BasedPay

The problem it solves

The project aims to let users directly for UPI QRs using stablecoins like USDC with a complete legal and safe userflow, the userflow of BasedPay looks like

• The users takes photo of the UPI QR and send to TG Bot
• The TG Bot decodes it and sends equivalent USDC from the TG Wallet to the pool
• The pool offramps ands send back equivalent INR to users UPI ID using Cashfree UPI APIs
• Then user invokes the actual UPI QR and send the money

How is it different from existing products like P2P.me

• P2P.me fulfils UPI intents using 3rd party solvers, hence incase of refunds the user can’t get back the amount since their UPI ID is never used.

• The intent solvers are unverified and untraceable hence, possibilities of bank freeze stays, BasedPay on the other hand maintain its own liquidity and avails offramp for its users using FIU-registered bodies

• Way faster usually <1 minute and works directly from you Telegram App

• Provides insights regarding taxes and history of transactions

Challenges we ran into

The major problem was setting up sandbox environment for staging UPI transactions, cashfree api finally worked