Payments

SyncEcho Payments is a pull payments infrastructure inside the SyncAI's wallet-to-wallet interaction layer . This innovative approach diverges from the traditional push payment model where the sender initiates transfers. Along with this, Sync Pay introduces a receiver-initiated model, improving both user experience and transaction dynamics.

In addition to that, SyncID is not dependent on network effects, as anyone can send payments using the identifier of any Sync-supported social media account. The funds will be locked in the smart contract until authentication.

Technical Architecture

Step	Component	Description	Functionality
1	Payment Request	Receiver generates a detailed payment request.	Includes amount, token, and other transaction specifics.
2	Notification	Payment request is sent as a notification to the sender's wallet.	Ensures the sender is informed about the payment details before any funds are transferred.
3	Review & Approval	Sender reviews the payment request.	Allows sender to verify and confirm transaction details for transparency and security.
4	Authorization	Sender approves the payment request.	Triggers the payment process; sender's explicit authority is required.
5	Transaction	System processes the payment by pulling the specified amount.	The payment is securely and transparently pulled from the sender’s account under their control.

Example Scenarios

Payment Type	Scenario	Process
Push	A user sends money to a friend.	The user initiates the payment inside Sync Echo chat with his friend by entering the amount, processed as a traditional push payment.
Pull	A user avails a service and receives a payment request.	The service provider sends a pull payment request to the user’s SyncID. The user reviews it and approves, triggering the pull of the amount.

Benefits of Using Sync Pay

• User Experience: Significantly improves by making transactions more intuitive and streamlined through pull payments.

• Flexibility: Provides users with a broader choice in managing transactions through both push and pull payment options.

• Security: Enhances security by necessitating sender approval for pull payments, reducing the risk of unauthorized transactions.

Pay Pull Payment Process Flow

[Receiver]                [Sync Pay System]                          [Sender]
    |                           |                                         |
    |---(1) Payment Request---> |                                         |
    |                           |---(2) Notification-------------------->|
    |                           |                                         |
    |                           |<---------(3) Review & Approval----------|
    |                           |                                         |
    |                           |---(4) Authorization-------------------->|
    |                           |                                         |
    |<---------(5) Transaction--|                                         |