Future of Web3 Payments with Gnosis Pay by Vanshika Srivastava

Transcript

all right um hi everyone good evening I know it's been a very tired week for everyone you know even since the beginning of the entire week uh but I'm I'm here to introduce a very interesting product and as well as I mean the future of web3 payments as well so as um yeah I think my intro is pretty much done I'm vria I'm from nosus and I think uh some of you might have already heard about nosus chain um and there has been nsis safe around for a very long period of time and today I'm going to be taking you to like the whole process of what nsis spay and um how do you do

transactions through nosus spay so yeah let's go ahead so if you all remember when Bitcoin white paper was launched the whole idea was that it's a peer-to-peer electronic cash system so since the beginning of Bitcoin right the original promise you could say was to kind of have a payments Network to it right but in reality we all know that it's not the scenario in the current moment so Bitcoin still is um a crypto and it's very difficult to be able to use in a real world um asset system so the current payments in the banking

infrastructure is very old and inefficient if you see from a perspective of crypto because you offramp you on RAM there is so much of work required in that whole process and let's talk about binance which a lot of people have been using for off- ramping like you sell your crypto and you get the uh payment in your bank so we recently saw that because of the compliance and some of these um Nations Banning binance you cannot exactly offramp or on ramp from there and get it into a bank so it's it's a whole hassle all together right so um I'm going to take you bit uh with the evolution of how card payments used to work um I think the first card that ever came was

in 1950s it's the diner Club multi-purpose charge card and the current present um segment if you see really it's based on cobal that's uh a programming language by the way which is being currently used in a lot of payment wom's um card related system in in in 2000 like 21st century um and majorly the challenges overall in the payment system is you have a lot of intermediaries involved you don't really exactly need that but a typical card payment will have around 8 to 12 intermediaries there's like a lot of flows like payment processor acquirer Etc it's inefficient it's obviously slow

because if you do a swift transfer especially for like platforms where you are raising invoices it takes about like 3 to 4 days to credit that right and obviously the old backend system sustains using Copo uh so what is the solution now to this problem that your banking systems are a bit old and of course not very inefficient with cryptocurrencies right so nosis pay in one word if I had to explain it to you in the current moment is you could Bridge grade 5 and web 3 together so basically you have got your old banking payments infr U infrastructure systems and nosis pay is the whole connection

between that payments infra and the blockchain Defi and all these transactions by the way happen on chain so your bank will come into the picture but it will be still very much decentralized it is not going to be a centralized process because nosis pay is a self- custodial payment solution you hold the funds you have the exact power to see that what you are transferring and all the transactions happen on chain so the long-standing challenges the first one is of course the private Key Management we've been talking about smart wallets session Keys social recovery um you know wallets being hacked so there's private Key Management

now coming into the picture where you have social logins and you are able to um derive your uh hacked wallet or you know you lost wallet the second one is obviously complex D on boarding where your um account abstraction would probably come into the picture and third one gas fees only in Native assets so on ethereum you pay in E right and all other chains you have got these native assets but as you know these are volatile tokens right but on nosus chain apparently the native asset is Xi so xti is a stable coin by the way and that has been used for the gas fees if you're doing all these

transactions um and let's let's yeah talking about the regulatory acceptance um and the scalability l2s are around in the space there are still a lot of things that we are figuring out the denen upgrade that happened very recently was somewhat a solution to l2s but um we are working our way towards it right so now this is a flow um and I wish I could show this whole transaction flow uh to you on the screen but apparently I don't have a card right now because um currently this um card is public it's active the Visa card is active right now in Europe and London region so if you are someone who holds a

Europe or um a London passport UK passport you are U accepted to be able to apply for the card because there's a kyc solution um involved in the process so yeah because I'm from India I don't have the compliant yet ready for my national te um so the whole flow looks like you have got this nosis pay Visa card you have a payment terminal which goes to equiter and then you have a card scheme by Visa so we have our own nosus pay processor who handles a lot of these things um offchain and the middle on onchain and the nosis pay account and the card is completely anos space safe the most simplest way to explain is that

so it's a safe account but with a bit of changes and that that change is you have got two modules so that two modules are delay and roles module I'll give you a bit more um information on what these two modules do but nosis chain as an L1 is coming out to become a payments Network this is also our newest Vision the 3.0 vision of nosus so all the transactions on chain would be happening on just nosus chain and your nosus pay safe account and the card are interl together all right so are we going to call it just any credit card or any other crypto.com card no this is the

