The problem PaySol solves

PaySol strives to facilitate people or businesses to connect and transfer crypto assets easily through a scan and pay system to enable a secured and fast transfer.

Problem

19% of small and mid-sized businesses (SMBs) are already using blockchain. In the near future, almost 49% of SMBs are planning and evaluating to use blockchain. With the trend of blockchain adoption growing year-on-year, the trend for crypto wallets has been growing too. By the end of Feb 2021, we have more than 68 million users using crypto wallets.

Why Solana?

PaySol uses Solana for the following reasons:

• Faster transactions
• Low fee for transaction
• Provides scalability

Who is PaySol for?

• Small and mid-sized business owners transacting cryptocurrencies
• Anyone who wishes to send/receive crypto payments
• Anyone who wants to advertise their products/services in PaySol marketplace

With this rising trend of crypto usage for businesses, the business owners can:

• Deal with high frequency daily transactions
• Keeping track of the financial records - reporting, analytics, shipping
• Customer retention by deepening customer relationships
• Expanding to global markets
• Advertising your product/service offerings in PaySol marketplace
• Mitigating risks from fraudulent transactions
• Billing and Invoicing - One time, Fixed recurring, Variable recurring and On-demand
• Earn rewards with each transaction

PaySol not only offers solutions for business owners, but also the common public.

For a common user, Paysol helps with:

• Storing their assets in PaySol wallet
• Use P2P messaging platform to chat with peers
• Earn rewards for every transaction
• Receive offers for several products/services
• Transact tokens to other users
• Set up recurring payments to various products/services
• Exchange tokens using Serum DEX

Challenges we ran into

• All the team members are new to the Solana blockchain ecosystem. This was a major hurdle that we faced while developing this product.
• Building the user interface was difficult, since all the team members were amateurs.
• Faced issues while building and syncing chat application for multiple users.
• Did not find enough time to build and integrate our application with Serum DEX.