Visual Design of the OmiseGO White Label Wallet and it’s Clever Proposal

Reading the White Label Wallet section of the OmiseGO white paper, I’ve converted my understanding into a visual design. Please zoom in to read the labels in the image.

The inferences I gathered from this design struck me as quite clever and is as follows

EWallet payment providers(EPP) have wallet licenses and can issue Fiat with certified limits. EPP examples are Alipay, Stripe, PayPal, PayTM, etc. (many banks also provide ewallet services) Using the Admin Panel, the EPPs can issue Fiat, Loyalty Points, Crypto Tokens, etc. Using the wallet SDK, front end services like e-commerce websites, custom EPP wallets, crypto wallets, games, etc. can utilize the payment services provided by the EPP. OmiseGO provides all the technical services being the backbone for the EPP. EPP or the Frontend service can provide the branding on top of the White Label Wallet. There are four players here, A) OmiseGO the technology backbone provider, B) EPP to issue Fiat, etc, C) Frontend Service provides customer interfacing software using OMG Wallet SDK and EPP issued Fiat, etc, D) Customer. EPPs can use either a centralized or decentralized ledger for their wallet services. Centralized ledger can be used if only the EPPs intra network of users are going to use it (eg. for Stripe as EPP, payments within Stripe’s users). It can also be used in the initial stages for Proof of Concepts before looking to do payment services across EPPs (eg. Between Stripe and PayPal) Decentralized OmiseGO Network using Plasma and Ethereum blockchains can be used for inter EPP network payments (eg. Between Stripe and PayPal and more). It can also be used for blockchain based wallet services, Crypto currency wallet services, Decentralized Exchange of Fiat, Loyalty Points, Crypto Tokens, Game Items, etc. Thus an EPP or Frontend Wallet can just use a Centralized Ledger based White Wallet and migrate to Decentralized OmiseGO Network based Wallet when needed. This makes adoption easier. Fiat can be the only token supported and later support can be added for Crypto Tokens. This also makes mainstream adoption easier. OmiseGO using it’s White Label Wallet needs to onboard many EPPs worldwide to bring various Fiat on/off ramps into the OMG Network. EPPs take care of regulatory compliance in their respective countries as they are license holders. OmiseGO Network can thus function with just Fiat transfers and exchanges. Crypto Tokens, Game Items, Loyalty Points, etc. are all value additions. This allows the existing mainstream businesses to easily use OmiseGO. It also allows the Crypto Industry to use it. Mainstream businesses can also adopt crypto if they want to or when crypto catches on and it becomes a necessity.

The OmiseGO White Label Wallet is thus a clever proposal to enable existing businesses to provide inter network wallet services and adopt crypto if they want to. They now need to onboard as many EPPs as possible.