The E2Pay Partnership and What it Means for Mandi Token
Just last week, Mandi Token solidified a deal with an Indonesian payments processing company called E2Pay. While it may not be obvious what this means for the Mandi Token community, that will change when you are finished with this article. Let’s start with profiling E2Pay:
E2Pay is a payments processing company based in Jakarta. It addresses the tens of millions of people in Indonesia who are unbanked. Through its multiple software applications, they can empower their customer base with personal banking, microloans, merchant services, etc. E2Pay generates revenue in transaction volume every month among its 100M users. Mandi Token will be allocated a percentage of that transaction volume as part of an agreement signed between them and E2Pay. A percentage of E2Pay’s revenue is allocated towards its customer rewards program. The purpose of the rewards program is to incentivize product loyalty and the proper utilization of E2Pay’s financial products. An example can be earning points for every timely monthly interest payment of a microloan through E2Pay’s loan aggregation applications. These points can be used for discounts on future loan payments, or merchant payments, similar to JetBlue’s TrueBlue points. The unique factor with E2Pay’s deal with Mandi Token is that these points in E2Pay’s ecosystem (including Nahdlatul Ulams and CandyPay) are backed by MANDI, MnI’s digital representation of their portfolio. So this is why the move is big:
The Mandi Token economy will be getting a percentage of transactions per month among 100 million users in Indonesia.
So when will this start kicking in? CandyPay, one of E2Pay’s frontend products, will be rolling out this Mandi-backed rewards program early September 2020 to about 1,000 merchants. This beta program will start rolling out the Mandi-backed rewards points within the Candy Pay product to these selected merchants as a way of testing the economics of the platform. Another frontend in the E2Pay ecosystem, OVO, will be following suit in the coming months.
A portion of fees in this beginning rollout will be directly routed to the Mandi token marketplace, creating the circulating economy envisioned in our white paper.