DIMPAY - global payment system built on the NEM blockchain.
DIMPAY is a global payment system that is built on the NEM blockchain. The use of
blockchain technology makes the platform less expensive, instantaneous, transparent
and it eliminates third parties. The platform is designed for peer-to-peer, businessto-
business, consumer-to-business and business-to-consumer transactions. DIMPAY
is an integral part of the DIM Ecosystem and it consists of DEPOTWALLET, mobile
DEPOTWALLET and the DIM Debit Card. DEPOTWALLET allows users to buy, sell, hold
and manage cryptocurrencies and cryptonized assets. The DIM Debit Card will allow
consumers to engage in e-commerce and walk-in purchases at merchant shops. The
DEPOTWALLET Business Account will allow merchants to generate invoices, track
inventory, make payments and much more. DIMPAY will facilitate cashless transactions
for consumers and merchants. However, the payment system is not only for consumers
and merchants; it has the potential to be a financial solution for the 2 billion adults who
do not have bank accounts around the world.
The DIMPAY Foundation is a separate entity from the DIM Foundation. The DIMPAY
Foundation will have its own board members and employees. The DIM Foundation
will offer full support to the DIMPAY Foundation as a pilot project. DIMPAY will operate
independently within the DIM Ecosystem. The DIM Foundation has permitted the
development of DIMPAY to be outsourced exclusively to the DIMPAY Foundation.
This is to ensure that the DIM Ecosystem is decentralized, not just at the foundational
blockchain level but the operational level too.
Decentralized operations within the DIM Ecosystem
DIMPAY is a global payment system that is fast, inexpensive and fully secure. DIMPAY is
part of the DIM Ecosystem and it is built on the NEM Protocol. DIMPAY aims to disrupt
the traditional peer-to-peer (P2P), business-to-business (B2B), business-to-consumer
(B2C) and consumer-to-business (C2B) payment systems by offering low fees, transparency,
instantaneous transactions and a decentralized platform. The use of DIMPAY will
eliminate numerous payment errors that occur with brick and mortar merchants. This
will be achieved by scanning a Quick Response (QR) code from their mobile devices
instead of using cashiers. QR codes are two-dimensional codes that “were invented as
an advancement of the common one dimensional barcodes”2.
There are forms of codes such as the “3D codes with the additional dimension colour-
depth and 4D codes with multi-sequential display”3 but the QR code is the main
focus since it has mass adoption. The QR codes are read by imaging devices such as
cameras in hand held devices such as mobile phones and tablets. According to Cisco’s
Global Mobile Data Traffic Forecast Update, global mobile traffic grew by 63% in 2016
reaching 7.2 exabytes (7.2 billion gigabytes) per month at the end of 2016 and that was
up from 4.4 exabytes per month at the end of 20154. The monthly global mobile data
traffic is expected to be 49 exabytes by 2021 and mobile devices will represent 20% of
the total Internet Protocol (IP) traffic; with smartphones accounting for over 50% of
global devices and connections5. As mobile devices continue to increase with popularity,
the adoption of QR codes and mobile payments will increase. DIMPAY is positioning
itself for this anticipated mobile usage boom.
The QR code will be the foundation for P2P, B2B and B2C experience using DIMPAY.
The use of the QR code will eliminate the need for numerous participants such as
cashiers in the payment process. The elimination of numerous participants will lead
to decreased costs and increased efficiency and savings for both consumers and
DIMPAY comprises of DEPOTWALLET, mobile DEPOTWALLET and DIM Debit Cards.
The three applications are interconnected and their functions supplement each other.
DEPOTWALLET is a web app blockchain based wallet that permits users to buy, sell,
hold and manage various cryptocurrencies together with cryptonized assets. The
wallet allows users to make P2P transfers and companies to make B2B transactions.
DEPOTWALLET is also a doorway for users and businesses to the Hybrid Stock
Exchange (HYBSE). HYBSE is an online stock exchange that offers small and medium
enterprises (SME’s) a platform to seek and access international capital.
The mobile DEPOTWALLET will be similar to the DEPOTWALLET. Users will be able
to select a Private Account or a Business Account. The introduction of the mobile
DEPOTWALLET will proceed in gradual steps. The first mobile DEPOTWALLET will
be a basic version for beta testing. The security upgrades and software updates to
the mobile DEPOTWALLET will happen throughout 2018 and 2019. As the software
matures, the latest and most advanced security systems will be integrated.
