MENAPAY — A Novel Blockchain-based Fully Backed Payment Gateway.

Foley

Published in

MenaPay

6 min readAug 4, 2018

Hey Guys!!

Hope you are keeping pace with the constant development in the crypto space.

Today, I will be showing you a new project that just launched which is bound to affect our everyday life positively.

Have you ever heard of a platform where you can easily purchase goods and services with the use of cryptocurrency?

I bet you have never heard of such.

So today I will be showing you how Menapay makes this possible with a blockchain-based payment platform.

It is a well-known fact that internet has brought about massive improvements in the way we do things particularly in terms of making the world a global village. Through the internet, we can now buy things from anywhere in the world through electronic means. The last decade have witnessed the meteoric rise of a disruptive technology that is proving to be a handful in providing solutions to many problems that has plagued humanity for centuries.

Blockchain technology provides a means of carrying out online transactions in a secure environment which is untraceable for any hacker. This means that transactions carried out on blockchain are fool-proof. Although the internet provides a way of carrying out transactions between sellers and buyers, there is still so much limitations in the usage and adoption of this amazing technology particularly in buying and selling of products online.

The scenario is that cryptocurrencies are not fully adopted particularly in areas such as Middle East and Africa when it comes to using these cryptocurrencies in making payments for goods bought on ecommerce stores. This is because cryptocurrencies are highly volatile and not suitable for making such transactions. Making payments for goods and services bought online or sending funds to friends and family is still predominantly done with the use of traditional payments methods which have many inherent problems such as low transaction speed, security threat, high transaction fees and a host of other problems.

So the thought is now that can we have a platform that will be a fusion of decentralized ecosystem and economic system where payments of goods and services and transfer of funds from one place to another can be done simply with the use of a blockchain-based cryptocurrency? A platform that will simply be a decentralized payment gateway that offers all the advantages that a traditional payment gateway does while also proving all the advantages that blockchain technology offers.

MENAPAY — A Novel Blockchain-based Fully Backed Cryptocurrency.

MenaPay is 100% Islamic, secured blockchain-based payment gateway. Due to the inherent limitations of traditional payment gateways, Menapay aims to substitute these traditional payment methods with a blockchain-based, fully backed cryptocurrency which will provide a flexible, secure and transparent payment platform thereby enabling fast and easy online transactions for every aspect of daily life. MenaPay aims to introduce the use of a blockchain-based fully backed cryptocurrency in making payments rather than the use of traditional payment methods.

Menapay is a decentralized payment gateway platform built on the blockchain that brings buyers and sellers of products together on a single platform in order to facilitate payments for transactions with the help of cryptocurrency. This is a novel ecosystem where people can send funds from one place to another with the help of tokenization and payments for goods and services can be made with the use of the cryptocurrency developed by the Menapay platform. The introduction of decentralization into payment gateways help to lower transaction costs and help in speeding up the process of exchange of goods and payment of funds.

Payments for goods and services under traditional payments gateway methods requires issuing bank to settle the payment gateway which then settle the merchant of the product but all these cumbersome processes have been eliminated under the Menapay platform. MenaPay totally eliminate the use of banks in the course of transactions made on the platform and instead connects merchants directly with their customers thereby expediting the process of exchange of goods and services and also reduce the waiting time on the part of the merchant for cashing out his/her revenue.

Advantages of the Menapay Platform

Low Transaction Costs

Menapay makes a major breakthrough in the process of buying and selling with the removal of the middlemen like Banks. Normally, a product that shouldn’t cost much will cost a fortune because the presence of banks which has added some charges to the cost of the product. Menapay provides a blockchain-based payment platform that brings buyers and sellers together without the need for any middleman. This helps in lowering transaction costs significantly.

Redistribution of Income

Another laudable achievement of the Menapay platform is redistribution of income. The exploitative middlemen (Banks) most times end up being the best gainers in any trade. Menapay comes to the rescue of both the buyers and merchants by eliminating the use of a middleman in a transaction. Hence, the Menapay platform helps in redistributing income from these unscrupulous middlemen (Banks) to the buyers and sellers of the product in question.

Speedy Transaction

Speedy transaction is another advantage that the Menapay platform boasts of over traditional payment gateways. Transactions on the Menapay platform are carried out with the use of smart contracts which are extremely super-fast and reliable thereby removing any delay in transactions as may be witnessed when using traditional payment platforms. Transactions using traditional payment gateways take much longer period to confirm while transactions under the Menapay platform take only a couple of seconds.

Security

Another valuable feature of the Menapay platform is that it is highly secured. Menapay is a blockchain-based payment gateway which means that transactions carried out on the platform are encrypted with the use of distributed ledger. This makes transactions on this platform untraceable by hackers and buyers and sellers can trade with the confidence that their personal and financial information are well protected.

The MPayToken

The Menapay platform token with the ticker MPay is an ERC20 standard type token. The tokens will be used to carry out transactions on the Menapay platform.

Token Information:

Ticker: MPay

Total supply: 400,000,000 MPay

Type: ERC-20

Price: 1MPay = $0.165

Soft Cap: $5m

Hard Cap: $25m

Token Allocation: