MooPay is building a blockchain payment gateway to democratise crypto payments
Increasing cyber-attacks on cryptocurrency exchanges across the world have turned crypto users to opt for non-custodial wallets for security.
But for non-native crypto users, non-custodial wallets are often “difficult to comprehend" or "too technical". However, emerging blockchain startups are working to provide a convenient user experience while maintaining decentralisation as a primary premise.
One such startup is— a simple and crypto user-friendly payment gateway.
The no-code, non-custodial, and multi-chain payment gateway was co-founded in 2021 by Ajay Pal Singh and Kamaljeet Singh.
MooPay supports seven different chains, and the founders believe that in the future, crypto payment gateways will be either multi-chain or cross-chain, enabling various options for users.
As batchmates, Ajay and Kamal worked together on several projects while pursuing their BTech from the DR BR Ambedkar National Institute of Technology in Jalandhar, Punjab.
In 2017, Ajay’s interest in blockchain stemmed during the Initial Coin Offerings (ICO) boom.
“I started researching blockchain technology, and I was extremely invested in it and crypto. I also used to discuss these with Kamal,” Ajay shares with the Decrypting Story.
The duo, who had previously co-founded startups, teamed up again in 2021 to pursue their passion for blockchain and launched MooPay, which offers a crypto payment experience to users.
Led by Indian co-founders with headquarters in Canada, the startup has 11 members in its team.
Functioning as a non-custodial wallet
MooPay is a non-custodial wallet where users have custody of their wallets on a non-custodial exchange platform.
“All transactions on MooPay happen through SMART contracts. We're completely on-chain, and everything transpires on-chain,” Ajay says.
MooPay has both Web2 and Web3 features — an interface similar to most Web2 payment gateways and accepting crypto payments from customers through Web3 features.
“As a merchant, you visit the dashboard, sign up, get the API schemes, integrate with the website, and begin accepting payments from customers in any cryptocurrency. The idea behind this — a merchant should be able to accept any token from any chain, and a customer should be able to pay with any token from any wallet,” Ajay explains.
MooPay competes with other non-custodial wallets, including Ledger, Exodus, Trezor one, and Electron. However, it stands apart as it acts as a payment gateway and a payment processor for online transactions.
A no-code payment gateway
Ajay says merchants don't require specific coding skills to integrate MooPay. With its Quickpay button, users can conveniently buy and sell.
“We have also included a donation feature, where if a user donates, we are planning to offer them an NFT as an acknowledgement. Since it's on-chain, it is easily verifiable,” explains Ajay.
The startup aims to integrate plug-ins for major platforms, including WordPress and Shopify.
Recently, the startup introduced its native ERC20, MooPay (MOO) Token. Staking MooPay tokens will offer users benefits, including liquidity and rewards.
“At the core, MooPay is a B2B2C product, wherein there is a payment gateway, and you could integrate it into your website or app. Besides, we also offer consumer token offerings,” he adds. [ MooPay token holders receive a various benefits, including cashbacks and a 25% fee reduction when transacting, as well as the ability to vote on and determine MooPay's roadmap]
It also has software development kits (SDKs) and intends to build multiple apps and products on top of MooPay.
The startup aims to launch Fiat on-ramp, which allows users to buy cryptocurrency with cash.
“We saw the necessity for a fiat ramp over time, and we intend to launch an NFT ramp, where users with credit cards and a bank account can buy NFTs,” Ajay says.
At present, MooPay is live in private beta, and the startup aims to go public in the next quarter.
“We believe decentralisation is true freedom. We want to build a space where payments are democratic, creators are financially independent, and businesses are in charge of their finances,” Ajay concludes.
Currently, MooPay is looking to raise funds in the upcoming funding round. Previously the startup had raised $1.5 million in the funding round led by Big Brain Holdings, Vespertine Capital, and angel investors including Balaji S, Priyanka Gill, Ajeet Khurana, Tej Lalvani were part of the round.