Integrating UPI Payments into NFTMaking Solution - Unlocking India as NFT Market

[GENERAL] Name and surname of main applicant

Sandro Schaier

[GENERAL] Are you delivering this project as an individual or as an entity (whether formally incorporated or not)

Entity (Not Incorporated)

[GENERAL] Please specify how many months you expect your project to last (from 2-12 months)

7

[GENERAL] Please indicate if your proposal has been auto-translated into English from another language.

No

[GENERAL] Summarize your solution to the problem (200-character limit including spaces)

Integrating UPI, a popular payment system in India with more than 260 million users, into the cardano NFT ecosystem offers a convenient experience for on/off ramp transactions into Cardano using NMKR

[GENERAL] Does your project have any dependencies on other organizations, technical or otherwise?

Yes

[GENERAL] If YES, please describe what the dependency is and why you believe it is essential for your project’s delivery. If NO, please write “No dependencies.”

We will rely on NMKR's infrastructure to implement an example use case as a seamless Cardano UPI payment gateway. This integration should be smooth as we are in discussions with the NMKR team and have been collaborating with NMKR

[GENERAL] Will your project’s output/s be fully open source?

No

[GENERAL] Please provide here more information on the open source status of your project outputs

Fintech projects deal with sensitive financial data and maintaining the security and privacy of this data is of utmost importance. While open sourcing a project can offer several benefits, such as community collaboration and transparency, it can also raise concerns regarding security. Keeping the project closed-source initially allows for greater control over security measures. We will however offer access to ALL NFT-Minting solutions if they want to integrate it.

[METADATA] SDG rating

SDG Goals

9 - Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation

17 - Strengthen the means of implementation and revitalize the Global Partnership for Sustainable Development

SDG Subgoals

17.19 - By 2030, build on existing initiatives to develop measurements of progress on sustainable development that complement gross domestic product, and support statistical capacity-building in developing countries

17.3 - Mobilize additional financial resources for developing countries from multiple sources

9.1 - Develop quality, reliable, sustainable and resilient infrastructure, including regional and transborder infrastructure, to support economic development and human well-being, with a focus on affordable and equitable access for all

9.3 - Increase the access of small-scale industrial and other enterprises, in particular in developing countries, to financial services, including affordable credit, and their integration into value chains and markets

9.b - Support domestic technology development, research and innovation in developing countries, including by ensuring a conducive policy environment for, inter alia, industrial diversification and value addition to commodities

Key Performance Indicator (KPI)

9.1.1 - Proportion of the rural population who live within 2 km of an all-season road

9.1.2 - Passenger and freight volumes, by mode of transport

9.3.1 - Proportion of small-scale industries in total industry value added

9.3.2 - Proportion of small-scale industries with a loan or line of credit

9.b.1 - Proportion of medium and high-tech industry value added in total value added

17.3.1 - Foreign direct investment, official development assistance and South-South cooperation as a proportion of gross national income

17.3.2 - Volume of remittances (in United States dollars) as a proportion of total GDP

17.19.1 - Dollar value of all resources made available to strengthen statistical capacity in developing countries

17.19.2 - Proportion of countries that (a) have conducted at least one population and housing census in the last 10 years; and (b) have achieved 100 per cent birth registration and 80 per cent death registration

[SOLUTION] Please describe your proposed solution.

We 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), we aim 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. Integrating 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 (approx. 250 billion USD), we 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.

[IMPACT] Please define the positive impact your project will have on the wider Cardano community.

We 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:

• Addressing the Lack of User-Friendly Solutions: We simplify 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, we remove barriers and encourages wider adoption of Cardano.

• 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, we tap into a large market and facilitates easy transactions for crypto investors.

• Driving Mass Adoption: With approximately 115 million crypto investors in India, we have the potential to bring a significant number of new users into the Cardano ecosystem. By providing a simplified onboarding process and familiar payment options, we aim to attract and engage a broader audience, contributing to the overall growth and adoption of Cardano.

• 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.

