MenaPay ICO (Mpay Token): Blockchain Cryptocurrency Payments Gateway?
The main purpose of crypto is to serve as payment for people around the world. Crypto is a borderless solution for many of the issues that face the traditional financial services. These crypto coins have gained a lot of attention globally. However, the use case is still low even though crypto transactions cost less than those in fiat. Crypto is yet to be adopted by most merchants, and this is why MenaPay was created. It will focus on a payment solution for people in the Middle East and African region.
The Current Challenge In The MENA Region
Right now, the population of the MENA region is highly unbanked. Up to 86% do not use banks due to religious reasons and an underdeveloped banking sector. The MenaPay platform will be compliant with Islamic values.
What Is MenaPay?
MenaPay is a blockchain-powered payment solution and gateway that is targeted at nations in Africa and the Middle East. It has created a unique payment solution that can integrate with existing platforms to offer a crypto payment option. The goal is to have MenaPay serve more than 420 million people in 18 nations in African and the Middle East.
MenaPay is a user-friendly app that will offer support for Arabic, one of the most spoken languages on earth. The platform will initiate a new standard in the crypto world on ROI beyond the usual incentives that investors know.
MenaPay Blockchain Cryptocurrency Payments Gateway Features
Users will be able to use MenaPay to transfer funds and crypto assets among themselves.
Merchants globally can integrate MenaPay as their payment gateway using SDK and APIS offered by the MenaPay team.
Merchants will be able to withdraw crypto assets.
The Current Payment System
The existing payment gateway is outdated. It is complicated and can be time-consuming in some cases. Besides that, it might require high fees before the user payment reaches the merchant.
The MenaPay Solution
MenaPay will connect customers directly to the merchants with the aid of the blockchain. Merchants will be able to integrate MenaPay and payment gateway on their platform. Most merchants will not accept crypto as payment on their platform due to cash-out issues and price fluctuations. As a result, the developers came up with MenaCash. This coin is backed 100% by the US dollar. It is going to be used as currency for transactions on the MenaPay platform. On this platform, each MenaCash coin is worth one dollar.
To eliminate the issues of volatility, MenaCash is powered by a private blockchain. This will ensure that transactions are faster than the existing payment gateways like debit and credit cards. The platform will initially accept payments in 30 major fiat currencies. Users will also be able to purchase tokens by making bank transfers, pay on the door, or credit cards.