INTRODUCTION
When the word Traditional Payment method is mentioned, what comes to mind or what it means is negotiable instruments such as drafts which can also be checks and documentary credits such as letters of credit. Traditional payment systems require the consumer to either send paper checks by mail or require them to physically come over and sign papers before performing a transaction. This is a major challenge using traditional payment system because totally it is not convenient for users. Traditional payment method also have major problem of SECURITY. Users send their personal details and information’s which are not protected and in most cases and are accessed by anyone, this act endangers the life and property of these users involved.
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About MenaPay and its Solutions
Over the years, the challenges faced in traditional payment processes shows that change is needed for users to enjoy smooth secured transactions when making payments. MenaPay offers solutions to all the problems faced in traditional payment methods. MenaPay will be fully backed up by Blockchain and it is the first of its kind to offer Blockchain based payment gateway in Africa and Middle East region. Using developed crypto currency backed up by Blockchain, MenaPay will replace traditional payment methods. MenaPay will provide a very secure and perfect transparent payment gateway to enable transactions for users in all of their activities carried out in their everyday life.
In middle east and in Africa region, the conservative practice of Islam and poor services rendered by the banking system has reduced the way regular banking tools are been used in such areas. MenaPay is here with a perfect solution to solve the issues of the people not been able to access normal banking mediums. MenaPay is coming with a non-banking digital solution using the Blockchain to develop a single currency that will be freely used by everyone in these regions without any hindrance. This single currency will be used across borders and be readily acceptable as a means of payment. No more restrictions of any sort depriving the people from fast payments and transactions.
How MenaPay works
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Despite the adoption of crypto currencies, it has not been widely used as form of payments for daily transaction payments because of its volatility. The price fluctuates at any given period of time. Cashing out too has been a problem for users. MenaPay is throwing its weight in this regard by providing MENACASH that is fully backed by USD. Menacash will be the currency that will be used for all the transactions on the MenaPay platform. Backed up by USD, menacash will always be equal to 1 USD and users or traders will be able to make quick cash outs from the MenaPay foundation. Menacash will be a stable crypto currency that will work on private Blockchain providing solutions that will eliminated completely the volatility of crypto currencies and even facilitate faster transactions. Users have the opportunity to even buy tokens via bank transfers and credit cards or even pay for tokens at their door step.
MenaPay token based on erc-20 will be used to distribute the majority of revenues and profits of the MenaPay platform and this will also be available for crowd sale. MenaPay offers the opportunity for green mining. Every Menacash transaction between peer to peer users or traders may have the opportunity to be awarded by MenaPay tokens. MenaPay tokens will be distributed from the mining reserve and a certain ration of the transaction fees will also be used for filling the mining reserve with MenaPay tokens. MenaPay determined to reach the world developed desktop and mobile wallets. This wallets will be able to integrate APIs and SDKs, reporting and a managing dashboard for merchants and all of these are with Arabic user interface to reach those who only communicate in these language.
MenaPay token Details
Tokens Total supply : 400M Mpay
Tokens For Sale: 256M Mpay
Estimated ICO Price: $0,165
Target Soft Cap: $5M
Target Hard Cap: $25M
Token Standard: ERC-20
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CONCLUSION
Everyone wants a secured means of payment that is fast and also convenient. That is the aim of MenaPay; the platform is set to provide payment methods backed up by the Blockchain to provide fast, secured and reliable payment methods without any restrictions in middle east and also east Africa. These regions I must say are fortunate to be the first to access this development from Blockchain.