Inspiration

First is Interest in BNPL services is booming across the world — more than a third of US customers have used it in some form. Second, per BNPL provider splitit - single biggest challenge is how to overcome lost ecommerce sales. Third, increasing popularity among younger consumers and those who may have thin credit files.

What it does

Here we bring Innovative way to lending. We named our solution as ConCred that is decentralized consumer credit. Idea is to bring cryptocurrency to BNPL world. Systems that are accepting cryptos should be supported with BNPL approach the way its with TradFi world.

ConCred is a DEFI protocol that us BNPL platform built on NEAR blockchain.

Here we bring ConCred– future looking platform that intent to share the benefits with all participants. We aim for the market for everyday transactions and micropayments powered with Crypto and BNPL.

Platform integrates third party apps, merchants, online ecommerce stores and famous staking mechanism.

Introducing ConCred token that is reward format on defined events – purchase, installment paid.

Concred is bringing two sets of features

1. Integrated wallets of NEAR, ETHERUM and AURORA and corresponding defi functions like show transactions, wallet transfer, staking to earn a yield and more.
2. Introducing ConCred tokens to integrate BNPL model for cryptocurrency

App displays transactions for each token be it NEAR, Ethereum and Aurora. App as well has features to filter and search on transactions. Transfer allows to move tokens among integrated wallets and with ConCred as well.

ConCred Wallet tab highlights dashboard that indicates available ConCred tokens as balance, Limit and spent. This dashboard drives limits for an individual on limits to BNPL credit for an ecommerce transaction be it online or offline store.

This way, user has options either to make payment through available tokens in NEAR, Ethereum, AURORA wallets or through ConCred tokens that is BNPL path. Here in case of BNPL option- repayment can be done through defined EMI. This can be done through available wallet currency or their debit or credit cards.

Post installment, users get rewards in form of ConCred tokens.

How we built it

This is achieved through proven tech stack that gives us needed agility, scale and ease of integration in ecosystem.

Outsystems as a low code platform to bring experience to users through multiple channels – web, mobile android and ios both.

Node.js to get the APIs generated on top of NEAR blockchain, for the consumption be ecommerce platform or ConCred app on various demoed features.

Developed APIs, balance and transfer include underlying NEAR API based on NEAR account ID.

Challenges we ran into

Initially it took bit of challenges to bring multiple wallet coins to ConCred as single platform. For Hackathon we could achieve NEAR, Ethereum and Aurora chains in solution through ConCred.

Accomplishments that we're proud of

ConCred is extendable to add more wallets and interoperable to connected with e-commerce platforms like Amazon, Shopify and more.

Conceptualization to realization of ConCred as additional token to support BNPL ways of lending to reach the untapped shoppers.

Aligned to Web 3.0 with transparency, openness and scale at core of solution

What we learned

World of Cryptos and how this could be bundled in real time scenarios specifically in finance with ConCred

What's next for ConCred

Bring standards to Open integration among ecommerce players to bundle BNPL through ConCred