Tap Pay: An Experiment Turning Two Phones into a Payment Terminal
What if, when making a payment at a store, the customer paid in ETH and the merchant received USDC? Tap Pay is an experiment that connects this process using two Android phones. It is a project submitted to ETHGlobal Tokyo.
The merchant first enters the amount of USDC to receive, which creates a payment request. The customer can then tap their phone or scan a QR code to verify the store name and amount. It is said to work by verifying the signature of the payment request and ensuring the store name is linked to the merchant's wallet.
If the customer selects USDC, they pay as is; if they select ETH, the necessary amount is exchanged into USDC to complete the payment. The merchant receives the USDC amount they initially entered.
The act of tapping a phone is familiar, but behind the scenes, it bridges different assets. However, for now, this is just a demo settling on the Base Sepolia testnet. It hasn't been introduced as a payment service ready for use in actual stores yet.
Tap Pay: An Experiment Turning Two Phones into a Payment Terminal
What if, when making a payment at a store, the customer paid in ETH and the merchant received USDC? Tap Pay is an experiment that connects this process using two Android phones. It is a project submitted to ETHGlobal Tokyo.
The merchant first enters the amount of USDC to receive, which creates a payment request. The customer can then tap their phone or scan a QR code to verify the store name and amount. It is said to work by verifying the signature of the payment request and ensuring the store name is linked to the merchant's wallet.
If the customer selects USDC, they pay as is; if they select ETH, the necessary amount is exchanged into USDC to complete the payment. The merchant receives the USDC amount they initially entered.
The act of tapping a phone is familiar, but behind the scenes, it bridges different assets. However, for now, this is just a demo settling on the Base Sepolia testnet. It hasn't been introduced as a payment service ready for use in actual stores yet.