Proof of Usefulness Report

Iot Pay

Analysis completed on 2/20/2026

+513
Proof of Usefulness Score
Industry Mainstay

IOT Pay is a legitimate, established fintech company acquired by GrubMarket in 2022, verifying significant real-world utility and value. It provides critical Alipay/WeChat Pay integration for Canadian merchants, generating estimated annual revenue of ~$3.2M. However, the project submission quality is extremely poor, containing false claims ('most people have used my product', 'audience reach: everyone') and confusing data ('marketcap: 2500000'). The high score reflects the verifiable success of the business, significantly penalized by the lack of credible evidence in the submission.

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Score Breakdown

Real World Utility+200.0
Audience Reach Impact+80.0
Technical Innovation+90.0
Evidence Of Traction+127.5
Market Timing Relevance+80.0
Functional Completeness+5.0
Subtotal+582.5
Usefulness Multiplierx0.88
Final Score+513

Project Details

Project URL
iotpay.ca
Description
We provide intelligent POS machines, management systems and a solution to settle Chinese Yuan to Canadian dollars. Now IOT PAY offers all Canadian merchants a connection to a bigger market through WeChat Pay and Alipay. Being non-banking online payment services, WeChat Pay and Alipay are not affected by the $50,000 exchange limit. All currency exchanges are real-time and are updated digitally based on Bank of China (China) daily. With supports of Tencent Group and Alibaba Group, all registered merchants are guaranteed with secure and sustainable services. With IOT PAY TECHNOLOGIES INC., you will be provided with more flexible rates, and the best way to attract Chinese consumers

Algorithm Insights

Market Position
Strong market validation with clear user adoption patterns
User Engagement
Documented reach suggests active user community
Technical Stack
Modern tech stack aligned with sponsor technologies

Recommendations to Increase Usefulness Score

Document User Growth

Provide specific metrics on user acquisition and retention rates

Showcase Revenue Model

Detail sustainable monetization strategy and current revenue streams

Expand Evidence Base

Include testimonials, case studies, and third-party validation

Technical Roadmap

Share development milestones and feature completion timeline