Examples: fingerprint, iris scan, face recognition, 2-step authenticator.
The Private Account will offer the user full control over the account. The account will
be linked to the DEPOTWALLET account, this will enable users to manage the cryptonized
assets and cryptocurrencies in the account’s wallet address. Users will be able
to make e-commerce purchases and merchant walk-in purchases in brick and mortar
shops. This will “allow consumers to make payments ‘anytime, anywhere’, becoming
less dependent on the need to carry cash which in turn could reduce the risk of theft”6.
Functions of Private Account
- Engage in point of sale payments
- Engage in carrier payments
- View and manage the funds and cryptonized assets in the DEPOTWALLET account
- Make everyday transactions like sending remittance
- Standing orders of recurring payments such as rent, insurance etc.
- Direct debit procedures (creditors deduct the amount directly from the DEPOTWALLET account)
- Guarantees (such as a bank guarantee issued to a creditor)
- Additional functions can be added at any stage
The Business Account will be designed to meet the needs of businesses. The Business
Account will enable businesses to keep track of inventory and transactions through
one account. They will have complete management over their customers’ shopping
and checkout experiences. The Business Account will send merchants payment notifications
when payments have been completed and credited to their accounts. The
account holders can also decide when to receive the notifications. The account will
allow for standard invoices to be generated. Standard invoices have basic details such
as the unique invoice number and transaction details such as items purchased, total
cost etc. As DIMPAY continues to evolve, we will investigate the possibility and practicality
of adding more types of invoices such as progress invoices, commercial invoices,
value-based billing, time-based billing etc. The addition of various billing options will
widen the pool for businesses beyond merchants and venture into different professional
Functions of Business Account
The primary functions of the Merchant Account will be as follows:
- Check balance of the funds in the account
- Track the income and expenditure from the account
- Create an invoice
- Statement of financial positions (balance sheet, cash flow)
- Receive invoice status updates
- Salary payments
- Expense payments
Merchants will receive payments from customers through QR codes. When merchants
create an invoice, a new QR code will be generated. The QR code will be displayed
at the counter in a physical shop, whilst an online store will have their QR code displayed
on their webpage at the end of the purchase when you check-out. A merchant
needs to have a free Business Account on Depowallet in order to be part of the DIM
Ecosystem. Every merchant will have a free unique QR code that is linked to their
Business Account. When a customer makes a purchase they will use their phones to
scan the merchants QR code and transfer the relevant amount in DIM Currencies to
the merchant‘s Business Account. Merchants need a Business Account to receive DIM
Currencies as payment for their products. For merchants to withdraw their DIM Currencies,
they will need to register with WISE Consulting Ltd, they will be required to fill in
a know your customer (KYC) form.
Consumer and Merchant Dispute Resolution
If a sale does not proceed in a manner that both the consumer and merchant were anticipating, they can enter into a Dispute Resolution Dialogue (DRD). The DRD is a bipartisan (two-way) private chat between the consumer and the merchant. If the consumer is the aggrieved party, they can initiate the dialogue with the relevant merchant. If the merchant is the aggrieved party, the merchant can initiate the dialogue. The consumer and merchant engage with each other to find a possible resolution.
If a resolution cannot be found, one or both parties can choose to escalate the matter into the Dispute Resolution Negotiations (DRN). A DRN is a tripartite (three-way) dialogue that involves a DIMPAY Foundation Ambassador from their respective country. The ambassador will also act herein as the arbitrator. The merchants will be directed to refund the consumer in case the Ambassador finds against their case.
If the Ambassador cannot resolve the disagreement, the matter can be escalated to the DIMPAY Foundation. The DIMPAY Foundation will view the matter and try to assist by offering an opinion on the dispute. If one or both parties are still not satisfied, the matter can be escalated to the DIMPAY Foundation members. The DIMPAY Foundation members will then vote on the opinions received from the DIMPAY Foundation and offer their opinions. If one or both parties do not accept the opinions and assistance from the DIMPAY Foundation members, they can submit the matter to the competent court in order to resolve the dispute.Consumer and Merchant Dispute Resolution
Example of consumer and
merchant dispute resolution processes
DIM Debit Card
The DIM Debit Card will be connected to the DEPOTWALLET account on the web app
and mobile versions. Debit card holders will be able to convert their DIMCOIN and
other cryptocurrencies into selected DIM Currencies such as the DIM GBP and DIM
EURO. The DIM Currencies will enable debit card holders to walk into brick and mortar
merchants and swipe for goods and services. The debit card will also enable the holders
to engage in e-commerce shopping.
