Replacing cash with stable cryptocurrency: MenaCash
As MenaPay, we are developing the first blockchain based non-bank digital payment gateway for building the biggest cashless society in the world. MenaPay allows users to transfer money within daily life in a secure, fast and decentralized way. To actualize these transactions and payments, we are building a 100% USD backed stable cryptocurrency for merchants and customers.
Stable Transaction Cryptocurrency: MenaCash
Digital or blockchain based payments are typically much faster than today’s classical financial tools, since there are no intermediaries. Since the paying wallet must contain enough digital coins for the payment to be approved, the payment can’t be unrequited. The only obstacle for the crypto-payments could be the unexpected fluctuations in the currencies. As a solution to this problem, MenaPay offers its own USD backed stable coin, MenaCash.
MenaCash, will be easily reachable through MenaPay app via all current payment systems such as credit or debit cards as well as crypto currencies and our offline reseller network in the region. 1 MenaCash will always be equal to 1 USD, so user will not worry about the value of the money. The exact amount of circulating MenaCash will be held in several banks so the users can always be sure that their wealth is under protection and available in fiat currency form.
This will be reputable and trustworhty specifically by and for the approved merchants on the system since they will easily be able to cash out MenaCash from the foundation. Only approved merchants will be able to convert their MenaCash to fiat currency with a minimum amount restriction. We will not let the users cash-out through the foundation, due to money laundering concerns.
Easy Cash-Out for Merchants
Despite our vision of a system which runs itself and where no one in the system would need to cash out for a fiat currency in the future, as transition process continues, MenaPay Foundation will give the right to cash out to the approved merchants of the system. They will be able to convert MenaCash in their wallets to fiat currencies at any time.
Merchants will be entitled to convert their MenaCash easily from the foundation with the minimum limit of 1.000 MenaCash. The foundation will take %5 commission on the average. When merchants cash out, they will receive the exact amount, excluding cash out commission as 1 MenaCash = 1 USD. Detailed information on the cash out system is given in section 6.7.
Individual users will not able to cash out from our foundation since they will be the most important building block of the cashless society in the future that MenaPay will bring. After we reach great masses, our specific target being May 2019, we do believe that the dynamics of the ecosystem won’t give rise to a need to cash out MenaCash, since individuals will be able to use MenaCash for any kind of transactions. MenaPay Foundation has the right to change the commission rates.
P2P (Peer to Peer) Transaction
Transactions performed between the users.
Details of the receiving party (phone number, email, nickname, public key or QR code) are requested from the sending party. Following MenaPay Proxy and 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.
P2M (Peer To Merchant) Transaction
Transactions made by the customers to the 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.
M2F (Merchant To Foundation) Transaction
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.
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