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AMBRPAY SIGNED

Decentralized subscription payments with cryptocurrency

Total Cost €

0

EC-Contrib. €

0

Partnership

0

Views

0

Project "AMBRPAY" data sheet

The following table provides information about the project.

Coordinator
AMBRPAY AG 

Organization address
address: FORRLIBUCKSTRASSE 10
city: Zürich
postcode: 8005
website: n.a.

contact info
title: n.a.
name: n.a.
surname: n.a.
function: n.a.
email: n.a.
telephone: n.a.
fax: n.a.

 Coordinator Country Switzerland [CH]
 Total cost 71˙429 €
 EC max contribution 50˙000 € (70%)
 Programme 1. H2020-EU.3. (PRIORITY 'Societal challenges)
2. H2020-EU.2.3. (INDUSTRIAL LEADERSHIP - Innovation In SMEs)
3. H2020-EU.2.1. (INDUSTRIAL LEADERSHIP - Leadership in enabling and industrial technologies)
 Code Call H2020-SMEInst-2018-2020-1
 Funding Scheme SME-1
 Starting year 2019
 Duration (year-month-day) from 2019-12-01   to  2020-05-31

 Partnership

Take a look of project's partnership.

# participants  country  role  EC contrib. [€] 
1    AMBRPAY AG CH (Zürich) coordinator 50˙000.00

Map

 Project objective

There are more than 2000 cryptocurrencies, however they are designed for single use only with push-based payment methods, the buyer initiates the payment. This allows users full control over their funds, since cryptomoney is only transferred to a merchant if a user initiates the transaction. In order for a consumer to use bitcoins for recurring payments, he or she will have to use another service on top of using the bitcoin service. In addition, unlike credit card payments, bitcoin payments are always for a set amount. Some subscription services raise their prices every year, consumers who are already signed up for recurring payments will just be charged the new payment amount as soon as it goes into effect. For cryptocurrency users, it doesn’t work this way. Since all virtual payments must be authorized by the user, any change in payment requires the user to sign up again with their virtual wallet account. Thus, raising subscription prices can be more difficult when dealing with customers who use cryptocurrencies. ambrpay has found a way through smart contracts to stay true to the crypto ideals of having a trustless system, where each individual is responsible for their own funds. All while making transactions cheaper, faster and the use of your cryptocurrency a more convenient and simpler experience. ambrpay aims at bringing decentralized subscriptions to cryptocurrency. ambrpay creates and interacts with smart contracts on the blockchain. Customers can put their funds in these smart contracts from which the businesses that provide a service can take the necessary amount of crypto from. ambrpay provides the business with a web interface where they can manage their customers and their payments. ambrpay does not run its own blockchain or currency, can currently only work with blockchains that have the capabilities of running smart contracts (like the Ethereum blockchain). The global payment gateways market demand to grow steadily at a CAGR of around 17% by 2021.

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The information about "AMBRPAY" are provided by the European Opendata Portal: CORDIS opendata.

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