The history and development of commodity circulation associated with the advent and development of currency and monetary circulation. The emergence of currency and the role of mediating between different types of goods make the circulation and exchange of goods more and more developed. Payment in cash is a form of payment paid by the obligor (goods purchaser, service recipient …) to pay the beneficiary (seller of goods, service provider). However, the form of payment in cash is still limited, no longer compatible with the market economy, international development cooperation today. Besides, the payment through the intermediary also encountered many unfortunate events. Especially, the issuance of too many cards by organizations and banks also makes payment more difficult. For example, Masked cards often do not allow you to spend more than 500 dollars. In order to unify the payout, HAZZA has introduced a payment network that addresses major issues in the payment market.
So, what’s the highlight of HAZZA?
As noted above, HAZZA aims to have a proven, existing business payment platform and move it to blockchain.
-You can find more information at the website: HAZZA
HARNESSING PROVEN TECHNOLOGY
PARTICIPANT BENEFITS
- Merchants
Sellers who want to accept non-cash payments will no longer have to participate in a slow and expensive search and contracting process with multiple intermediaries charging per transaction and only providing access to a limited range of payment methods. Sellers will have quick and easy access to all HAZZA payment methods, while saving costs and getting more revenue from accessing a broader payment method.
- Consumers
Consumers can use a larger range of payment methods online and offline, anywhere in the world. They can use multiple payment methods at any merchant who’s participating in the HAZZA network. Consumers will find it easier to use and spend their money wherever they are, with whatever payment method they prefer.
- Payment Method Providers
Payment providers will no longer have to compete in a closed, dispersed market dominated by some major payment providers. HAZZA allows providers to immediately pay for international competition based on their value, quality and cost.
- Payment Networks, Issuers, and Acquirers
HAZZA allows existing payment networks, issuers, buyers and payment cards to take advantage of decentralized and global networks to reduce CAPEX / OPEX and expand the scope or construction of functions. Additional features in existing markets, future.
MIGRATION TO BLOCKCHAIN
Move the platform in stages:
- The open API will reduce costs and enhance integration. The payment channel will integrate itself into the HAZZA network using the public API, eliminating the bottleneck commonly associated with adding a payment method to the network.
- Smart contracts will be used to facilitate aspects such as KYC, terms of trade, participant registration and publishing services. As a result, merchants and payment participants will see significant time savings and reduced acquisition costs.
- Finally, the core processing platform will be able to adapt to the future.
The Fund will assess the availability of new blockchain technology and utilize it to handle the core when it is ready. This includes evaluating out-of-sequence status channel technologies, such as Lightning Network and RAIDEN.
=> Summary, HAZZA is a strategic alliance that builds on the proven, proven business platform and moves to blockchain. Promote the revolution of the payment ecosystem by creating an open, unified global payment network that is driven by the community to the community through a non-centralized, non-profit organization.
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