How does MenaPay make transactions?
MenaPay is the first fully blockchain based and USD backed payment platform which focuses on the Middle East and North Africa region (MENA). The platform allows transactions on a blockchain infrastructure with very low transaction fees that is not affected by fluctuation of cryptocurrencies, faster and more secure than any traditional payment gateway.
BEFORE MENAPAY:
AFTER MENAPAY:
MenaPay performs transactions in three ways:
1. P2P (Peer-to-Peer) Transactions
Peer-to-Peer transactions are performed in between the users.
Details of the receiving party (phone number, email, nickname, public key or QR code) are requested from the sending party. Following MenaGateway and the MenaPay Platform approvals, the transaction is realized by the user approval.
MenaPay Foundation presents this innovative and fast payment system with lower costs of transaction compared to existing payment methods.
2. P2M (Peer-to-Merchant) Transactions
Peer-to-Merchant transactions are made by customers to merchants.
During this process, a unique transaction code is produced for every purchase from the merchant. Within this code, there exists information on the purchased product or service and the cost. This code is reflected as a QR code on the merchants’ screen. The QR code is scanned by the customer’s app and the payment is realized after system approval.
3. M2F (Merchant-to-Foundation) Transactions
Merchant-to-Foundation transactions are for MenaCash to fiat currency cash out from the merchant to the foundation.
MenaCash is easily converted to fiat currency for approved merchants.
As merchants can use the collected MenaCash for their own purchase purposes, they can also join the Approved Merchant Network and cash out from MenaPay Foundation. Cash out requests opened by approved merchants are closed by the foundation on returning the fund, keeping 1 MenaCash = 1 USD equality. The minimum limit for cash out is 1,000 MenaCash. MenaPay Foundation claims 5% commission over the amount cashed out. The rights to change the commission rates are reserved by the MenaPay Foundation.
To read more about the platform, you can now read our white paper from the website;
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