Swiss Web3 payment startup DePay today announced that they are joining forces with the self-hostable, open-source eCommerce plugin WooCommerce, pushing decentralization further and providing merchants with the ability to have customers send payments directly to their own wallets with tens of thousands of accepted tokens on supported blockchains with on-the-fly conversion.
“DePay makes Web3 and crypto payments as straightforward as possible for merchants and their customers, without requiring a custodial approach,” said David Lockie, Web3 Lead at Automattic. “We wanted to offer WooCommerce merchants a wide range of crypto payment providers, and were instantly impressed by DePay’s flexibility across chains and coins, as well as their focus on a great user experience for all parties.”
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“WooCommerce is the best way for merchants to run their shops without intermediaries. With the launch of DePay Payments for WooCommerce, this now also applies to payments.”,said Sebastian Pape, Founder of DePay.
The mechanism of blockchain transactions is inherently peer-to-peer and decentralized. Nevertheless, most of today’s established Crypto Payment solutions manage wallets for their customers, embedding a decentralized technology into centralized structures. As a result, the buyers pay intermediaries who credit the merchant’s account after processing each payment. Merchants then need to request the withdrawal of their funds as opposed to receiving the payments directly into their wallet.
Aiming for a paradigm shift, DePay establishes a new model by using decentralized finance (DeFi) to enable any-to-anything payment conversions managed by smart contracts, allowing merchants to receive all incoming payments in real-time.
WooCommerce and its parent company Automattic are strong partners for DePay thanks to their mission to drive decentralization further. We share their goal of democratizing commerce by removing barriers to entry based on income, gender, and geography.
The benefits for Woo merchants include:
- Instant Cashflow: Received payments are settled and available for the merchants in real-time.
- Automatic Conversion: Tokens are automatically converted (e.g. to stablecoins) as part of the payment transaction.
- Unmatched token acceptance: By using DeFi, DePay grows the amount of accepted tokens by a hundredfold.
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