HAZZA is a global unified payment network that aims to revolutionize the entire payment ecosystem. Find out more about HAZZA today in our review.
What is HAZZA Network?
HAZZA is a payment network that aims to solve big problems in today’s payments market.
The developers of HAZZA believe that today’s payments market is highly fragmented and complex. There are too many intermediaries who take high fees along the way. This creates unnecessary friction for consumers and merchants. HAZZA claims that the total non-cash payments transaction value is projected to be worth $70 trillion (!) by 2025. With that in mind, HAZZA believes the market is ripe for disruption.
HAZZA will create a payment network, scheduled for release in Q3 2018, that leverages blockchain technology to accept a wide range of payment methods, cards, currencies, and more. That platform will provide lower fees and a better overall experience for consumers and merchants around the world, while giving payment method providers an open marketplace where they can compete.
How Does HAZZA Work?
HAZZA aims to take an existing, proven enterprise payment platform and migrate it to the blockchain. They’re aiming to migrate the platform in stages.
There will be three stages of development. The first stage will be the release of open APIs, the second will be the development of smart contracts, and the third will be migrating the core transaction platform onto the blockchain and officially decentralizing the network.
The end result is the creation of an open access, global, unified payments network governed by the community for the community through a non-for-profit foundation with a decentralized structure. That foundation is called the OCTO3 Foundation.
In more straightforward terms, HAZZA will be a globally accessible payment platform where consumers can use a large range of payment methods. Meanwhile, merchants who participate in the HAZZA network will be able to accept more payment methods both online and offline.
The open API model will reduce costs and increase integration. Payment channels will integrate themselves into the HAZZA network using the public API, removing the bottleneck typically associated with adding payment methods to a network.
Meanwhile, smart contracts will be used to facilitate aspects like know your customer (KYC), commercial terms, participant registry, and publishing of services. Merchants and payment participants will be able to use smart contracts to save time and minimize acquisition costs.
Finally, the core processing platform will be adaptable for the future. The website mentions Raiden and the Lightning Network as two off-chain state channel technologies they’ll be looking at in the future.
Benefits of HAZZA
Consumers can use a larger range of payment methods online and offline, anywhere in the world. They can use multiple payment methods at any merchant who’s participating in the HAZZA network. Consumers will find it easier to use and spend their money wherever they are, with whatever payment method they prefer.
Merchants who want to accept non-cash payments will no longer have to engage in a slow and expensive process of seeking out intermediaries who charge high fees on every transaction while only providing access to a limited range of payment methods.
Merchants will gain fast, simple access to all payment methods on the HAZZA network while reducing costs and realizing increased revenues from broader payment method access.
For Payment Method Providers
Payment method providers will no longer have to compete in a closed, fragmented market dominated by a few major payment method providers. HAZZA allows payment method providers to instantly compete internationally based on the merits of their product, their quality, and their costs.
For Payment Networks, Issuers, and Acquirers
Existing payment networks and issuers aren’t ignored by HAZZA. The HAZZA network allows existing companies and card schemes to use the network to lower operating costs and expand their footprint – particularly in developing countries where they may have limited outreach.
The HAZZA network aims to offer all of the following features:
Proven: HAZZA is built on proprietary, cloud-based technology, intelligent routing and switching for cost optimization, real-time consolidated reporting and dashboards, and unlimited scalability, among other proven benefits. As mentioned above, HAZZA’s payment network is already in place – it’s just not built on the blockchain.
Certified: HAZZA will be a certified processor for VISA, MasterCard, Discover Card, Diners Club, and American Express. The network will also be BASE I and BASE II capable, and will have a fully functional ISO 8583 Payment Switch that’s fully compliant with local and global instances.
Real-Time Omni-Channel: HAZZA aims to cater to all corners of the market with an omni-channel approach to its payment platform. That includes physical point of sale (PoS) machines, mPoS, MOTO, e-commerce platforms, coupons, and loyalty programs on a single integrated platform. All major card brands will be supported through the platform, and HAZZA aims to offer comprehensive coverage of global alternative payment methods (APMs). They’re also aiming to process 130+ currencies through the platform.
Secure: HAZZA offers a web-based, secure portal for transactions management. That portal will provide a comprehensive audit trail and access control, encrypted payment card data, and PCI DSS level 1 compliancy.
The HAZZA Token Sale
HAZZA tokens will be used to access and pay for services on the global payments network. There will be a fixed supply of tokens in circulation.
HAZZA is an ERC20-compliant token built on the Ethereum blockchain.
The HAZZA token sale is scheduled for October 3, with the tokens activated on November 8.
Who’s Behind HAZZA?
HAZZA is led by founders Ajmal Samuel (Strategy), Tyrone Lynch (Strategy), and Hans Wong (Payments Technology). The project launched in July 2017. The not-for-profit organization leading the development of HAZZA is called Octo3 Foundation Limited.
By Q3 2018, the HAZZA payment network will go live. The API development and release is scheduled before Q2 2018.
HAZZA is a global payment network that aims to accept a wider range of currencies, payment methods, and platforms than modern payment networks. It aims to provide a single, unified solution to customers and merchants around the world. To learn more about how HAZZA works, visit the platform online today at HAZZA.network. The ICO begins on October 3.