Test and proven: The blockchain technology provides faster transaction approvals than traditional credit cards
The MenaPay Developer Team has recorded major successes in payment completion times — one of the milestone measurements used to judge a payment system’s performance.
These latest developments demonstrate that the MenaPay Platform is a system with the enhanced speed and overall capacity that is needed for use in daily shopping transactions.
The MenaPay Blockchain Platform will enable payment transactions, within seconds, and with very commission rates resolving some of the typical shopping problems encountered in the MENA Region.
The most widely used current payment systems, Visa and MasterCard, can finalize transactions within 15 seconds. Now the MenaPay Developer Team has almost halved these payment finalization times, with the MenaPay Blockchain Platform completing in less than 9 seconds. Volume of transaction has also not been an issue. Using the Stellar infrastructure, an average process speed of 55 transactions per second was achieved.
Commenting on these latest developments, MenaPay CTO Tuna Orbay notes,
‘’We’ve tested different technologies and they each have different advantages.
The pros of Quorum are: being an Ethereum-based platform is a great advantage; being very easy to install and manage; the many tools and ancillary applications.
The pros of Stellar: being the most suitable project for Linux; like any other regular Linux service, it’s easy to manage and install.
TPS: Particularly with Quorum we’ve achieved very high numbers, exceeding 2000 TPS. We didn’t get as high figures with Stellar, having achieved a limit of 100 so far. However, this is already higher than the credit card leaders and we think this limit can be exceeded as we progress.‘’
The MenaPay Team continues to work on the development of the platform with the objective of providing users with the most stable and secure payment experience yet available.
About MenaPay
MenaPay is the first payment system based on blockchain technology in the Middle East and Africa. MenaPay offers payments through a network of cryptographed blockchains, instead of traditional payment methods. This is how it provides a secure and transparent payment network for all kinds of users and for every aspect of daily life.
Launched in November 2017 the MenaPay project aims to provide advanced payment services to the 420 million people living in the 18 countries across the region. MenaPay will distribute 75% of its total revenue to MenaPay Token owners. This sets a new standard for the cryptocurrency sector that goes far beyond the regular level of incentives available for users and investors.
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