GCash Anchor for the Stellar Network
- A trustline for PHP is created from the Customer's stellar account to the Merchant (issuer)'s account. The Customer must have a stellar account funded with at least 31 XLM to fulfill the minimum balance requirements.
- Once the trustline is created, the Customer executes an HTTP request that includes the stellar account address, GCASH phone number, and an optional memo on the website.
- Customer requests for a cash-in of GCASH amount and provides the GCASH phone number on the website.
- GCash is sent to merchant's number and a reference number from Globe is generated.
- Customer confirms reference number by sending a text message with reference number to merchant from GCASH phone number.
- Merchant posts: date, value of gcash, stellar destination and reference no.
- Merchant finds stellar address in database from number from cash-in request
- Merchant funds stellar address.
- Add a trustline (Stellar) for asset
PHP
to issuing accountGBEAEXVL27YDQIHGSLDA3F57BZB2E5KL5LK5DJRY62EEMV4I42HED2V7
- Stellar transaction must have a memo that includes the person's GCASH cellphone number 09175431287
- Receive a phone number from issuer to send your GCash to
- We need additional verification to prove the phone number is correct - person should send a text message with their public address to the number given by the issuer. This is because GCash that is sent to a personal address is confirmed in the following format:
You have received P500.00 of GCash from DEPOSITER'S NAME.
Your new balance is P500.00 09-29-17 07:49AM Ref. No. XXXXXXXXX.
The issuer does not receive the person's phone number when receiving GCash so we would need to verify the number through the SMS channel
- One individual phone number per GCASH account (100k limit)?
- Watch for GCASH being sent from a recipient's phone number through a GSM receiver. Data should be broadcasted/published to prove that GCash has been sent to issuer
- From the phone number that sent in the GCash, find the address associated with that phone number and fund its Stellar account
- To withdraw, send back PHP credit to issuer's account
- Watch for PHP credit being received at issuing account
- Disburse GCash to phone number associated with Stellar address that sent the PHP credit
- You could send to a federated address, but there is no guarantee that the address
09173819338*gcashanchor.com
is a GCASH KYC'd number, so perhaps it is best to send it directly back to the GCASH number used and let the person send the GCASH to the intended recipient
- If there were official APIs that watched for transactions on the GCash network that would be interesting (instead of confirming transactions via SMS)
- Could potentially look into becoming a GCash merchant in order to bypass the 100k php credit per wallet and have all transactions go to the merchant account.
- If user does not have access to mobile number and they still have PHP credit, what happens?
- Federated address could perhaps work
- They register a new GCASH account, go through the trusting process, and send the GCASH to a new Stellar address
- Globe has a system wherein customers that send GCash to each other have already gone through the KYC process by Globe.
- Should there still be a KYC process for the Stellar network?