With the newly announced HandCash Pay functionality, customers may now securely pay for goods and services online by clicking a link or scanning a QR code. The critical thing is that HandCash will call the merchant’s server with pertinent data when the payment is complete, allowing them to continue processing the payment by, for example, shipping items or issuing digital assets.
Here are three possible creative applications for the new feature.
Shipping goods securely
Every time you want to make an online purchase, you must enter or confirm your credit card information as well as your mailing address, which is both annoying and unsafe. Merchants would rather not have this information at all, much less have to see it on checkout screens on their websites. It would be far safer to allow customers to make secure payments with HandCash Pay, where retailers may connect their delivery address to a payment alias (in this example, a handle) on the backend.
To take this a step further, users could register their shipping addresses once for distribution, or the postal service and businesses could store hashes of those. This would allow them to ship goods against a hash linked to the payment alias, and only the distributor (such as UPS, FedEx, or USPS) would know where the goods are being sent.
This is possible because we abandon the necessary security checks of credit cards that sometimes require all this information (billing, shipping addresses, and name) just to authorize a payment, and that is still susceptible to chargebacks!
Issuing digital assets
NFT markets have all but collapsed, but digital assets live on. Instead of leveraging NFT marketplaces and potentially signing up for yet another digital currency wallet, creators can sell digital assets directly to consumers via HandCash Pay. The application that issues the assets can execute the mint and transfer privately server-side to the customer.
Creators can even leverage the payment transaction ID hash to determine random attributes of the asset, ensuring a fair minting process. If these assets are issued on-chain, the process is more secure as the customer truly owns the asset, without ever having to access third-party marketplaces.
Timed social media promotions
An interesting field I noticed in the setup for HandCash Pay is expiration. The Pay links have interactive previews of the image and QR code if shared on social media. Combining these two, influencers could sell goods, NFTs, or services to their following with a five-minute expiry, for example. Such a model has viral potential as users would scramble to get a limited-edition product. The payment requests API supports multiple receivers, so creators can provide influencers with personalized links and customized parameters so creators can split payments in real time based on their referrals. Moreover, royalties can be implemented this way as well.
To handle the case of overpayment, due to BSV’s nearly non-existent fee, the server can issue refunds immediately if more payments are made than goods are available. This was implemented in HandCash co-founder Rafa’s example of purchasing an avatar.
Like Bitcoin itself, the possibilities are only bound by our imagination. What will creators and entrepreneurs create with HandCash Pay?
Watch: The BSV Global Blockchain Convention panel, Better Payments with BSV
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