Menapay: Bringing Effective Payment/Finance Services Powered by Blockchain to the Middle East and African (MENA) Regions
The need to make transactions is probably as old as man himself. Even in the bible/Quran, there has always been a value system by which people purchase items or trade. The advent of fiat currency and the banking system led to a host of E-commerce/ finance services which provides value-added services to customers, reward them for patronage via loyalty programs and also give them interest on their deposits.
Areas with strong religious background and high rate of poverty are most time devoid of good banking services, In parts of Africa and middle east underdevelopment has really impeded the rate of development. Services that are obtainable in the western world tend to be hard to get. The payment/ finance services often found in this regions are often slow, expensive and unreliable. language also tends to serve as a barrier to areas with strong religious/cultural background. The middle east region is notable for a strong Islamic culture and speaks mostly Arabic. This makes it difficult for people in the middle east to make use of some financial services obtainable in Europe and other parts of the world. Unlike Europe, Africa and the middle east do not have a central currency for cross-border payment. We have so many currencies in Africa and Middle east ,so cross-border transactions tend to become expensive due to the conversion between these currencies. Cryptocurrency has shown the tendency to disrupt the finance/E-commerce industry due to its superior performance as a means of transaction/payment compared to fiat currencies, lack of cross-border restriction, transparency, and support for a trustless ecosystem. Nevertheless, there has not been any real solution to help improve the fortunes of the conservative Islamic regions plagued with language barriers and poor banking systems.
Introducing Menapay
Menapay aims to be the first blockchain based payment system targetted towards the Middle East and Africa. By implementing Blockchain technology, Menapay plans to provide transparent payment services for 420 million people and across 18 countries. Menapay proposes mobile and web wallets, APIs and SDKs, a simple dashboard for merchants, all in Arabic. Menapay will also push for mass adoption of cryptocurrency by accepting 30 major currencies on the platform. The Menapay platform will consist of merchants who will offer special discounts when menapay is used for payments and there will also be offline reseller networks.
Key Features of Menapay
1. Menapay proposes a one of a kind profit mecahnism that will distribute 75% of revenue generated on the platform amongst holders of Menapay token.
2. Menapay platform supports both peer-peer transactions (P2P), Peer to Merchant transactions. Merchant to foundation and green mining, and the platform will generate revenue from transactions/ cashout fees.
3. In order to avoid price fluctuation problems which often affects the acceptance of cryptocurrency as a means of payment, the menapay platform operates on a dual currency basis. The stable coin of the Menapay platform is the Menacash. The menacash runs on a private blockchain, serves as the means of making swift transactions on the Menapay platform, backed by the USD and as a stable coin will always be equivalent to 1 USD.
4. The Menapay token is the second currency of the Menapay platform.Menapay token (MPAY)will be used to raise funds via crowdsale and for profit sharing on the Menapay platform.
MPAY Allocation and Crowdsale Details
MPAY has a maximum supply of 400m tokens and in order to raise funds for the project the Menapay team has put up 64% (256m MPAY)
of the total supply for sale via a crowdsale with the price of MPAY pegged at 0.165 USD.
Menapay Roadmap and Team
Conclusion
The Menapay project is targetted towards an untapped market lacking access to good banking/payment service and with zero or no knowledge of cryptocurrency and Menapay will definitely go a long way in pushing for mass adoption of cryptocurrency among Islamic/Arabian countries.
For more information on the Menapay project check out the following channels
Website: https://www.menapay.io/
Onepager: https://www.menapay.io/onepager.pdf
Twitter: https://twitter.com/menapayio
Telegram: https://t.me/MenaPay
Authors details;
Bounty0x username: henrysparks