world's first onchain self- custodial checking account with a debit card so you have a pay safe account which is linked to your um card and you are are the one who would decide how much would you like to spend so you have a spending balance that you can set based on whatever your needs so you can go for 300 400 500 the best part is your bank comes around and be like okay you know what I don't want you to do this transaction so all the other custodial solutions that exist they can block your account but because this is a self- custodial solution even if let's say your card doesn't works you still have the access to your pay safe accounts so

you can always withdraw the tokens um now we are not going to talk about what tokens right now but let me just give you a bit of more information on the whole system there is iban there is debit card and then there is the safe wallet which is supporting the stable coins there are two stable coins right now there is GBP and Euro e all these these both tokens are um supported by monium because we we use that in that backend to uh to be able to connect with the iban which is your International banking account number right so trade f is spend using card on ramp offramp uh via bank transfer and sepa bank transfer

which is basically more around the EUR European banking system right um and in defi you have got swaps you interact with D5 protocols and most importantly you connect with tabs so you have a card which can now now also sort of connect with other dabs of course this is install process but the view is that you don't need to hold um multiple accounts right and you you can always have this card with you and be able to connect with the tabs across other consumer products too so um well this is a nosus pay flow I think I already mentioned about this but um some of our providers so fractal ID is the one which will be helping you

out with the kyc process safe for the safe account uh for the user and monium for the card and the iban Linkin together so the current nsis pay benefits are around first of all obviously it's your self custody um self- custodial solution so you uh you you kind of own your account of course you you it becomes your own bank and we are not going to be the one who would be in touch with your funds um special perks for being early so we are providing this OG nft for the early users of nosus pay and access web three instruments you can connect with DBS and

D5 protocols to access better yields so um I think last month we organized this hakatan e Global London where we asked people to build Solutions around how you could have yield bearing tokens on top of nosus pay so let's say if you own uh let's say 00 e in your um NOS pay account you could earn a yield on top of it and then be able to use it and the further go spend globally obviously because it's a Visa card you are um you have the access to be able to spend this for 80 million plus Visa Merchants worldwide so you might be right now in Dubai but you can still spend your

crypto across the world at no need of Forex card anymore I mean if I would have it I would be so thrilled because I wouldn't have to get my Forex card or like convert my currency to the place I am at right offramp and onramp and of course compliance is something that we take care of so you don't need to worry about if it's compliant with your bank because we um what we do is we partner up with this uh local bank you could say for example um monovalent as in to name to say the name of the product where we make sure that it's pretty much compliant for settling the trans transactions with Visa so your bank is pretty much uh not going to you don't have to worry about the whole part that

which bank do you have right now and how would you take care of the compliance if you open up an account now talking about uh the nosus pay save and how is it different from a normal save it's these two modules which completely change the working of nosus pay account so you have a delay module and you have a roles module deal module is basically um a module that we have put in place to kind of avoid a risk of overrunning the transaction basically because um Visa settles a transaction within two to three seconds but because you're doing this whole process of you know an iban is involved in there and you're off- ramping and on ramping and

making sure the transaction gets settled by the bank goes to the Visa Merin we require at least like 3 minutes so for that setup we created these um you know of a throttle for the users to access the safe and be able to do these transactions and then that whole thing gets settled by um Visa the roles module is something that will enable the nosus pay to you know spend EUR e on behalf of the user for Visa payment so if you have any other crypto let's say in your NOS pay account we would not be allowed to spend that token on behalf of you for the users so only Euro e or GBP is the only token that can be spent in the Visa

um Visa Merchants right like to go through the whole process okay so what's next well anyways we want to definitely bring this to mass users um and the first step would be definitely getting it on Apple pay and Google pay so what if you can link your crypto debit card to Apple pay and Um Google pay it would be awesome so that's the first step that we are taking second is to support more stable coins like usdd usdc Etc because right now we have Euro e and GBP um and what we want to do is that you get the access to more stable coins

that you own in the pay safe account um third one is our obviously the rewards program that we are trying to bring in that for example let's say if you're spending with your debit card you might be able to earn certain rewards on top of it just like you get it in any b or credit cards so reward-based loyalty programs Etc the current traction right now um it's around 2800 plus cards have been ordered there are 10,000 plus users all around the world on the wait list and this is the total volume since the launch it's completely crazy like if you see the whole um timeline from December 11th onwards to April 8th it's it's been