• Enhancing Cardano's NFT Ecosystem: we integrate 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 this solution on the Cardano ecosystem is substantial. By creating a user-friendly platform and integrating with UPI, it significantly improves Cardano's accessibility to the masses. This results in increased user adoption, higher transaction volumes, and a thriving NFT landscape.

The proposed 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, it drives mass adoption, extends Cardano ecosystem's reach, and solidifies Cardano's position as a leading blockchain platform.

[CAPABILITY & FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability? How do you intend to validate if your approach is feasible?

My previous experience includes working on several Cardano projects, where I have been involved in various tasks from developing authentication flows for projects like HHMC to creating custom solutions for large-scale NFT projects and NMKR.

In addition, I am also the developer for Whiskees NFTs, and will release an Open Source Voting System for everybody to use (even though it was not funded)

Outside of the Cardano ecosystem, I work as a freelance developer, working on a variety of web and app projects. This has allowed me to gain practical experience in real-world development and needs.

[Project Milestones] What are the key milestones you need to achieve in order to complete your project successfully?

Architecture and Technology Stack:

• Select appropriate technologies and frameworks.
• Design the overall application architecture.
• Plan for scalable payment handling infrastructure.

Project Setup:

• Set up the development environment.
• Configure version control and collaboration tools.
• Create the initial project structure.

UX/UI Design:

• Create wireframes and prototypes of the payment management platform.
• Design user-friendly and intuitive interfaces.
• Ensure a consistent visual identity and branding.

Backend Development:

• Developing a scalable backend infrastructure for seamless UPI and NMKR Integration.
• Develop APIs for onramp high volume transactions.

Frontend Development:

• Develop the user interface for creating accounts, managing payments and KYC.
• Integrate with backend APIs.

Testing and Quality Assurance:

• Conduct thorough testing of the backend APIs that handle transactions
• Perform functional testing, usability testing, and compatibility testing.
• Identify and fix bugs and performance issues.

Security and Privacy:

• Implement necessary security measures to protect user data.
• Address privacy concerns and comply with relevant regulations.

Deployment and Support

• Launch and User Engagement:
• Engage with users and gather feedback for continuous improvement.
• Bring user acquisition by partnering for implementations across various industries in India that would bring mass adoption and reach.

Continuous Improvement:

• Analyze user feedback and identify areas for enhancement.
• Regularly release updates and new features to address user needs.

Ongoing Maintenance and Support:

• Provide technical support to users and address their queries or issues.
• Monitor server infrastructure and ensure high availability.
• Maintain compatibility with new iOS and Android versions.

Further Integrations

We commit to integrate it into different minting solutions/provide access to projects interested in integrating this payment solution themself. (Requirements imposed by UPI... have to be followed)

[RESOURCES] Who is in the project team and what are their roles?

Sandro Schaier - Developer

[BUDGET & COSTS] Please provide a cost breakdown of the proposed work and resources.

Milestone 1: 45k

• Project Setup
• Architecture and Technology Stack

Milestone 2: 15k

• UX/UI Design

Milestone 3: 80k

• Backend Development
• Frontend Development

Milestone 4: 20k

• Testing and Quality Assurance
• Security and Privacy

Finalisation: 40k

• Deployment and Support
• Continuous Improvement
• Ongoing Maintenance and Support
• Further Integrations

[VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?

In terms of value for money for the Cardano ecosystem, the project aims to deliver a UPI payment layer on Cardano that enhances the user experience and contributes to the growth and adoption of Cardano. The successful development and launch of such an application can attract a substantial user base, which can have a positive impact on the ecosystem as a whole.

The costs associated with the project represent an investment in creating a UPI payments layer integrated with NMKR's architecture but also offering other NFT-Minting solutions the option to integrate it. Furthermore we ensure that the application is built to meet the technical requirements and user expectations.

The project cost, based on German market rates, allows for the efficient allocation of resources to ensure the successful development and deployment of the platform.

[IMPORTANT NOTE] The Applicant agrees to Fund Rules and also that data in the submission form and other data provided by the project team during the course of the project will be publicly available.

I Accept