How MenaPay will be a revolution in fin-tech

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MenaPay

5 min readAug 3, 2018

Apple INC today hit 1 trillion dollar market cap making it is the first publicly listed company to achieve that goal (Total cryptocurrency market cap at the time of writing is 262 Billion USD). It is an amazing goal reached by apple and it is telling the world a message: now it is the era of technology. Last month Jeff Bezoz of Amazon became the first person to hit 100 Billion dollar net worth, which is again a founder of a tech company. Gone are the days where Big oil or some financial coorperations ruled the world.

Now it is the era of technology

With the upcoming web 3.0, Internet of things etc people will identify the need for a digital currency as well. That is where bitcoin and cryptocurrencies come into play. It is no doubt that traditional fiat money will be a thing in the past at this digital era.

Why traditional financial systems will fail?

The major problem with the traditional financial system is that it is centralized and heavily depend on a central organization which is the central bank or the government. You have to trust them and you don’t really have a choice. Also they are heavily subjected to inflation which means you lose your money everyday. Also not every person in the world is accessible by a bank. There are lot of people in the world which who does not own a bank account.

There is a common solution for all above problems: Cryptocurrencies

Cryptocurrencies which is based on Blockchain technology is decentralized and trustless which means you do not need to trust the second party to execute the transaction and mainly there is no middle man (Bank or government in traditional system) in between.

There are literally thousand of cryptocurrencies out there but I am talking specially about project MenaPay in here.

How MenaPay is different from the rest and it will succeed

Menapay (https://www.menapay.io) is the first fully backed, Islamic compliant, blockchain based payment gateway in the Middle East and North Africa and their target is to make MenaPay the most commonly used cryptocurrency in MENA (Middle East and North Africa).

Everyday I see few ICO projects which claims to be the new currency and there is literally thousands of them. But MenaPay is different from the rest and it will be a huge success because of the following reasons.

MenaPay is the first fully Islamic compliant cryptocurrency. Since their main focus is MENA region it is must and a reason where almost every other crypto currency back out. Secondly MenaCash (currency of MenaPay) will always be equal to 1 USD which means that you will never face any inflation risk. MenaCash is 100% backed by USD hence no high volatility makes it a perfect candidate for a currency.

Thirdly MenaCash will operate in it’s own private blockchain which is robust and faster which makes MenaCash is non volatile faster currency. Read here how MenaCash will be compared to other blockchains out there. The reason why Bitcoin can never consider as a currency is it is highly volatile, has higher transaction fees and really slow network. MenaCash does not have any of these problems!!

Also MENA region has 420 million population 86% of them does not have a bank account. Which means majority of them do not trust the traditional banking system and MenaPay will be perfect for MENA.

How MenaPay works

As I said in the begining MenaPay aims to become fully backed, Islamic compliant, blockchain based payment gateway in MENA. A payment gateway is a merchant service provided by an e-commerce application service provider that authorizes credit card or direct payments processing for e-businesses, online retailers etc.

As shown in above diagram in traditional systems when the customer makes a purchase and do the payment, payment gateway sends the message to bank and then transfer money to merchant’s account.

But thanks to blockchain, MenaPay does not need to go through the above process and customer can directly pay the merchant with MenaCash. Customer’s will tend to use MenaPay over traditional payment gateways since it is easy, faster and has many more options like bill splitting, expense tracking with MenaPay APP. Also it is easier for merchants as well since it is secure, easy settlement and accurate data.

MenaPay brings easy-to-use solutions such as desktop and mobile wallets, integration APIs and SDKs, reporting and a management dashboard for merchants, all with Arabic user interfaces. It consists P2P Transactions, P2M Peer to Merchant Payments, M2F Merchant to Foundation and Green Mining which will be explained later.

MenaCash will backed by USD and will always be valued at 1 USD. But MenaPay Tokens which is ERC20 will be used to raise money in ICO and distribute the majority of the revenue and profit of the MenaPay platform. Mpay tokens will be tradeble in exchanges and every MenaCash transaction between Peer to Merchant may be awarded by a MenaPay token, which is what they called Green Mining. MenaPay tokens will be distributed from mining reserve. A certain ratio of the transaction fees will be used to fill the mining reserve with MenaPay tokens.

Tokenomics

There will be total of 400M Mpay tokens minted and 256M Mpay will be available in crowdsale. Target sofcap is 5M USD and hardcap is set as 25M USD with estimated token price as 0.165 USD. All the unsold tokens in the crowdsale will be burnt.

Roadmap and ICO details

There is no official date for crowdsale yet but it is scheduled to have in November of 2018. They will launch the official desktop and mobile payment app in September 2018 and they plan to reach 1B USD market cap in June 2019, which is an incredible target.