The first, fully backed blockchain-based payment gateway in the Middle East and Africa.
MenaPay’s vision is to create the most commonly used cryptocurrency of the MENA region and becoming the largest non-bank mobile payment solution on blockchain while generating significant returns for the investors. It replaces the traditional payment methods with blockchain-based fully backed cryptocurrency.
When and why MENAPAY is created?
MenaPay started in November 2017 to serve 420 million, across 18 countries as their primary payment method.
Regular banking tools are largely not used in the Middle East and Africa region and the region has a very fragmented structure with multiple currencies.and it will provide numerous solutions for MENA region:
The unbanked-population: There is 86% of the population who don’t use banks in MENA due their religious beliefs.
Islamic Compliant: So many individuals don’t use banks due to the practice of Islam, however MenaPay is providing a fully Islamic system, as blockchain itself comply to the Islamic practices due to the absent of intermediaries in transactions.
Single Currency: MenaPay will cover all the region.
Cross-Borders: So many countries in MENA region don’t have the right to make transactions overseas due to the countries different regulations, MenaPay will provide cross-borders money transactions.
100% USD backed: Free from exchange rate risk and cash collection.
Blockchain-based: It provides security and transparency.
Where MENAPAY will be integrated?
MenaPay’s purpose is to be used in everyday life transactions
- Internet cafes
- Street food
- Gas stations
- Vending machines
- Shopping Malls
For example: You can use MenaPay at your local shopping mall while shopping for your clothes or shoes. It is a very convenient payment method instead of carrying cash.
The blockchain technology is improving day by day and MenaPay will shape the financial system in MENA and the rest of the world.
Check MenaPay Website for more information: www.menapay.io
** – This Article is originally posted on MenaPay’s Medium Profile.