Introduction
8pay is a payment protocol, built on the Binance Smart Chain, designed to enable genuine cryptocurrency-based recurring payments without introducing additional friction. Its permissionless design, powered by automated smart contracts, gives crypto assets added functionality.
Cryptocurrency transactions, recorded on a public ledger, provide instant auditability, avoiding the possibility of dispute between buyer and seller. As a result, there is no requirement for a third party to arbitrate on whether a crypto payment has been sent and received – the blockchain reveals everything. Moreover, cryptos provide instant settlement compared to wire transfer, and do not require clearing houses, further reducing friction.
Single, recurring and on-demand payments are all facilitated via the 8pay protocol, making cryptocurrencies suitable for everyday use.
To allow for simple, quick and user-friendly interactions, the complexity brought by the blockchain is abstracted into simplified APIs, libraries and graphical user interfaces.
8Pay offers multiple billing models that can be easily shared with customers or embedded into your website in three different ways: buttons, short urls and QR codes.
Completing a payment through 8Pay follows a process similar to that of a traditional payment portal like PayPal. When the user clicks on an embedded button, visits a short url or scans a QR code, he will be redirected to 8Pay hosted checkout pages where he’ll be prompted to sign in using MetaMask and, after reviewing a summary of the operation, complete the process by signing a transaction.