PAYMENT BOX
We Transform and Simplify the Way We Pay
What is PaymentBoxPaymentBox is a decentralized blockchain-backed Secure Payments Platform that provides a simple way for online purchases. No more entering a credit or a debit card during checkout. The purchase is validated on the corresponding mobile app: either on your own mobile device or delegate the payment request to someone else's. All transactions are verified to ensure security, accountability and convenience.
Problem- It’s difficult to make an online purchase without a credit card, a debit card, or without access to your bank account.
- It’s difficult to pay for another individual’s purchases without giving up your own financial information, or having to be physically present complete the transaction.
- It’s not easy to delegate payments to a friend or groups of friends, and be able to give them extra “interest”in return.
- There is a need for a decentralized system of records that shows proof and transfer of ownership to protect all parties in an ecommerce transaction.
SolutionPayment DelegationConsumers have the option to delegate the payment request to another person (e.g. think teenagers/college students shopping and need parental approval), which traditionally has been a pain point involving sharing sensitive information or needing to be physically present. PaymentBox provides a secure and convenient option where you can select an in network trusted friend or phone number to delegate payments to. Once selected, PaymentBox sends the transaction request to the selected person for payment. A smart contract is created and the transaction recorded in the ledger.
Payment Approval ChainAdditionally, PaymentBox’s delegation model enables proof of ownership and the transfer of ownership from one entity to another in a chain without the need of third-party intermediaries.
Payment SharingSometimes we need help when purchasing a big ticket item. PaymentBox makes it easy to ask for friends to help in time of need. Users can choose to assign a request for payment to a group of friends in their PaymentBox network or social network (Facebook, Instagram, etc). As an incentive, PaymentBox includes a reward platform whereby the borrower can specify a reward for someone who helped make a payment. It is also possible to specify a reward one is willing to give for help making a payment. Multiple friends can bid and the highest bid wins the contract.
Anyone on the platform can provide rewards in a form of PaymentBox token.
Ecosystem IncentivesCustomersWe are offering PaymentBox tokens (PAYT) to incentivize bootstrapping of promote strong user participation. PaymentBox tokens can be obtained from the public exchange, and PaymentBox/merchant promotions and incentives. Each time a user completes a transaction with PaymentBox, a percentage of the transaction will be rewarded back to the user as PaymentBox tokens.
MerchantsIn addition to user incentives, merchants also receive tokens to participate in the PaymentBox ecosystem.Merchants receiving PAYT-based transactions will not pay transaction fees. In addition, even when a merchant receives a credit card transaction, a portion of the transaction fee is given in tokens back to merchant as an incentive. Merchants have the option to incentivise their customers through PaymentBox promotions and discounts.
Example Use CasesBusiness ProcurementYou want to purchase a toner for your office printer. Instead of going through a cumbersome expense report process, use PaymentBox. PaymentBox sends the payment request through the approval chain. Once the payment request has gone through the approval chain, the PO is approved, and the order can be made. No third party intermediary is needed and all transactions are recorded and can be audited later.
Parental-Approved PaymentWant to pay for your children’s purchase without giving them your credit card? With PaymentBox, a child can shop online and initiate the payment process with their parents’ phone number. Parents can then review the shopping cart and approve the transaction. No need to give a credit card number to anyone.
WhitepaperEnglish |
Chinese |
Russian
More coming soon!
We will be announcing more details on our bounty program and token sale soon (you can find token sale allocation on our website). If you'd like to stay tuned and get all the latest updates on the project, sign up for the email list at paymentbox.io 
