Lumo

Lumo — a crypto POS payment systems

Lumo is a Solana POS payment systems for P2P and business transactions. It's powered by the Solana Pay API at its core and secured by Privy.io. It has both the app and POS terminal for QR code generation. Inspired by the Ethereum-based FreePay POS by Tim Robinson

Problem (One-Liner):
Students lack a seamless, low-cost, and instant way to convert Solana to cash without passing through the bank, and use Solana for everyday walk-in payments, while vendors lack crypto-enabled POS systems to accept such payments.

Problem (Expanded):

Students face significant challenges when trying to use cryptocurrency, particularly Solana, for their financial needs. Current peer-to-peer (P2P) methods of converting crypto to cash are slow, risky, and inconvenient, requiring a buyer to transfer cash, the seller to confirm receipt, and then release the crypto. This process is further complicated by high withdrawal fees and excessive bank charges, making cash access costly and inefficient. There's also risks of scam by either the buyer or seller.

Additionally, students with limited financial resources who wants to start trading assets in the Solana ecosystem encounter high transfer fees on centralized exchanges, limiting their ability to move small amounts of Solana to decentralized exchanges (DEXs) to start trading tokens and trending memecoins. This creates a barrier to entry into the Solana ecosystem for these students.

On the spending side, students want to use their crypto wallets for everyday walk-in purchases such as food, transport, clothing, events, and gadgets, e.t.c. However, most vendors in and around campus lack crypto-enabled point-of-sale (POS) systems. Even when vendors have traditional POS systems, these do not support crypto transactions, leaving students without practical ways to pay with their digital assets.

The absence of a seamless, low-cost, and instant crypto-to-cash solution, combined with the lack of vendor adoption of crypto payments, hampers both student financial inclusion and the broader onboarding of young people into the Solana ecosystem.

Solution:

1. Portable POS Machine:— Students who run (or want to run) businesses and vendors/merchants that operate in or around campus obtain portable POS terminals to make or receive payments. They log in to the app, generate payment links or QR codes and sent to the terminal machine which then process the link and generate scannable QR codes containing Solana Transfer Request pay links. They can also directly enter the payment amount on the machine and it automatically generates a scannable QR codes containing Solana Transfer Request pay links (upcoming feature). This way their business customers can instantly get cash for their crypto just like regular traditional POS, pay for the items/services they want, and receive Solana assets directly to thier wallets.

2. Software App:— Students running business and vendors/merchants in and outside the campus log in with thier wallet using Privy, setup their merchant profile in less than a minute moving quickly to their dashboard. Onward, they can add products/items they want to sell; register their POS machines; generate payments QR codes or links for the already added products they want to sell or custom product /item not listed in their product database (if they want to quickly generate payment); view transactions and payments; get insights and analytics of their business powered by AI; track inventory and manage staff. Other users who do not run business can use the app by creating a user profile after log in; they can track transactions; and gain insights into their spending and transactions pattern powered by AI; they collect loyalty points and receive airdrops upon qualifications

Technicalities (Demo):

1. Lv_MicroPython on ESP32 devkit and 2.4" TFT display: A simple prototype for the terminal

2. Python Django for data storage, Privy ID verification, and token auth

3. Solana Pay SDK

Project links

https://lumo-ochre.vercel.app/

https://github.com/melo-git/Lumo