awesome we have been seeing the growth of these transactions and even people have been using this across the world you know whenever they are traveling to be able to use your crypto so yeah as I mentioned the current regions where nosis pay is active is Europe and UK and Switzerland and coming up next is Brazil and USA we are trying to also get this accepted uh for Indian users as well so a lot of compliance in involved but this is the official thing that I can possibly tell you that where next nosus pay is going to be shout out to our partners by the way um Visa Mona there is safe um gelato

lei for bridging and monium as well nosus chain because obviously all the transactions are pretty much settle on this nosis chain L1 and then fractal ID for kyc so um if you want to order your card right now this is the QR code you can scan or you can take a picture um or you can even join the waight list if you'd like if you cannot order one right now but yeah I'm just going to wait for two seconds so that you can take a picture okay awesome

and well if you are a developer like me and you would like to learn more about NS space see the dogs um and also learn how you can build on top of nosis pay which is something that we are working on right now like we trying to work on sdks and API so that businesses and developers can develop on top of nosus pay and they can leverage the transactions um on chain using the whole infrastructure that we are providing for the users that you have so you can of course go to the website or you could explore the docs which is right now on gitbook um this is a Discord Channel by the way if you would like to join um this is open to nosus chains and also um your nosus pay as well so you can join

in and if You' like to connect with me then this is my telegram my Twitter handle I am very much active on both of these platforms if you've got any questions around nsis chain nsis spay just yeah just don't mind to ask any of these questions and I'm very very happy that there are so many people who came from all around the world and you know this this product would have been super like revolutionary for the ones who are coming from different countries and they would like to spend in Dubai or any other country so thank you so much for listening and I hope um I hope this product sounds interesting to you we are

also um part of you know the Eid Dubai hackathon as well so if you are building on top of nosis pay you have got some technical questions feel free to shoot to me and thanks once again and have a great evening um yeah thank you bye let's give the biggest Round of Applause and E uh Dubai yeah come on everybody because this is the last talk this is how we're closing it out do we have any questions by the way we do have like a few questions questions can you take those real quick yeah by the way best questions of eth Dubai go to this man right here he's been asking questions let's give him a round of [Applause] applause hi I'm sjun from South Korea I

I would love to have that card I would love to use that card when do you think uh the the agnosis pay will be available in Northeast Asia any guess yeah I mean uh I cannot give the exact timeline but but we have been working with most of these you know uh banking partners because that's how the Visa transactions are going to be accepted in the country so as soon as we find a good banking partner who is willing to settle the transaction on behalf of visa and you know work along with them then we would get the news to you but yeah you should definitely sign up for the wait list and we'll keep you um you know noticed on that 5 months and 32 days all right I can say that I don't work for them all

right uh another question yeah uh actually I'm already U happy user of this product and uh I have a question uh the initial owner of the safe account uh when U uh it's initialized it's changed uh and U um if it's somehow compromised it would be really good to be able to update it and I didn't find such such a possibility okay it's it's one thing and the second is just just like a feedback uh definitely you need to get access to this account to withdraw fonts from it but uh when it happens for the first time even for

someone who is like familiar with web 3 it's a bit surprising because uh with this transaction that that happens um my original address just disappears from um the list of the safe owners and a new one very like strange address with a lot of zeros appears in that and yeah it's quite questionable if it's indeed um non codal I realize that it is because my address still controls it through a bunch of other contracts but it would be really good to make it more clear for the user on this onboarding phase yeah thank you okay yeah I'm going to come to you and take that feedback and make sure that I write it up but for the first question I think you're asking that if your eoa gets

compromised then how would you be able to you know do the transaction from your paysafe account right and um yeah it could be like compromise but still uh yeah it could be compromised for example but still accessible for me to quickly like update it yeah uh and also the the multi- thing that is available by default in in a safe account isn't available for for this special type of accounts could be also interesting to still have it uh just to avoid or one address that can be either lost or or compromised yeah yeah yeah I think that feature is Implement being

implemented right now so that you can like add the signer or something like a multi in the whole process for example if you're one of the EO account doesn't works and how you could do the transaction but for the feedback part I would love to take that note and uh would definitely pass it on to the team thank you okay all right any more questions this oh okay hi thank you uh so if I get it right you don't need to pay fees right when you use this card I mean crypto so there's only one time fee which is the ordering fee that you'll be paying when you order the card and that's €30 that's it there

is no other fee involved in any transactions that you do no no no no no percent no extra fee on the whole transaction the only um small fee that would probably get detected is for the L chain settlement like for the nosis chain but we don't keep anything from you um it's just the first step yeah that when you'll have to pay3 is that a hand raise or are you stretching okay I think he's stretching anyone else well this concludes eth Dubai 2024 thank you so much and uh yeah