Fiat-to-Stellar Web Payment Gateway?

Lion

Hi!

I have been studying stellar and I love the vision and the technology. I am interested in utilizing an online payment gateway to exchange fiat to stellar at point of sale.

Right now, there are fiat-to-fiat payment gateways. If I sell a product and earn USD, a global customer can enter a credit or debit card number and pay with their local currency, and I will have USD deposited in my account.

I am wondering if it would be possible to do this same thing, but with fait-to-lumens instead. Take a 16 digital international credit or debit card number and withdraw fiat currency and convert it to lumens, and deposit lumens into a merchant account.

If nothing like this exists, I'd like to explore the possibility of creating it with someone, if the technology allows, as an online plug-in for woocommerce and other payment platforms for online entrepreneurs.

Let me know.

syntaxval

You can do this if you decide to become a Stellar Anchor. You role then would be to accept deposits from clients (either via credit card or other payment channels) and issue credits (either native XLM or any other token you decide to issue instead). You could use Stripe API to accept credit card payments. The problem though is not as much on technical side but rather on the legal side. Depending on where you physically are and where you run your Anchor, you are under local jurisdiction of the finance regulators. Usually the case is that if you are accepting deposits from customers you are required to obtain either a banking license or money transmitter license if you facilitate forwarding of such deposits. I am trying to research this topic but I have no legal background at all and would be interested if someone could comment on legalities of Anchors and problems that small (micro-finance) institutions/businesses would have to face. I am trying to determine if there is technically a possibility to not fall under regulations if the Anchor simply accepts deposits and issues XLM but does not physically hold any deposits for the users since the XLMs are instantly credited to the user account to which only the user holds the private key.

arnabing

syntaxval Hey! I'm looking into the samething and I think I have a solution. Trust, or offload to a 3rd party exchange with a license. Have you tried or looked into this?

8181

arnabing hello i am interested in hearing the soultion u procured thx. t@1world.energy