MenaPay is a fully backed blockchain-based payment gateway in the Middle East and Africa. MenaPay replaces traditional payment methods with a blockchain-based fully backed cryptocurrency. This provides a secure and transparent payment gateway to enable transactions for every aspect of daily life.
How Menapay Works?
It works as a peer to peer transactions, peer to merchant transactions, merchant to foundation and green mining.
- P2P (Peer to Peer) Transactions: Users can use the MenaPay payment solutions to transfer funds/ crypto assets among themselves.
- P2M (Peer to merchant) Transactions: Merchants around the world can integrate Menapay as a payment gateway on their platform with the use of APIS and SDK provided by Menapay.
- M2F (Merchant to the foundation) Transactions: Merchants can withdraw their crypto assets.
- Green mining: Every MenaCash transaction between peer to the merchant may e awarded by MenaPay tokens.
MenaPay Features
- Payment Processing - MenaPay connects you with merchants directly for frictionless and trustworthy transactions.
- Solutions to Real Life Problems - Regular banking tools are largely not used in the Middle East and Africa Region due to the conservative practice of Islam and the poor banking system. The region also has a very fragmented structure with multiple currencies.
- Establishing Public Adoption of Cryptocurrency - Apart from accepting 30 major cryptocurrencies, you can buy tokens via bank transfer and credit card or you can pay on the door.
The MenaPay Solution
MenaPay will connect customers directly to the merchants with the aid of the blockchain. Merchants will be able to integrate MenaPay and payment gateway on their platform. Most merchants will not accept crypto as payment on their platform due to cash-out issues and price fluctuations. As a result, the developers came up with MenaCash. This coin is backed 100% by the US dollar. It is going to be used as a currency for transactions on the MenaPay platform. On this platform, each MenaCash coin is worth one dollar.
To eliminate the issues of volatility, MenaCash is powered by a private blockchain. This will ensure that transactions are faster than the existing payment gateways like debit and credit cards. The platform will initially accept payments in 30 major fiat currencies. Users will also be able to purchase tokens by making bank transfers, pay on the door, or credit cards.
Token Structure
The MenaPay team has planned two tokens for the entire MenaPay ecosystem. The first being MenaPay and the other being MenaCash. MenaPay is supposed to be a participatory token that will be used to raise funds from ICO and will subsequently be used to distribute 75% of revenue and profit to the token holders. To solve the problem of volatility in the price of the token, the team will also create MenaCash, which will be used in daily transactions.
MenaCash will be backed by USD and their value will be fixed at $1 each ensuring the viability of the system. This will ensure that merchants are able to make cash-outs from the MenaPay foundation without the risk of price fluctuations. MenaPay will also bring easy-to-use solutions such as desktop and mobile wallets, integration APIs and SDKs, reporting and a management dashboard for merchants, all with Arabic user interfaces ensuring mass adoption among the target audience.
Token Economy
Ticker: Mpay
Total Number of Tokens: 400 Million
Token to be Sold: 256 Million
Target Soft Cap: USD 5 Million
Target Hard Cap: USD 25 Million
Estimated ICO Price: USD 0.165
Token Standard: ERC-20 Compliant
The Amazing Team
The team’s vision of creating a universal payment solution for the underbanked region of MENA is commendable. There is a need for fast and secure payments option that will shroud the usage of cash. Though there is a lot of ongoing activity in this space, most of the projects have not thought about solving the specific needs of the MENA region which operates under Islamic Sharia-laws of finance.
If the team is able to build a platform that is powerful and robust to solve the needs then the project can have far-reaching implications. They would need to stick to their timelines in order to gain the trust of the investor community.
For more information, please visit the link below:
Author: safazara
Website : https://www.menapay.io/
Whitepaper : https://www.menapay.io/whitepaper_en.pdf
Facebook : https://www.facebook.com/menapayio
Twitter : https://twitter.com/menapayio
Telegram: https://t.me/MenaPay
Ann Thread : https://bitcointalk.org/index.php?topic=4884588.0
Bitcointalk Profile : https://bitcointalk.org/index.php?action=profile;u=1783327
mytherwallet: 0xb7cA53C6b42E6B8a5bEFA6d3C4B24Bf8ce6c82bD