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 screencasting 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 would add that 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 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 a smartwatch online. His friends had been around, and he had wanted to show them how cryptocurrencies were much better for online payments. What then transpired was something they used every time they came to visit him. The first question was “Has it arrived yet?” Two years had passed but had never been delivered. This became a lesson he learnt early on, that 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 which meant they had received it, but he was left empty-handed.

Today was going to be his time to have 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 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 part was that he was protected as a consumer by a decentralised system.
If the goods weren’t delivered or were of poor quality, he could dispute the charge via the merchant token portal, where a chargeback procedure would be initiated, and if his claim was approved, his funds would be deposited straight back into his wallet. The peace of mind and comfort of knowing his back was covered for online purchases using crypto was a game changer, and he knew his friends would be impressed.

He knew that as much as some of them laughed, they also had some secret stories of being scammed, as they had also 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 was delivering a worry-free shopping experience using crypto.

Traditional payment terminals On-chain

HIPS envisions a future where cryptocurrency payments replace the current payment system. Having been in the card payment industry for over twenty years, they have supported countless merchants in supporting a seamless shopping experiences for their customers, by providing point of sales (POS) terminals and associated services. This includes the 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 an allure that cryptocurrencies have had on consumers. The freedom to acquire and hold currencies that have no third parties that decide how they should be used. This is evidenced by the uptake and interest of the public towards DeFi. Various studies show that this is likely to increase, and the most common user case, they will be used to pay for goods and services. HIPS sees a future where the customer has a choice of paying for goods and services at a local store using the cryptocurrency of their choice, while also enjoying consumer protection, in just the same way as when using credit or debit cards that are provided by the centralized card payment industry.

Although we are at the beginning of crypto payments usage, point of sales terminals can already be configured to accept crypto payments. However, more development is needed in order to include consumer protection into the system, 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 community control instead of being run by a centralized entity.

A shopping experience should be fun and not stressful. A typical modern shopping experience at a supermarket concludes with a shopping cart and a credit card in hand. This is what is expected by any average shopper when it comes to the moment to pay. Right now, the payment process used at the counter or by point of sales terminals is still managed by the traditional card payment industry, and hasn’t made any significant progress to the next phase of payment, which should be 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, and also to simplify the whole process so that the average user has good shopping experience without suffering from the technicalities that come with the current implementation of crypto payments.

The customer will have the choice of using the Merchant Token wallet, where they will be able to use their preferred cryptocurrency for payment, including the choice of opting for consumer protection. They will even be able to pay with an auto-swap function that’s already available for a seamless shopping experience.

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