DIMPAY – Payment platform on NEM blockchain
Among a congeries of ICO proposals that have populated the cryptospace since the advent of ERC20 protocol, cryptocurrency payment processors are arguably one of the most prevalent. DIMPAY is one such proposal, except that it is built on the POI-based NEM blockchain.
The platform is designed for peer-to-peer, business-to-business, consumer-to-business and business-to-consumer transactions. DIMPAY will facilitate cashless transactions for consumers and merchants. However, the payment system is not only for consumers and merchants; it has the potential to be a financial solution for the 2 billion adults who do not have bank accounts around the world.
DIMPAY aims to disrupt the traditional payment systems by offering low fees, transparency, instantaneous transactions and a decentralized platform. The use of DIMPAY will eliminate numerous payment errors that occur with brick and mortar merchants. This will be achieved by scanning a Quick Response (QR) code from their mobile devices instead of using cashiers.
DIMPAY comprises of DEPOTWALLET, mobile DEPOTWALLET and DIM Debit Cards. The three applications are interconnected and their functions supplement each other.
DEPOTWALLET – Available in both web and mobile versions, the wallet permits users to buy, sell, hold and manage various cryptocurrencies together with cryptonized assets. The wallet allows users to make P2P transfers and companies to make B2B transactions.
DIM Debit Card – The DIM Debit Card will be connected to the DEPOTWALLET account on the web app and mobile versions. Debit card holders will be able to convert their DIMCOIN and other cryptocurrencies into selected DIM Currencies. The DIM Currencies will enable debit card holders to walk into brick and mortar merchants and swipe for goods and services. The debit card will also enable the holders to engage in e-commerce shopping.
DIM Currencies – The medium of exchange when using DIMPAY. DIM Currencies allow users to walk into shops and pay for everyday items. DIM currencies are digital versions of fiat currencies.
DIMPAY offers three types of accounts, for private users, businesses and merchants. In the event that a sale does not proceed in a manner that both the consumer and merchant were anticipating, they can enter into a Dispute Resolution Dialogue (DRD). The DRD is a bipartisan (two-way) private chat between the consumer and the merchant.
If a resolution cannot be found, one or both parties can choose to escalate the matter into the Dispute Resolution Negotiations (DRN). A DRN is a tripartite (three-way) dialogue that involves a DIMPAY Foundation Ambassador from their respective country. The ambassador will also act herein as the arbitrator.
Facilitate cashless transactions between consumers and merchants
Secure the value of DIM Currencies through promoting the use of DIMPAY and the DIM Ecosystem
Promote Cross-border Trading
- Make exporting accounting records for merchants easier for them to save time and decrease costs
- Provide financial services to the unbanked people community through DEPOTWALLET
- Be the go-to for merchants and consumers to conduct day-to-day activities
- Promote the use of DIMCOIN and DIM Currencies
Secure the Value of the DIM Ecosytem
DIMPAY does not intend to disrupt the manner in which consumers and merchants process payments. It intends to cryptonize and digitize payment processes in order to have cashless transactions and to that end, uses blockchain to cryptonize the payment process that is familiar to both consumers and merchants.
The DIMPAY Foundation claims that it is a separate entity from the DIM Foundation. The DIMPAY Foundation will have its own board members and employees. The DIM Foundation will offer full support to the DIMPAY Foundation as a pilot project. DIMPAY will operate independently within the DIM Ecosystem.
The DIM Foundation has permitted the development of DIMPAY to be outsourced exclusively to the DIMPAY Foundation. This is to ensure that the DIM Ecosystem is decentralized, not just at the foundational blockchain level but the operational level too.
- Roelf Barnard – Chief Financial Advisor
- Katarina Moir – Chief Financial Officer
- Lourens Swanepoel – IT Support Engineer
- Moshimane Kholane – Listing Expert
- Tihalegang Moeletsi – Economist
DIMPAY ICO Details
- Platform – NEM
- Crowdsale – December 7 to December 18, 2017
- Hard cap – 1,500 BTC
- Accepted currencies – BTC, ETH & NEM
- Minimum purchase – 1 DIMCOIN
- N.B. – United States or Austrian citizens and residents are not eligible to participate in the DIMPAY ICO
DIMPAY claims that it is distinct from the DIM foundation. However, both websites list most of the same individuals as contributing to both projects. This does come across as parlaying one ICO into another to promote the use of their own coin, DIMCOIN on DIMPAY.
It stands to reason that if a ‘cryptocurrency' payment processor converts cryptocurrencies to its own currency which is pegged against fiat currencies, does it still process cryptocurrency payments since the payment is still processed as fiat? A payment mediator of this ilk, while sometimes convenient, can be counterproductive to an eventual acceptance of actual cryptocurrency payments.
ICO Rating – 2/5