Konma WEB3 payment Solution

There are 3 kinds of transactions that can take place on an e-commerce store - Incoming transactions from customer purchase, Vendor payout, Affiliate payout.

Online Payment Adaption

With the world shifting towards an online era, e-commerce has boomed. Though the major users were millennials and Gen Z, post-COVID the adaptability has extended to many Gen X users as well. Though the initial adaption to online payment was laced with skepticism, people are now growing comfortable using online payment gateways. 40 billion digital transactions worth more than a quadrillion Indian rupees were recorded across the country in 2021.

e-commerce Marketplace

There is a rise in the number of brand aggregator e-commerce stores in recent times. This opens an avenue of online payment for vendors payouts. Most vendor payouts are made online using a payment gateway either on a 15-day or 30-day payment schedule. With Konma Marketplace we are giving vendors the option to choose their payment option to receive their payment.

Affiliate Marketing

One of the growing marketing strategies adopted by businesses is Affiliate marketing. Affiliate marketing can be a strong tool given that the affiliates see value in their efforts. Prompt payouts and ease of tracking their sales will be a driving factor for affiliate marketing. In Konma Marketplace, we have an interactive dashboard for each affiliate to track their sales metrics and performance. The affiliates can choose the mode in which they prefer to receive their payments.

Blocking problems:

DATA BREACHES

Current web2 ecosystems hold loads of sensitive data on users' bank details to verify payments. Loses are worth billions due to data breaches, poor InfoSec practices, and commission rates. The breaches not only affect individuals but thriving e-commerce businesses as well.

The numerous ways your business can be impacted by a payment card data breach:

• Substantial fees and fines could potentially total in the tens of thousands of dollars or more.
• Loss of customer confidence and trust.
• Damage to your brand and good business reputation, especially as word travels quickly through social media and online review.
• Considerable time that will have to be devoted to dealing with and recovering from the breach event.

Evidence

https://www.upguard.com/blog/cost-of-data-breach

https://www.gminsights.com/industry-analysis/payment-gateway-market

PAYMENT GATEWAY CHARGES

Traditional payment systems are costly both for consumers and merchants due to high fees, declined transactions, low approval rates, and complicated multi-currency support.

SOLUTION BRIEF

Blockchain-based crypto payment systems can be a solution to the above-mentioned problems. Though blockchain technology and the crypto space are just thriving around the globe, the trend is shifting slowly towards adoption. An easy-to-use interface and seamless process could open a world of trustless transactions that is peer to peer and cuts down the middlemen.

Goal:

• Build a seamlessly integrated crypto payment gateway using the ADA Pay API given by COTI and Shelly era wallets as a plug-in for leading e-commerce service providers.
• Create awareness among vendors and affiliates about the ease of use and privacy protection that comes with using ADA pay as part of the KYC process.
• A pop-up to guide people through the wallet setup process and payment process.
• A pop-up on the checkout page to motivate customers to pay using ADA Pay.
• e-mail marketing to get feedback from merchants and users regarding the ease of use and plug-in performance.

Demographics:

The intended target group are e-commerce platforms like -

• Shopify
• Woo commerce
• Magento commerce
• Elementor
• Wix

With the ADA Pay payment gateway solutions e-commerce store owners can be benefitted and also will act as the driving force to the adoption of crypto payment gateway as an option for business transactions. The more e-commerce stores adapt to ADA pay, the more customers, vendors, and affiliates are exposed to this transaction process. The initial adaptors would be Gen Z and millennials who have adopted crypto trading (especially during the pandemic) and are exploring further into the space.

Action Plan:

Konma Labz with a full-stack developer team will develop a plug-in using the API Key to the ADA Pay system and e API documentation provided by Coti. This plug-in will offer seamless Web3 integration into the Konma e-commerce platform and also provide the application for other merchant e-commerce platforms.

Konma has bootstrapped its own marketplace hosted on Shopify and accepts ETH and BTC payments for purchases. With the existing marketplace, we can run real-world beta tests before rolling out the feature for use.

This whole process will utilize most web3 applications such as Oracles, NFTs , Wallet integration and a p2p marketplace.

TARGET GROUP

E-commerce Platforms

ACTION INITIATORS

e-commerce Store Owners

USERS

Customers

Vendors

Affiliates

USER STEPS

Users cart -> check out-> choose ADA Pay -> scan QR -> process payment -> share txn hash with merchant and buyer

Development / Deployment:

WEB3 integration of our current web2 e-commerce marketplace

Wallet integrations

Beta tests

Real-world tests

Auditing

Test Net beta test

Road Map:

Week 1 & 2 – Acquire developers

Week 3 & 4 – Finalize Architecture design

Week 5 & 6 – Initialize Code development

Week 7 & 8 – Continue code Development & test

Week 9 & 10 – Continue code Development & test

Week 11 & 12 – Continue code Development & test

Week 13 & 14 – Preliminary audit of code

Week 15 & 16 – Test Net Beta test

Week 17 & 18 – Konma Marketplace Integration and web3 accessibility

Week 19 & 20 – Konma marketplace beta test & real world test

Week 21 & 22 – Final Audit and Q/A

Week 23 & 24 – Release

Defining success:

• User-friendly interface with minimum clicks to checkout
• Mass adaption of ADA Pay gateway on multiple e-commerce platforms by merchants

KPI:

1. Successful integration of ADA Pay API onto the Shopify marketplace used by Konma
2. Successful test txns of purchase of services or products from e-commerce sites.
3. Increase the number of txns using ADA pay using interactive pop-ups to guide customers to use the payment option.
4. Audit the number of merchants using the solution on their e-commerce platform and the number of successful transactions by users on the merchant store from backend data.
5. The flow and ease of use can be tracked using heatmaps on the website.

Skills Required:

• PCI-DSC compliant officer
• Payment Gateway Developer
• ADA Pay API expert
• Node.JS developer for Backend
• React.JS developer for Frontend

Budget Breakdown:

• Development & Testing - $ 20,000

• UI/UX (80 hours)

• Front-end (80 hours)

• Back-end (120 hours)

• Web3 integration (80 hours)

• Audit

• Consultations

• Infrastructure - $ 2000

• Marketing - $ 3000

TOTAL - $ 25,000

Challenges:

Initial adaption might be slow as the transition from traditional payment gateways to crypto payment gateway will require awareness about the ease and benefits.

IP:

Konma WEB3 payment Solution will be a product of Konma and will remain a service for the Cardano Ecosystem; it utilizes the MIT open source license protocol. Konma is Trademarked.

All copyrights reserved 2021

Way Forward:

Once the solution is delivered we would like to further have Konma Labz collaborate with Coti for other payment solutions designed by Konma Labz.

Idea 1: To facilitate the use of NFT for consignment tracking, and payment receipt details and further incorporate onto the supply chain management feature designed by Konma Labz

Idea 2: To utilize redistribution function between vendors and ambassadors, loyalty programs, and token incentives.

Idea 3: Web3 wallet integration onto website front end during checkout for smart contract-based marketplaces

Want to know more about KONMA? Click the link below

https://linktr.ee/konma

This proposal is just a part of the bigger picture. To get a better idea read our other proposals here:

https://linktr.ee/KonmaCatalystFund7