MenaPay Brings New Business Model to the Middle East
MenaPay has developed a new business model available for all the local shops and enterprises which will provide additional income on top of their operating business. The Merchants will be able to use the MenaPay application to receive payments from customers as well as they can apply to become a part of our Reseller Network. The reseller network allows these shops to sell MenaCash (the digital currency of MenaPay which is fully backed with the US Dollar) to their local community.
In other words, the application is available to be used in any place where money transaction is needed such as restaurants, shopping malls, e-commerce, gas stations, vending machines for the daily usage of the MenaPay platform. The resellers also have the option to decide on the commission rate over their sales through the use of customers’ credit cards or wire transfers. By using the MenaPay Dashboard, they have the ability to track their sales records, create reports to analyze the buying behavior as well as make rate updates on a customer base. It is solely designed for the MenaCash sales.
According to MenaPay; it is essential for users to reach MenaCash as easily as regular cash for money transactions or shopping in this digital era. The Internet cafes, exchange desks, jewelers, markets can also use the reseller application. Furthermore, accepted enterprises will be able to increase their revenue by up to 30% as an income channel to their existing business model and expand their customer portfolio. Especially, in the Middle East, the researchers have proven that more than 80% of the population are not using digital payment methods or in other words; the classic banking system. The biggest reason for this is that the classic banking system is not compliant with Islamic finance and MenaPay offers these people a transparent payment method in accordance with the Islamic finance. The application is supported by the blockchain technology has created more security and transparency of MenaChain and it is also possible to make peer to peer transactions without any third party; such as banks or credit cards. Additionally, the platform itself is decentralized, meaning that only MenaCash conversion to fiat currencies is handled by the MenaPay the MenaPay governance.
MenaPay brings a new revolutionary business model to MENA region by facilitating the financial problems of the world. This will be a brand new income channel for offline stores on top of resellers existing businesses. It is also crucial for users to reach MenaCash through regular cash as easily as possible to transfer money into the digital medium and start the digital transformation in this mainly cash using region.
In conclusion, MenaPay will bring a revolutionary business model specifically to the MENA region and influence the cash used to be minimized in the mid-term as well as create new income methods for both the offline and online stores.
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