The Block: Suberra launches recurring crypto payments as seamless as credit cards

Suberra , a Web 3.0 Payments Platform has recently gone live with their first product - recurring payments (subscriptions) on Avalanche, Polygon and Arbitrum. Suberra seeks to change current crypto payment experience by building game-changing infrastructure that allows crypto pull-based payments, making payment experience from crypto wallets into one that is similar to credit cards.

Their vision is for businesses to be able to accept crypto payments for anything; from online payments to recurring payments such as subscriptions . The platform is non-custodial; customers and businesses can have peace of mind on the security of their funds, as they do not store any funds on accounts or smart contracts. Suberra is also multi-chain, and merchants can accept crypto on popular EVM chains.

Infrastructure for Pull-based Payments

“Consumers are used to the convenience credit cards offer - enter your details once and you will get charged automatically. Similarly, you can pay with Suberra to make recurring payments like subscriptions. Companies like Delphi Digital integrated with us to offer crypto subscriptions, something they couldn’t do before.” — Edison, co-founder of Suberra

Crypto transactions are typically push-based, as it has to be initiated by users. This is not ideal if the user has to sign and broadcast transactions for recurring payments manually. To solve this, Suberra has built a foundational infrastructure that allows pull-based payments on the blockchain. Users only need to authorize a transaction once, and Suberra can charge recurring transactions automatically.

SaaS-based businesses or content creators offering paid content such as newsletters, videos or blogs will benefit from this product. They will now be able to accept crypto payments alongside the usual credit card payments easily.

Making crypto payments secure

Currently, ERC-20 tokens support allowances, where token holders can allow DApps to spend a fixed amount of tokens on their behalf. But this is not ideal for recurring payments since the allowance does not reset.

Many existing DApps circumvent this limitation by requiring users to grant a large or unlimited allowance. This poses a security risk as malicious DApps can potentially drain a user's account with the allowance granted.

To address this, Suberra has proposed a new EIP-5827 standard that will make ERC-20 token approvals more secure for the user. With EIP-5827, users can now set a spending limit - say 500 USDC per month - as the amount that can be charged from their wallet. This spending limit can be changed at any time by the user. If a malicious actor tries to make a payment that exceeds this spending limit, the payment will be declined, thus protecting the user’s funds. This auto-renewable allowance will enable many traditional financial concepts, such as credit and debit limits, to be brought on-chain.

Suberra is committed to building public infrastructure that accelerates crypto adoption. The standard and reference implementation will be open-sourced and available to the broader developer ecosystem.

Frictionless user experience

Suberra believes user experience is key in payments. Users face multiple friction points when attempting to pay with crypto, such as management of multiple wallets, fragmented chains and the concept of paying gas tokens.

Besides the convenience of pull-based payments, the platform will also allow people to transact on most popular blockchains, and provide support for over 100 wallets. Merchants need not be torn on which chain and wallet to support for receiving payments.

Transactions in USDC are gasless as gas fees will be covered by Suberra. This makes it easier for customers to pay as they do not have to worry about gas fees.

Integrations

Suberra has previously undergone private beta trials with selected merchants for real-world products such as blogs, newsletters and social media platforms. This will allow customers to pay for their subscription offerings with crypto.

Suberra will be adding more networks (Ethereum, Binance Smart Chain and Optimism) and providing support for more ERC-20 tokens, such as WBTC in Q1 2023.

Interested businesses or developers can sign up for integrations here to offer recurring crypto payments (subscriptions). Suberra is waiving fees for early supporters for a limited period.

Stay in touch

Sign up here to receive updates from Suberra and perks such as discount codes from upcoming merchants. Follow Suberra on Twitter for more information.

This post is commissioned by Suberra and does not serve as a testimonial or endorsement by The Block. This post is for informational purposes only and should not be relied upon as a basis for investment, tax, legal or other advice. You should conduct your own research and consult independent counsel and advisors on the matters discussed within this post. Past performance of any asset is not indicative of future results.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.