Unmodified terminal clearing using a standard credit card on ColossusNet (devnet) 🗽

Honestly feels unreal because I was pitching this with 1% of the understanding necessary for it to work

@colossuspay This is so focking good!

@colossuspay Who takes on the chargeback risk/pays for someone to take on the chargeback risk in this scenario?

@colossuspay No chargebacks; transactions are final.

@colossuspay Can you explain how that works for a consumer? Why couldn’t they chargeback? Where is the on chain USDC the merchant receives coming from if consumer triggers with credit card?

@josephdelong @colossuspay yah anything that hits my card can be disputed

@CasazzaNY @colossuspay Yeah this works like cash

@frantzfries @CasazzaNY @colossuspay So is this more of a debit card than credit card?

@frantzfries @CasazzaNY @colossuspay That’s a complicated question. You can offer credit to a user but we currently don’t maybe there is an issuer who does in the future

what's the gtm for getting them to install a dedicated app? The biggest issue with all these crypto payments is getting merchants to upgrade to be able to accept new methods I thought collosus would be different after hearing it gets accepted the same as a credit card, but this still has a high barrier to adoption since it requires a special app which means merchants still need to take action

@colossuspay Nooooooooo, we are a normal credit card . There is no app to install.

@colossuspay you're opening a colossus app on the screen though?

@colossuspay Its complicated to explain what it all means. You can add Colossus as a credit card from any acquirer using a single remotely pushed json file

@colossuspay so I would be able to go to any merchant and use colossus without them needing to add an app or do anything on their end with the pos device?

@colossuspay Yes, if their acquirer supported it. The acquirer pushes the card configurations.

@colossuspay how many "acquirers" make up 80% marketshare?

@colossuspay incredible

@colossuspay insane progress, congrats on the magnum opus

@colossuspay the future of payments is literally here this feels unreal

@colossuspay Who is the acquirer that's accepting tokens?

@colossuspay Could be anyone, but we can provide a wire if they want

No, but who are you working with/who is this example going through? >Person has crypto >Vendor/merchant's bank needs USD. Who facilitates that "part" (i assume a swap/sale but doesnt have to be) after the card is swiped?

@colossuspay Either stables to the acquirer or they can liquidate on a batch cycle using Bridge’s liquidation to wire API

@colossuspay what is "Bridge's" liquidation api? Is "Bridge" a specific protocol or company?

@colossuspay Bridge is a company. We are working on one additional liquidation mechanism

@colossuspay insane

@colossuspay keep going

@colossuspay this is cool. how do you plan on working with acquirers with the no kyc/aml posture? i've been looking into similar solutions. happy to chat

@colossuspay Hey @josephdelong , we are working in the similar space, I love the devnet demo! Quick Q: If Visa/MC revokes your BIN (worst-case), what’s the fallback? App/qr code? New terminals? Or do you have a multi-BIN buffer? Curious how you harden against that risk.

@colossuspay We own the BINs from ISO. Visa and MC do not own our BINs.

Got it! As long as acquirers recognise your BINs and route the messages directly to you, you don’t need to register those BINs with Visa, Mastercard, or any bank at all. Very smart move. Acquirers definitely have strong motivation to support this, in the traditional card scheme, they do most of the heavy lifting but get the smallest cut. We’ve been building our own terminal and “card” to achieve similar results here in Sydney (currently live with 23 merchants). But your solution makes me seriously consider going down the same path as you.

@colossuspay It’s mostly FOSS so go for it. Or we could help you go live with existing terminals and cards

@victorzh @colossuspay can you point to any repo's?

@victorzh @colossuspay

@colossuspay bullish af

@colossuspay 🔥

@LinkedEric @colossuspay this is sick

@colossuspay so cool!

@colossuspay where can i learn more about it?

@colossuspay is the best resource rn

@colossuspay Awesome this is really slick

@colossuspay Damn!

@colossuspay what is bro cooking

@colossuspay That is awesome

@colossuspay What part of the stack is routing to you? The acquirer?

@colossuspay BIN routing at the acquirer

@colossuspay git um joe

@colossuspay This is so god damn sexy. 1) how can I use it 2) how can I help you build 3) it's so sexy.

@colossuspay

@colossuspay Crazy progress 🤯

@colossuspay So this is contingent on whether or not the acquirer supports it? How would users know without trial & error?

@JonnyRhea @colossuspay 🔥

@colossuspay Sick! I'm so bullish for @colossuspay! A game changer in the crypto space & TRUE INNOVATION!

@colossuspay 👀👀👀

@colossuspay 👏

@colossuspay How does it work?

@colossuspay from all of the crypto related projects im aware of, this is the only one that has me insanely hyped. there is nothing more amazing than real world utility

@colossuspay History in the making

@colossuspay Powered by Colossus Network

@colossuspay routes opened like this show how simple UX can settle value where the user needs it