency, with the Finance Act of 2022 clarifying that crypto assets are legal in India. However, there are still some regulatory uncertainties surrounding the space, and it is important for SynthPe to stay compliant with all applicable laws and regulations.
SynthPe will carefully consider the regulatory requirements and ensure that its platform is compliant with all applicable laws and regulations. This will help to protect the platform and its users from legal risks, and it will also help to build trust and confidence in the platform.
More details on UPI:
<https://www.forbes.com/sites/zennonkapron/2023/04/10/is-indias-upi-real-time-payments-system-ready-to-go-global/>
<https://www.firstpost.com/explainers/india-upi-going-global-gulf-countries-digital-payments-nris-12734672.html>
<https://government.economictimes.indiatimes.com/news/digital-payments/upi-global-run-indian-digital-payment-interface-now-available-for-money-transfer-in-singapore/98097501>
<https://inc42.com/buzz/upi-is-processing-40-of-the-global-real-time-payments/>
<https://www.india-briefing.com/news/global-acceptance-of-indias-digital-payment-systems-europe-latest-to-join-26183.html/>
How does your proposed solution address the challenge and what benefits will this bring to the Cardano ecosystem?
SynthPe addresses the challenge of low adoption of Cardano in India by providing a user-friendly experience and integrating NMKR API with the Unified Payments Interface (UPI). This approach brings several benefits to the Cardano ecosystem:
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Addressing the Lack of User-Friendly Solutions: SynthPe simplifies the complexities of blockchain, making it accessible to the masses in India who may be unfamiliar with Cardano. By offering a user-friendly platform with automatic wallet creation and UPI integration, SynthPe removes barriers and encourages wider adoption of Cardano.
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Integration with UPI Payment System: The integration with UPI, a popular and widely accepted payment method in India, allows users to seamlessly manage their Cardano payments. By leveraging the existing infrastructure and user base of UPI, SynthPe taps into a large market and facilitates easy transactions for crypto investors.
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Driving Mass Adoption: With approximately 115 million crypto investors in India, SynthPe has the potential to bring a significant number of new users into the Cardano ecosystem. By providing a simplified onboarding process and familiar payment options, SynthPe aims to attract and engage a broader audience, contributing to the overall growth and adoption of Cardano.
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Expanding Market Reach: The integration with UPI not only benefits the Indian market but also opens opportunities for expansion into other countries where UPI is gaining popularity, such as Singapore, Bangladesh, Nepal, Bhutan, France and Sri Lanka. This expansion potential allows Cardano to reach new markets and increase its global presence.
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Enhancing Cardano's NFT Ecosystem: Synthpe's integration with UPI and the seamless payment experience it provides encourages users to participate in the NFT ecosystem on the Cardano blockchain through NMKR's payment gateway.
Impact:
The impact of SynthPe's solution on the Cardano ecosystem is substantial. By creating a user-friendly platform and integrating with UPI, SynthPe significantly improves Cardano's accessibility to the masses. This results in increased user adoption, higher transaction volumes, and a thriving NFT landscape.
SynthPe's solution has the potential to bridge the gap in user adoption between Ethereum and Cardano by targeting the Indian market, which is estimated to have approximately 115 million crypto investors. Considering that Ethereum currently has a total of 238 million wallets while Cardano has only 4 million wallets, there is undoubtedly a significant disparity between the two in terms of user adoption.
The integration with UPI opens up possibilities for expansion into other countries where UPI is gaining popularity. Overall, SynthPe's solution drives mass adoption, extends Cardano ecosystem's reach, and solidifies Cardano's position as a leading blockchain platform.
How do you intend to measure the success of your project?
SynthPe intends to measure the success of its project through various key performance indicators (KPIs) and metrics that reflect the impact and growth of the platform. Here are some ways in which the success of the project can be measured:
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User Adoption: The number of registered users on SynthPe is a crucial metric to gauge the adoption and popularity of the service. Tracking the growth in user registrations over time provides insights into the platform's reach and appeal.
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Number of New Wallets Created: Tracking the number of new Cardano wallets created on SynthPe is a key indicator of user adoption and interest in the Cardano ecosystem.
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Transaction Volume: Monitoring the transaction volume within the platform helps measure the level of user engagement and activity. Increasing transaction volumes indicate growing usage and interest in NFT purchases and Cardano payments through the integrated UPI system.
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NFT Sales and Minting: Tracking the number of NFT sales and the minting of NFTs on NMKR payment gateway through SynthPe.
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User Feedback and Satisfaction: Gathering user feedback through surveys, reviews, and customer support interactions helps assess the satisfaction levels of SynthPe users. Positive feedback, high user ratings, and testimonials indicate a positive user experience and successful execution of the user-friendly approach.
These metrics and indicators provide a comprehensive view of SynthPe's impact and success in driving mass adoption, user engagement, and growth within the Cardano ecosystem. Regular tracking and analysis of these metrics allow for strategic decision-making, continuous improvement, and further optimization of the platform.
Please describe your plans to share the outputs and results of your project?
We plan to share the outputs by implementing the following action items:
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Regular Updates: SynthPe will regularly publish project updates and key performance indicators (KPIs) on our Medium blog. These updates will provide detailed information about our progress, milestones achieved, user adoption, and other relevant metrics.
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Community Engagement: SynthPe will actively engage with the Cardano community through various channels such as Twitter spaces, town halls, and AMAs (Ask Me Anything) sessions. These interactions will allow our team to present the project's outputs, discuss the impact, and address any questions or concerns from the community.
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Partnerships and Collaborations: SynthPe will seek partnerships and collaborations with relevant influencers, content creators, and industry leaders. These partnerships can include interviews, joint content creation, or promotional activities. By leveraging the reach and influence of these partners, SynthPe can ensure that the outputs and opportunities are shared with a wider audience.
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Social Media Presence: SynthPe will maintain an active presence on social media platforms, including Twitter, Telegram, and Discord. They will share updates, project highlights, and success stories to keep the community informed and engaged.
By implementing these pointers, the SynthPe team aims to effectively communicate the outputs and results of the project, reach a wider audience, and foster transparency and engagement within the Cardano community.