Advantages of debit cards
- Debit cards offer a level of convenience of swiping at stores, performing online purchases etc.
- No limit for online use
- Debit cards for (one-time) use can be generated directly through DEPOTWALLET and mobile DEPOTWALLET
- They provide some level of security because the holders do not have to carry cash on them
- Debit cards are readily accepted globally
- If the card is lost or stolen, other people can’t access the account without the PIN
- You can create your own PIN
Disadvantages of debit cards
- Users can only spend money that they currently have in their accounts unlike with credit cards where users can spend funds on credit
- ATM fees
- The responsibility for balancing the account by managing spending habits falls on the user
- Accessing funds requires a pin code
The debit cards will give the holders the convenience to use ATMs. ATMs will enable
debit card holders to withdraw their DIM Currencies to traditional fiat currencies in
different geographical locations around the globe.
- DIMPAY features are a combination of the different attributes of DEPOTWALLET, mobile DEPOTWALLET and the DIM Debit Cards.
- Users will enjoy the connectivity of having a three-way payment option made up of (1) DEPOTWALLET, (2) mobile DEPOTWALLET and (3) DIM Debit Cards
- Access to the DIM Ecosystem, consisting of (1) wiseexchange operated by WISE Consulting Ltd, which facilitates the exchange of fiat currencies into DIM Currencies and cryptocurrencies as well as the digitalization of assets, and (2) a blockchain based financial platform (the HYBRID Stock Exchange) where DIMPAY users can trade crypronized securities, cryptocurrencies etc
- User-friendly DEPOTWALLET interface
- DIM Debit Cards connects the blockchain financial services to the traditional fintech services
- DIMPAY simplifies the payment experience for customers
- It is a platform where merchants can track customer trends and their inventories
- DIMPAY integrates the point of sale, e-commerce and fintech services into the DIM Ecosystem
DIMPAY vs Major Payment Platforms
DIMPAY is a new concept that will be integrated into the DIM Ecosystem. The project
still requires capital injection to come to fruition. The project is an opportunity for the
DIM TOKEN holders and the crypto-community to assist in the introduction of a new
branch in the DIM Ecosystem. The incentives of DIMPAY has the potential of positively
increasing the value of DIMCOIN. The terms and risks associated with ICO can be found
in the DIMPAY Terms & Conditions and the DIMPAY Prospectus.
Available at: dimpay.io
Pre-ICO Dates: 4 December (12:00)
– 6 December (23:59) 2017
ICO Dates: 7 December (00:00)
– 18 December (23:59) 2017
Type of Offer: Initial Coin Offering
Maximum ICO Target: 1,500 BTC (Bitcoin)
Bonuses Available: 25% (35% for using NEM)
4 – 6 December 2017
10% (20% for using NEM)
7 – 12 December 2017
5% (15% for using NEM)
13 – 18 December 2017
Minimum Purchase Per Person: 1 DIMCOIN
Maximum Purchase Per Person: None
Product Structure: DEPOTWALLET, mobile DEPOTWALLET
& DIM Debit Card
All times are CET (Central European Time)
Marketing – 30% of the funds raised will be utilized for marketing DIMPAY in the
countries identified on the DIMCOIN ICO whitepaper. Marketing funds will be used
to train merchants on how to use the DIMPAY business software. Marketing and
training will be done over a period of 2 years.
Software Development & Engineering – 25% of the funds will be utilized for software
development and engineering for the DIMPAY service providers (DEPOTWALLET,
mobile DEPOTWALLET and DIM Debit Card). These funds will also be used for the
attachment of the DIM Debit Card to DEPOTWALLET.
Structure Development – 25% will be for building a team of agents to seek out
merchants in order to pitch DIMPAY and its benefits to the merchants.
Legal & Compliance – 10% will be for legal requirements, complying with the ongoing
regulatory framework and acquiring the relevant licenses that are needed to
assist with the growth of DIMPAY.
Operational & Administration – 10% will be utilized for day-to-day operational and
administrative duties behind DIMPAY.