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Bankless Payments

To drive the adoption of the token, all transactions on the 3air platform will need to be made with 3air tokens. With our aim of fast coverage of Africa’s cities and the demand for broadband connectivity, we will work for the token to achieve a wide adoption. With time this could potentially lead to token adoption and inclusion even by third parties.

On the other hand, considering fast user adoption, we need to think about the ease of use. Forcing an unknown payment system upon users unversed in blockchain technology might be detrimental in platform adoption. Therefore, we will aim to include other means of payment and exchange them to 3air tokens through the backend. Additional fees that might apply to such conversions will disincentivize payment means other than 3air tokens automatically.

To ensure stable income for the ISPs, 3air will not force setting prices in 3air tokens but recommend that prices be set in local currency. The final currency selection will be up to the ISP but limited to current 3air integrated currencies. At first 3air will allow for setting the prices in local fiat currencies and selected stable coins as well as 3air tokens but will strive to expand the integrations in the future.

This means fiat onboarding will need to be integrated into the platform and offered as an additional service to ISPs. SKALE chain, that we will build upon, offer such a service natively in cooperation with one of the biggest fiat onboard and offload companies in the cryptocurrency space, Wyre.

Clients will be able to use those onramps to pay for services with these methods directly. Although this process will be seamless, in essence the user will facilitate the payment processor to exchange fiat in to crypto and then use crypto to pay through the 3air platform. With Wyre natively supporting SKALE chain, we will strive to integrate 3air tokens with Wyre natively, but if no such direct conversion will be available, 3air platform may provide the exchange rate to a more widely adopted cryptocurrency. Any fees incurred by 3air may need to be included in the exchange rate itself.

3air payments workflow

Figure 12 3air payments workflow

Let’s look at two different case studies for a user from Nigeria that want’s to pay for services with credit card.

Case 1:

  • Prices are set in Nigerian naira.
  • Payment processor accepts Nigerian naira.
  • Payment processor exchanges to 3air tokens directly.

In this case the user would see the price in Nigerian naira. 3air platform would feed the payment processor a price in Nigerian naira. At this point the payment processor would show the final payment price that could potentially include additional third-party fees. The client would then pay with his credit card. The payment processor processes the payment and returns the client 3air tokens. These tokens are then used to pay for the services using the 3air platform.

Case 2:

  • Prices are set in EUR.
  • Payment processor accepts USD.
  • Payment processor exchanges to USDT.

In this case the user would see the price in EUR but would be able to select to see the live exchange rate to Nigerian naira. 3air platform would use its internal exchange rate and feed the price to the payment processor in USDT. The payment processor would then display the final price in USD, calculated with its exchange rate and potentially adding additional fees. If the user has Nigerian naira as the primary currency of his credit card, his bank will be in charge of the conversion from Nigerian naira to USD. The payment processor would process the payment and return USDT. The user would then use USDT to pay for services on the 3air platform.

As you can see there are multiple options in between these two use cases.

Once the payment has been made it will be sent to a smart contract that will:

  1. Enable the service the user paid for.
  2. If payment currency is different than 3air, it will exchange the payment tokens for 3air tokens using a third-party exchange.
  3. Send the processing fee to the 3air wallet address.
  4. Send the remaining amount to the ISPs wallet address.

Any additional fees incurred by 3air, including but not limited to exchange fees, transfer fees, or payment processor fees, may be included in the internal exchange rate or added as a surcharge and transparently presented to the user.

In the case ISPs do not want to deal with payments in crypto, 3air might partner with third parties offering an exchange service to fiat for ISPs if such a service is permitted by regulators. This service would be provided at an additional cost.

The above are just examples. Once a payment provider is integrated, these details might change to accommodate their requirements.