General Overview

SelfPay is an ongoing ICO that has been advertised as a future way to incentivize cryptocurrency in point of sale situations. SelfPay brings many interesting solutions to the table, most of all in my opinion such as intervisitation via transaction fees, they claim on page 4 of their whitepaper that 20% of their transaction fees made using their platform.


While card based ICOs are a dime a dozen and setup fees for such a project are generally very high however by using the incentivization of crypto versus card they can lower usage on actual card networks and move to a majority based crypto-based transactions if implemented correctly.


While this ICO has a lot of ground to build on, the basic concept can be easily built with a custom debit card program with some rules in erc20 transaction conversions. For example, if I had 20,000 SP when I would do a transaction and send it to a secondary company account which would convert that SxP into fiat. This method can be used by many cryptocurrencies and is the most commonly used with TenX and other similar cryptocurrencies.

Associated Risks

While with any ICO, general risks apply on the reliability of the company, regulation, stability etc. When there is an ICO that involves a token that is going to be used with cards, it has more associated risk. This is due not at the fault of the ICO but at the risk of the card companies such as Visa and Mastercard, they hold the power to terminate the contract for card issuance and management at any given point.

There is also the liability of user versus company, when someone commits a crime using a card, liability generally falls upon the user. However, depending on how they set up the backend of the card system legally. It is not clearly stated in the whitepaper which is understandable considering the situation.