How MEGAX will introduce crypto to ASEAN Retail markets
This article was originally posted by Sanjeev Kumar, one of our advisors, you can find the original article below:
Over the last 5 years Asian markets have grown tremendously. Apart from domestic players, multi-billion marketplaces such as Alibaba, Amazon have been making inroads into ASEAN markets such as Singapore, Thailand, Indonesia, Malaysia, just to name a few. Influx of online marketplaces and high transactional costs are constraining traditional brick and mortar Retailers to compete and scale. Needless to say, high price for goods and services is reducing demand for offline purchases.
MEGAX’s Play
I see below distinctive advantages that MEGAX can offer to its customer base spanning across 27 countries supports 25,000 retail brands!
- Competitive offering — A merchant selling goods and services offline using traditional payment methods, typically incurs 200–300 basis points of processing fee from the banking partner. This can be drastically reduced through MEGAX acceptance, allowing smaller merchants to be competitive in the ecosystem.
- Borderless benefits — One might ask why MGX token when market has plethora of cryptocurrencies available in the market. Agreed that there could be options, but the real value add of MEGAX is through its simplicity in the ease of use and thousands of ASEAN merchants that are already on board as compared to other cryptocurrencies who might still be trying to get their local market sorted out.
- Omni-channel — Another challenge innovative retailers face is adapting to omni-channel and provide seamless experience to their consumers. Whilst the market has new and innovative solutions around mobile-POS and QR code, their success is yet to be seen. MEGAX has potential to solve this problem by engaging both merchant and consumer across all channels.
- Evolving Customer behaviour and Acquisition — Customer acquisition and retention is one of the biggest challenges faced by offline retailers. Today’s customers are highly informed, equipped with newest technologies. MEGAX is well positioned in the market to address both of these challenges- with a physical presence, they can actively engage customers for adoption and can drive products or experiences to exclusively accept only MGX, adoption of cryptocurrencies on a scale never seen before.
In my two decades of payment experience, working with Banks, Merchants, FinTech players across various markets, I have seen many innovative payment solutions being rolled out, but seldom in traditional, brick-and-mortar world! I believe the MEGAX team can break the mold and continue to innovate in the space they are already well positioned, complementing the up and coming wave of millennial entrepreneurs and consumers alike.
