219 days ago
Introducing Gnosis Pay: The Future of Crypto Payments is Here
Gnosis Pay is a decentralized payment network that aims to revolutionize financial transactions by integrating web3 technology with traditional payment systems like Visa. It enables users to pay with crypto anywhere Visa is accepted, providing seamless and efficient transactions.
The integration between Gnosis Pay and Gelato Relay represents a significant breakthrough in the digital payment industry by bridging the gap between web3 technology and traditional payment systems.
“There are 600+ billion credit card transactions executed every year, those will at some point be initiated via public blockchains powered by Gelato Relay."
Hilmar Orth, Gelato Network Co-founder
This collaboration revolutionizes how transactions are conducted by enabling secure and gasless transactions. Users can now enjoy cost-efficient operations and a worry-free environment, free from the impact of fluctuating gas prices.
Gelato Relay's contribution to Gnosis Pay's seamless experience further enhances the user experience and positions it as a frontrunner in the evolution of digital payments.
The financial sector is stuck in a time warp, with 92 of the top 100 banks operating on systems from the 60s and 70s, hindering modernization.
Visa and MasterCard have a chokehold on the payments landscape, creating a restrictive duopoly. Today's transactions are marred by complexity and sluggishness, often needing to clear up to ten intermediaries. This makes things slow and complicated. Banks are more interested in trading assets than in improving technology. This landscape is crying out for disruption, paving the way for innovative solutions.
Redefining Payment Networks
Cue Gnosis Pay, the first decentralized payment network designed to redefine the way we transact. Gnosis Pay enables web3 developers to integrate with a host of conventional payment systems, including Visa and brings millions of new users into the web3 economy.
Gnosis Pay allows users to spend their digital tokens anywhere Visa is accepted, offering the same quick, seamless transactions they have come to expect from a traditional debit card. With the strength of the next-generation web3 infrastructure, Gnosis Pay enhances fiat-to-crypto on/off-ramps and provides access to DeFi services.
Gnosis Pay isn't out to overhaul the existing system. It's like giving an old car a new engine - the same structure remains, but it's powered by more modern, efficient tech, pushing finance into the 2030s and beyond.
The First Self-Custodial Debit Card
The Gnosis Card, brought to life by Gnosis Pay, stands as the world's pioneer Visa-certified, self-custodial debit card. Instead of relying on a conventional bank account, this card directly connects to an on-chain wallet. This takes us one step closer to the full integration of decentralized finance into everyday life, providing users with unprecedented control over their digital assets.
With robust security measures akin to a traditional Visa card, Gnosis Cards are designed to be fully customizable. Users can integrate on-chain assets, such as NFTs, for increased personalization.
Gnosis Pay: Under the Hood
At its core, Gnosis Pay utilizes Layer-2 (L2) technology, the powerhouse that permits the network to handle significant transaction volumes. The L2 solution employed by Gnosis Pay is constructed on the Optimism bedrock and is finalized by Gnosis Chain L1. Workflow: From Wallet Users to Merchants
The underlying network of Gnosis Pay is robust and interconnected. Wallet users on various platforms, including Optimism, Binance Smart Chain, Polygon, and more, can connect to Gnosis Pay's L2 via liquidity bridges. Similarly, wallet users from Gnosis Chain connect to Gnosis Pay's L2 via native bridges.
Once connected to Gnosis Pay's L2, the next link in the chain is Gnosis Pay's fiat bridges. These bridges serve as essential intermediaries that convert crypto assets into fiat currency. From there, the fiat currency can then be directed to issuers and processors, who help facilitate transactions with merchants.
Features of Gnosis Pay
Gnosis Pay is not just about connecting web3 to the fiat world. It's about doing it efficiently and cost-effectively. Here's how:
Gasless Transactions: With Gnosis Pay, there's no need to worry about transaction fees on the L2, making your transactions effectively gasless.
Instant Confirmation: Gnosis Pay offers near-instant confirmation of transactions, ensuring fluid and rapid financial interactions.
Account Abstraction: Gnosis Pay uses Safe contracts for each account, streamlining user interactions by abstracting away the complexities of gas fee management.
SEPA Integration: Gnosis Pay integrates with the Single Euro Payments Area (SEPA), enabling swift conversion between crypto and fiat currencies, and vice versa.
Cross-Chain Transactions: With Gnosis Pay, you can move assets between blockchains at no cost, thanks to our zero-cost liquidity bridges.
P2P Transactions: Gnosis Pay enables peer-to-peer transactions without the need for KYC (Know Your Customer), democratizing access to digital finance.
KYC/KYT Integration: Gnosis Pay already has KYC (Know Your Customer) and KYT (Know Your Transaction) procedures integrated into the system, ensuring compliance with financial regulations.
Gelato Relay & Gnosis Pay
Gelato Relay plays a central role in the Gnosis Pay system, ensuring smooth and secure transactions. This technology acts as the critical bridge between users and merchants, making the transaction process easy and efficient.
Gasless Wallet Creation
Every Gnosis Pay user gets a Safe, a multisig wallet with a deterministic address. This wallet is unique because it can be created gaslessly, meaning users don't have to pay transaction fees during the creation process. This is a significant advantage for users because it enables easy access to the system without any upfront costs.
When a user makes a purchase either online or at a physical store, a payment request gets triggered. This request is sent to the Gelato Relay, which acts on it by transferring the required funds from the user's Safe to an off-ramp service. The off-ramp service functions as a converter that turns digital assets into traditional fiat currency. After conversion, the off-ramp service then settles the payment with the merchant via the Visa or Mastercard network.
The Gelato Relay's role in facilitating gasless transactions is a game-changer in the world of digital payments. It effectively eliminates transaction fees for users, ensuring cost-efficient operations and providing a worry-free environment concerning fluctuating gas prices. Gelato Relay contributes significantly to the seamless experience that Gnosis Pay offers.
Ready To Go Deeper?
If you're eager to delve deeper into the intricacies of cutting-edge technologies that power Gnosis Pay's dive into our comprehensive developer documentation:
A New Era of Financial Transactions
Gnosis Pay is poised to redefine the relationship between traditional financial systems and the web3 economy. It creates a pathway for businesses, projects, and customers to experience financial services in a novel way. Processing fiat transactions while concurrently withdrawing funds from crypto accounts paves the way for web3 projects to explore new monetization avenues and reduce the costs associated with legacy banking infrastructure.
Gnosis Pay goes beyond catering to individual users by extending its services to businesses through its B2B product. Businesses can issue regular debit/credit cards through Gnosis Pay, providing users with the freedom to set a daily withdrawal limit via the Safe Spending Limit Module, thereby granting unprecedented control over their finances.
This launch is not the end, but merely the beginning of a revolutionary journey towards a more inclusive, interconnected financial world.
Get ready to witness a new era of web3 as Gelato, relied upon by over 400 web3 projects, powers the execution of millions of transactions in DeFi, NFT, and Gaming.
Gelato currently offers four services:
Web3 Functions: Connect your smart contracts to off-chain data & computation by running decentralized cloud functions.
Automate: Automate your smart contracts by executing transactions automatically in a reliable, developer-friendly & decentralized manner
Relay: Give your users access to reliable, robust, and scalable gasless transactions via a simple-to-use API
Witness the ongoing journey towards a decentralized future led by Gelato!