Welcome to Merchant Token docs. This is a live document that will be updated as our project evolves.


First Consumer Protection protocol on blockchain! Enables disputes & chargebacks!

Derrick deliberately put his phone on the table in his living room. He was screen casting his phone display on the T.V. He wanted to make sure they wouldn't miss seeing it when they came in. He knew they would eventually ask, and he would tell them it was a wallet they were looking at. He wanted to see the shock in their eyes when he added he had bought the drinks and the popcorn from the local shop with that wallet. He wondered if they would understand what it meant. A period in time when the transaction fees for the purchase were actually cheaper than a bag of popcorn.

However, that wasn't the main purpose for his setup. Today was his day of making a statement because he remembered the ringing laughter when he had just begun dabbling in cryptocurrencies and had ordered for a smartwatch online. His friends had been around, and he had wanted to show them how cryptocurrencies were much better for online payments. Whatever had transpired was something they used anytime they came to visit him. The first question was, “has it arrived yet?” Two years had passed but it had never arrived. A lesson he had learnt early enough. Cryptocurrencies made it easy to pay for goods anywhere in the world
however there was no protection for the customer. The people who owned the site had received the funds he had sent. The transaction was verified on the blockchain and that was proof they had received it, but for him, he hadn’t received what he had ordered for.

Today, was going to be his day of having the last laugh. The Merchant Token wallet that was being displayed on the T.V was the culmination of the efforts by the Hips company, a payment company that had started the Merchant Token project with the main aim of providing a decentralized platform for providing a consumer protection solution on the blockchain. Derrick could not only pay at the local store but could order from any supported merchant from anywhere in the world using the cryptocurrency of his choice and the best icing of it all, he had consumer protection to boot while still being completely decentralised. If the good wasn’t
delivered or was of poor quality, he could dispute the charge via the merchant token portal and the chargeback procedure begin and if it was found to be true, his funds would be deposited back into his wallet. The peace of mind and comfort of knowing his back was covered in online purchases using crypto was a game changer, and he knew his friends would be impressed.

He knew as much as some of them laughed, he knew they had some secret stories of being scammed since some had begun buying crypto. What they were going to discover today, he thought, was that those sorts of scams were stories of the past. Merchant Token had delivered worry-free shopping experience using crypto.

Traditional payment terminals On-chain

HIPS envisions a future of cryptocurrency payments as a replacement to the current
payment system. Having been in the card payment industry for over twenty years, they have
supported countless merchants provide a seamless shopping experience of their customers
through providing point of sales (POS) terminals and associated services. This includes
provision of POS systems, PCI licensing and EMI licensing, cloud-based management of the
provided systems and custom-made payment solutions tailored to the merchant.

There is the allure that cryptocurrencies have had on consumers. The freedom to acquire
and hold currencies that have no external factor or third party deciding on how to use it. This is evidenced by the uptake and interest of the public towards DeFi. Various studies show
that this is likely to increase and in the obvious user case, they will be used to pay for goods
and services. HIPS sees a future where a customer has a choice of paying for goods and
services at a local store using cryptocurrency of their choice and also enjoy consumer
protection just like when using credit or debit cards that are provided by the centralized card
payment industry.

In as much as we are in the beginning days of crypto payment, point of sales terminals can
already be configured to accept crypto payments. More development will be needed to
include consumer protection which is what the Merchant Token project is currently
developing. This will be a turning point in the crypto payment industry since it will be
decentralized and under the community control instead of being under a centralized entity.

A shopping experience should be fun and not stressful. A typical modern shopping
experience at a supermarket is concluded with a shopping cart and a credit card in hand.
This is what is expected from any average shopper when the point of paying comes up.
Payment at the counter or at a point of sales terminals as of now is still under the traditional
card payment industry and hasn’t moved significantly into the next phase of payment
involving cryptocurrencies. This is something that the Merchant Token project wants to
change for good. To provide consumer protection for consumers that opt to use crypto but
also simplify the whole process so that your average user has good shopping experience
without suffering with the technicalities that are demanded with the current usage of crypto.

The customer will have the choice of using the Merchant Token wallet where they will be
able to use their preferred cryptocurrency for payment and if they desire consumer
protection, they will be able to pay for with even an auto-swap function already provided for a
seamless shopping experience.

HIPS through the Merchant Token Protocol aims to provide the POS systems and software
to all merchants to easily integrate payment of cryptocurrencies within their systems. This
will reduce device costs, the time of implementation, and simplify updating these systems.
Through this, the next generation of shopping and consumer protection with the use of
crypto in a decentralised system is already beckoning through the Merchant Token project.