In a fast paced and rapidly changing world of cryptocurrency, it is important for cryptocurrency owners, investors, analyst and everyone in the cryptocurrency space to be kept abreast of current trends, innovations and analysis. Absolute control over information is an herculean task if not nearly impossible, there is increased risk of harsh user experience in the world of cryptocurrency and a rapidly advancing technology such as blockchain.
In a world of hackers, fraudsters and individuals who seek to take advantage of other people’s naivety, it is important to have access to tools, data, analysis and information to keep one up to date of current event happening in the everyday crypto space. Information is power, with the right tools, you are indomitable. But gathering these information from various sources proved to be a time sapping and effort consuming task. A perfect solution would be to have an ecosystem which provides these tools to everyone ranging from investors to cryptocurrency experts or people who are newly venturing into the crypto world in one giant platform and this is where Menapay comes in.
MenaPay is an ambitious project that seeks to take the place of traditional payment methods in the day-to-day living of its users using the blockchain as a leverage. For relevance to the day-to-day living of users, it must solve two major challenges – security of funds and transparency. This it intends to achieve through its cryptocurrency payment gateway that is set to run transactions at unprecedented levels never reached by any project before now.
MenaPay started in November 2017 to take care of the payment needs of 420 million people, cut across 18 countries in the region. It is the first Islamic-backed cryptocurrency project that is aimed at users from the Middle-East and North Africa. The acceptance of this project by many already shows that the Muslim world is becoming more aware of cryptocurrencies, its benefits and massive adoption is due to follow.
It can be recalled that some governments in North Africa were averse to the idea of having decentralized value systems and were not loath to say so. With the acceptance of this project, things are about to change.
The limitations stated above and the conservative economies of the areas in question may have been touted as disadvantages which MenaPay is set to solve based on information in its one-pager. With this unique target audience and the laying of the foundation of acceptance for the project, the sky seems to be the beginning.
MenaPay aims to become the most commonly used cryptocurrency in the MENA region. Focusing on 18 countries and 441 million people, MenaPay carries the mission of becoming the largest non-bank payment solution by using blockchain technology while generating significant returns for the investors.
The Challenges and Solutions Offered
Single Payment Method for Online Shopping
As a result of the poor banking system and lack of proper applications of Islamic finance, the only way to shop online is using the most common method; cash on delivery (CoD). But it also brings some other risks and problems such as high costs and uncharged deliveries. Also, CoD method can only be used for physical goods. Proper monetization of digital goods and services is still a big challenge. Menapay introduces fully Islamic finance compliant digital payment system to users along with its stable Currency MenaCash.
Obligation of Carrying Cash
The obligation of carrying cash is one of the biggest problems of traditional offline payment systems in MENA.
Apart from security problems, this brings despair to users since this payment method is the only way. People are not happy to carry large amounts of cash but they love shopping. There is no solution if the user loses the the high amount of money on the way to buy a valuable good. One of the goals of MenaPay is to get rid of cash with the ease of digital payments and security of blockchain technology. Menapay brings a digital, single and stable currency to the region which people can carry within their smartphones.
Cross-Border Money Transaction
Due to the extreme conversion rates of banks, it is very costly to make cross border transactions or online payments in various currencies. MenaPay aims to make this process as easy as sending a message on any online platform. After completing the KYC process that MenaPay requires from the users, money transfer between countries will take seconds, as it is a necessity of the digital age we live in.
Dependent Central Authorities
Because there are trust issues and high inflation risks, people mostly do not prefer to hold their money in the national banks of their countries. Blockchain technology, solves any trust or dependency problems that might occur by its nature. All savings are recorded on the blockchain and can’t be changed by anyone. The MenaPay platform also belongs to the community, it’s designed to sustain forever.
Counterfeit Money Problem
Counterfeit money is a serious problem especially in North Africa and the north part of the Middle East, where people have plenty concerns about fraud. Digitalized and stable currency MenaCash of the MenaPay Platform will also be a solution for this common concern.
How It Works?
We are Creating a New standart in Crypto industry for the level of participatory return, beyond the regular incentives for users and investors.
P2M Peer to Merchant Payments
M2F Merchant to Foundation
MENAPAY intends to create a new standard of payment methods that would bring more returns and incentives to both customers and merchants with a lesser transaction fees through the adoption of blockchain technology.
Peer to peer (P2P) transactions
People from all over the world will be able to exchange MenaPay as form of payment for goods and services through peer to peer method.
This will be use by merchants from every part of the world to make cash out from MenaPay foundation MenaCash will equals to $1.
Peer to merchants (P2M)
Through this peers from every part of the world can connect with wide range of merchants from every part of the world for frictionless and trustworthy transaction.
Merchants to foundation
All the revenue that is been generated from the fees of P2P ( peer to peer) and P2M (peer to merchants) transactions will be put into the foundation.
All transactions on MenaCash that is made between peer to merchants may be awarded by MenaPay token.
Menacash is an unfaltering advanced cash supported by US dollars and works through a private blockchain organize. The inspiration driving why it is backd by USD, is to empower the phase to erase the issue of significant worth precariousness and irregularities which cryptocurrrency feature is known for all things considered. It wll furthermore work through private saving with Menapay tokens.
Token and ICO Details
The Menapay token (MPay) is an ERC20 token as it is currently built on the Ethereum platform. Indeed, the project will build its own Blockchain for ease of use, posting of its public sales and transference of tokens to investors.
Total supply: 400,000,000 MPay
Price: 1MPay = $0.165
Soft Cap: $5m
Hard Cap: $25m
Payments Method Accepted: ETH, BTC, LTC, BCH, WAVES, USD, EURO, WON
Public Contributor — 64%
Advisors and Partnership — 11%
Founders and Team — 10%
Bounty and Airdrops — 10%
Mining Reserve — 5%
Use of Funds
Marketing — 40%
Development and Infrastructure — 30%
Operations and Administrations — 15%
Business Development — 10%
Legal — 5%
MEET THE AMAZING TEAM
Be a part of this incredible project. Download the whitepaper for the full scoop.
Till next time…
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