Stellar Community Fund

By Abroad

Payment interoperability for wallets

SCF #32

$56.1K

Build

Awarded

Connecting the Stellar Blockchain with the Colombian banking system to allow users make in-real-life payments with their USDC through local QR codes.

Products & Services

Products:

Apis for easy integration.
Payment Widget: Wallets will be able to offer our solutions to their customers without UI development.

Services:

On/Off instant ramping between USDC and COP.
Wallet interoperability: Users will easily interact between Blockchain and TradFi, without even noticing.
Fiat QR payments: When an user scans a FIAT QR code for payment in local currency, we will orchestrate all the flow from Crypto to Fiat (COP).
Fiat QR money requests: We provide a QR code for the user to exhibit to its pair in order to obtain COP. The payee can scan the QR code with their local wallet (Nequi or any other bank), and the requester will receive the funds in USDC (in their Stellar wallet like Decaf or Beans)

Soroban

Maybe in the future, but not in this submission

Requested Budget

$56.1K

Success Criteria

Develop the proposed integrations and deliver on time.
Integration with Decaf and at least another wallet like Beans of AirTM. This will proof that we are providing real utility of Blockchain for people.
Expanding Financial Access: By integrating our solution, wallets will be able to offer instant payments and withdrawals in Colombia. Users will have more options to use their crypto in real life. We will keep and eye to understand if people is considering our solution useful. If so, this will definitely confirm our success for this initial stage.
User adoption: The initial traction in Colombia will confirm the need for a solution like this in the Region.
Transactional Volume: We expect to serve +50K users and process +$2M by Q2 of 2025. Meeting this numbers will confirm our success.

Go-To-Market Plan

Our aim is to launch in Colombia with Decaf in order to solve the pain experienced by their users who are struggling to use their salaries in the country. This is a real need, and we want to provide a real solution that will improve the user experience and reliability on blockchain technologies. After Decaf, we will be able to offer our solutions to every wallet on the Stellar Ecosystem.
But we won't stop there. As part of our GTM, we are already partnering with lead providers in Latin America and Asia, with the vision to cover several countries within the next 3 years.

Traction Evidence

The following document shows the traction obtained during the last couple of months.
https://docs.google.com/document/d/1uZ0PXWOKqOJ-Aie4ZL1aCssG7cLR-KgUopHT_xDiKLs/edit?usp=sharing

Tranche 1 (Deliverable Roadmap) - MVP

We will provide infrastructure for stellar wallets to interact with the traditional banking system in Colombia instantly.

We will develop:

A portal for devs where they will find our APIs.
Integration with Persona for KYC.
Integration with Movii, our BaaS provider in Colombia.
Our smart routing system using USDC on Stellar blockchain for instant settlements. This smart routing refers to the instructions given to the wallet when the user scans a QR code. We will identify the QR code, provide the conversion from USDC to COP and send settlement instructions to Movii for payment to merchant.
Integration with Blend.Capital for liquidity purposes.

How to mesure completion:

Successfully integrate Stellar Blockchain.
Successfully integrate persona for KYC.
Successfully develop the integration with Movii.
Launch the portal where devs can check our apis and integrate it.
Successfully integrate Blend.Capital

Estimated date of completion: Last week of February, 2025.
Budged: $37.950

Tranche 2 (Deliverable Roadmap) - Testnet

We will start the integration with our costumers, doing testing on both sides.

How to mesure completion:
1. Testing the integration with Decaf, our launching Partner in Colombia.
2. Fix bugs and solve blockers.
2. Successfully comply with KYC & AML.

Estimated date of completion: Middle of March, 2025.
Budget: $5.820

Tranche 3 (Deliverable Roadmap) - Mainnet

After successfully passing all the testing, we are ready to launch on Mainnet. The goal is to offer our solution to any wallet on Stellar, so users can rely and live 100% on their crypto, even paying in in real life.

Estimated date of completion: End of March, 2025.
Budget: $12.350

Team

Esteban (CEO) and Hollwann (CTO) are best friends since 2013. They have already developed several projects before: A blockchain initiative for their University (200 users, 12 miners, Coin price of $0.10), a payment gateway, a Business Wallet, A smart ticketing service for parties, a real-time Auction platform (Like eBay but way better) and many more. Esteban has a deep passion for Finance, committed to building innovations to make people's life better. Hollwann is a technology rockstar, with a strong technical capacity to develop the most complex solutions out there.