Introducing Recurring Payments with Ambrpay in MEW
Here at MEW, we believe that in order to encourage adoption, the infrastructure for decentralized finance and the internet of money must continue developing to make all types of crypto transactions easy, intuitive, and secure.
Today, we are excited to add Ambrpay’s decentralized subscription payments to the MEW Dapps page.
If you think about it, quite a few of our day-to-day financial transactions are recurring: streaming and news subscriptions, memberships, paychecks, utility payments… The list goes on. Not to mention simple banking transactions, like monthly balance transfers or deposits to savings accounts.
With Ambrpay in MEW, you can set up recurring ETH payments right from your wallet to facilitate a wide variety of transactions.
- Do you prefer to keep most of your crypto on a hardware wallet, but would like to use a browser extension like MEW CX to interact with Dapps? Set up regular transfers of small amounts of ETH from your hardware wallet to your extension address.
- Set up regular payments to a separate savings wallet for yourself or a loved one.
- Make recurrent donations to a project, cause, or blog that deserves your support.
- Subscribe to software services that accept crypto payments.
The option of automating some of your crypto transactions is not just convenient — it helps you keep your funds more secure by reducing the frequency of wallet access. Now, you don’t need to use your device or expose your access information every time you need to top off address balances or tip a content creator.
As the decentralized internet grows, many more sites and platforms are sure to begin accepting crypto for subscription and membership payments. With Ambrpay in MEW, you can be the first to benefit from this infrastructure and put your ETH to more uses than ever.
Here’s how to try out the Ambrpay Dapp
On the MEW Dapps page, select Ambrpay.
To set up recurring payments, you first need to add funds to the Ambrpay contract. The payments will be taken out of this balance, without having access to all of your wallet funds. Here, we are adding .5 Ropsten ETH to the Subscriptions Balance.
Once this transaction goes through, your Subscription Balance will be updated and you can fill in the information for your recurring payments. Enter the address to which the payments will go, the amount for each payment, and the interval period in days. Here, we are setting up a payment of .1 Ropsten ETH to be made every 60 days.
Keep in mind that a 1% automation fee is added to the desired payment amount.
After you have set up your payment, you can view the subscription by clicking My Subscriptions on the main Ambrpay Dapp page. You can also Unsubscribe from the payment or Withdraw Funds from the Subscription Balance at any time.
