Cardstack, an open source SaaS for Web 3.0, announced today that it is introducing a sidechain for transactions to launch the Card Pay network. With Card Pay, developers can sell their products and services directly to customers.
Customers can pay for the products and services they need with prepaid cards denominated in a currency they understand. Suppliers can issue these prepaid cards and sell them to customers. and everyone who takes part can earn rewards.
“Card Pay ensures that fees are only a fraction of a penny. In the meantime, we are combining cryptocurrencies, stablecoins and other types of innovative DeFi instruments with smart contracts and a user-friendly interface. As a result, we offer users without crypto experience the ability to make practical daily payments on a decentralized basis, participate in decentralized trading, and at the same time benefit from a fun, smooth and cohesive user experience. “
– The Cardstack team
What is card payment?
Card Pay is a payment and reward network:
- It is based on Layer 1 and Layer 2 technology.
- Cryptocurrency, stablecoins and other types of DeFi instruments with smart contract backed are used for convenient daily payments.
- The system supports decentralized trading.
“With the introduction of Layer 2 technology, we can now say that if a payment is only a fraction of a penny, we can potentially deploy cryptocurrency, stablecoins, and other types of innovative smart contract-backed systems to deliver practical, daily DeFi tools Making payments that involve things like e-commerce or decentralized trading. “
– Chris Tse, Cardstack founder
Card Pay is designed for the creator market::
- Developers can be developers and designers who create new card types (mini-applications) to replace Silicon Valley’s SaaS apps.
- Creators can also be ordinary people who create media, offer goods or services, and build memberships or communities.
Card Pay consists of a web app and a mobile app:
- Suppliers can deposit money into the reserve pool of the CARD protocol and issue prepaid cards in the web app.
- Dealers can manage their online shops with the web app.
- Customers can pay with the mobile app.
- You spend money on prepaid cards that you can reload at any time.
- Customer transactions in the Card Pay network lead to rewards.
How does the ecosystem work?
The Cardstack ecosystem is a virtuous cycle:
- Developers create software tools.
- Customers use these tools to create new content and data.
- You start your content and data in shared areas and workflows.
- Users then trade with each other and spend money to pay vendors and service providers.
- The resulting income enables us to reward developers, designers, and other manufacturers for their contributions.
- In return, they create more tools that lead to new content and experiences based on a shared open source library.
How does Card Pay work?
Transactions lead to rewards:
- Customers spend money using prepaid cards.
- Your transactions on the Card Pay network result in rewards.
- Rewards can be monetary (e.g. reward tokens) or non-monetary (e.g. points, vouchers).
- Non-monetary rewards are NFTs.
- Reward points lead to a status similar to the status of an airline mile, which can bring further rewards.
- A number of analyzes use the on-chain history to track active reward programs.
- The CARD protocol and tally enable the cycle of spending, earning, offering and redeeming between customers and merchants.
- Customers can use their earned reward points or vouchers as additional payment methods.