Steempayco - Instant No-Fee Payments Using Steem Dollars - Perfect for Developing Nations

in steempayco •  6 months ago

Steempayco is a new payment processor for both on and off-line transactions. It simplifies the process of accepting payments using Steem Dollars, while also making it easy for buyers to pay for goods/services instantly and without additional fees.

Current Features

For now, only offline payments are implemented on Steempayco, though it is possible to also use it online in certain cases. You can create a store in your Steempayco account and add individual products or services. Steempayco will create a QR-code payment widget for every product/service you add. Once payment has been made through these payment widgets, you'll see the details of each purchase straight in your payment memo's.

The payment widgets, you can just about use anywhere. It's a very easy system to set up offline payments in a physical store for example. This provides people from developing countries the option of using a more stable currency (Steem Dollars) as opposed to their inflationary native currencies.

I've created a little donation widget, that's one of the ways this could also be used for online payments. This is for illustration purposes, no need to actually donate through that ;-)

When a purchase is made, you'll also see a notification pop up on the payment widgets. I've bought this 'One Time Donation' product from myself, using my smartphone and everything worked great.

The screenshot below, shows you the purchase I was about to make through my Firefox app on my phone.

After I had made the purchase on my phone, I also received a notification on the payment widget, in my Steempayco account.

How it looks on Steemworld:

The system as it now stands is still in early stages and a lot of the features are not implemented yet. That said, it would be possible to already use this in your own store, since you could print those QR-codes and use them to label your products. That way people can easily purchase good from you, using Steem Dollars.

There are huge benefits to using Steem Dollars. Payments are processed instantly, without any transaction fees. Making this an excellent tool for accepting micropayments or to safeguard funds against hyperinflation.

Do share the word about this if you know entrepreneurs in developing nations who might benefit from using this tool. I can imagine that the people from Venezuela could really make good use of this, given their current situation.

Also Read

STEEMPAYCO Project: Can Steem Dollars beat the fiat money in developing/underdeveloped countries? - by @asbear
Promote Steempayco and get upvote! - by @steempayco

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Hi @daan, this is the best review of my project so far. I am quite suprised while reading your indepth understanding of Steempayco tool as well as the current status of the project. Really appreciate your review, and hope to see your article soon again!


No problem, it was a pleasure to try everything out! Will definitely write an update article once new features get added :) It would be cool if it was possible to send more (custom) data through the memo's. I'm sure something like that might have crossed your mind already.

Thanks for the nice comment!

Edit: Oh LOL thanks for the 'One Time Donation' :D


np :) good for fun!

yeah, there are huge ideas are already stacked. However the stacked ideas could only be unstacked and thought out only when that is mentioned by someone else. So any feedback is very precious indeed.

The problem of memo is, that becomes useless when the seller uses exchange account (memo is reserved for the wallet code). So for now it is intentionally limited. In order to make it practical, we need to introduce an intermediate steemit account that forwards the payment. I have a full-time job so have been quite struggling to speed up with the project. But will definitely get there unless someone else gets there earlier than me. :)


This sounds like a really cool project. It would be very cool to use SBD to make payments and purchase goods. I can see a lot of benefits to having this set up. Do you know how many vendors are already registered?


It's brand new, so there aren't any vendors yet, at least that I know of.

Ah, this would be incredibly useful! At the moment, the only real use for SBD is to bot with it and have it turn into STEEM/SP.

This is pretty cool. I have always wondered about the people selling things on Steemit and how they can keep track of the transactions. Besides the inherent traits of blockchain of course. This just seems to give you a better front end of all of the stuff that goes on behind the scenes.

Nice @daan! Didn't know it was possible to do this. I will have to link it up to my future projects ;)

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