MenaPay: Decentralised payment gateway in the Middle East and Africa

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MenaPay

5 min readAug 6, 2018

WHAT IS MENAPAY

MenaPay is the first, completely upheld, Islamic consistent blockchain-based installment passage in the Center East and Africa. It will likely make the most normally utilized digital money of the MENA district and turning into the biggest non-bank portable installment arrangement on blockchain while producing huge returns for the financial specialists. It replaces the customary installment techniques with blockchain-based completely sponsored digital money. Over half of online customers, in nations in the MENA (Center East and North Africa) locale, as indicated by the report from yStats.com, lean toward money down to other installment strategies like charge cards. Utilizing charge card isn’t normally the main choice with them since it doesn’t have the benefits of Mastercard which don’t take after Islam.

A trader benefit made accessible by a web based business application specialist co-op that approves Mastercard or direct installments preparing for e-organizations, online retailers or physical store is known as an installment portal. Installment portals empowers buyers to make installments effortlessly to shippers or effectively send cash to their companions, family or some other partners. Keeping the information and revealing consistently, installment entryways likewise assist vendors with growing their client base and achieve alike customers too.

The money related frameworks in MENA district is controlled and doinated by banks, that is the reason money is utilized as the primary instrument for exchanges. In any case, as indicated by the inquires about it in 2014 86% of the MENA locale doesn’t like to utilize bank cards because of Islamic consistence. Likewise, despite the fact that there are privatization, government possession still takes an immense part in the segment. Blockchain framework exhibits a possibility for the individuals who abstain from utilizing bank cards and decreases the control of government on private division as correspondence of information is done through cryptography.How saving money issues in MENA locale would be understood by MenaPay and expedite answers for money conveyance framework

There is 86% of the populace who don’t utilize banks in MENA because of their religious convictions. Such a significant number of individuals in that area don’t utilize banks in view of their routine with regards to Islam.

MenaPay will take care of saving money issues and trade on conveyance in MENA locale through the following:

1. Islamic consistence: As per Sharia law in Islam, I can’t have any divident or intrigue. Along these lines, accepting to put 1000 dollars in the bank, I should be sure of recovering a similar sum. Be that as it may, banks include premium or divident. Then again, MenaPay as its plan of action does not include any divident or premium while I hold my cash in my MenaPay account. Additionally, 1 MenaCash (MenaPay money, examined later in this artcle) will dependably be equivalent to 1 USD which implies that I won’t ever confront any kind of swelling hazard. Additionally, every exchange must be seen by somebody to ensure the method for executing the cash and how much cash you execute. MenaPay, by utilizing blockchain innovation, unravels this issue by making each hub a witness.

2. Simple exchanges: By utilizing a straightforward QR code, one can make any kind of installments in ones day by day life. MenaPay manages each part of life from shopping to booking a flight. By utilizing MenaPay, you can without much of a stretch make any exchanges in on the web and disconnected.

MENAPAY, simplifying transaction process

3. Secure records: By utilizing KYC (Know-Your-Client) and 2FA (Two-Factor Confirmation), your record will be secure and will dependably have a place with you that will be kept in blockchain. In the event of losing your cell phone, a 16-digit password will be required for anybody to open which is very difficult to get a hold of. By utilizing MenaPay, you can dispose of conveying a considerable measure of money with you and securely keep your cash in MenaPay.

Installments made through MenaPay will be 100% Islamic consistent. MenaCash is 100% upheld by USDs, which means there will be a solitary cash in the area which was divided with numerous monetary forms previously. Work area and versatile wallets will make feel the purchasers like they have a strong wallet which they can utilize effectively. Favorable position for traders is that exchanges will happen in a speedier pace.

MenaCash

The steady digital money “MenaCash” will fill in as a private blockchain answer for wipe out instability and to guarantee exchanges are quicker than antiquated budgetary devices like credit and charge cards. The tradeable MenaPay token will use ERC20 and will be utilized to disperse the vast majority of the income and benefit of the MenaPay stage and will be accessible for swarm deal. Creating income from the expenses from P2P (shared) and P2M (associate to vendor) exchanges and money out charges from M2F (Shipper to Establishment).

Green Mining: Each MenaCash exchange between Companion to Vendor might be granted by a MenaPay token. MenaPay tokens will be conveyed from mining hold. A specific level of the exchange expenses will be utilized to fill the mining hold with MenaPay tokens.Token Distribution