A Great Opportunity for MENA: MenaPay!
The world is getting digitalized more and more and it’s demanding the highest technologies. Leading countries like China are aware of the needs in the fintech market. Alipay and WeChat Pay's monthly users are around 900 million! We've already reached a cashless future. It’s time to integration! Banks designed according to the old economy remain useless in the face of new technological developments. Isn’t the fact that the usage of the bank in this region where the internet usage rate is pretty much, is just %16, doesn’t prove the aforementioned uselessness?
The MENA Region consists of 18 countries. The population living in these countries is 441 million. Of these people, 359 million speak Arabic while 81 million speak Turkish. Therefore, MenaPay create an Arabic interface which is very simple. Gulf Cooperation Council, which includes Saudi Arabia, Kuwait, Qatar, Bahrain, Oman, United Arab Emirates, is the shining star of the region. The average per capita income in these countries is USD 26,000. Unfortunately, 50% of people in the GCC area do not use a bank. In the MENA Region, this shocking rate is 84%. One of the main reasons for this is that traditional financial institutions do not comply with Islamic rules.
The disadvantages of traditional financial institutions are not limited to some religious/moral concerns. They cannot provide a free environment for people because they are controlled by governments. Moreover, devaluation makes it risky to keep the money in the local currency. MenaPay aims to create a common currency of all these currencies. At the same time, 1 MenaPay always equals 1 USD, so users don't have to worry about their assets.
GCC has 49% of the world's total oil reserves. Qatar is also a favorite of the world's largest energy companies such as ExxonMobil because of Liquid Natural Gas. These hydrocarbon reserves are transferred all over the world. Usually, energy imports make the largest expenditure of the states which controls the outrageous size of money. Now, even in a small part of this huge sector, think about the transactions made on MenaPay! This can create a giant break in the cryptocurrency ecosystem!
Although MenaPay says it is targeting 18 countries like the Middle East and North Africa, it will have multiple and wide hinterland like Sub-Saharan Africa, India and Europe. For example, foreign investors can make import-export payments through the companies which they will establish in the countries of the region. Thus, they can get involved in the crypto-money ecosystem and can transfer their money through this ecosystem.
MenaPay can benefit from the trade volume of North Africa and the European Mediterranean countries, using of the North Africa as a transit point for products from Sub-Saharan Africa to the European market or vice versa. MenaPay will also benefit from the Gulf relations with South Asia. MenaPay is known to open offices in countries such as Malaysia and Indonesia. Considering that these two countries constitute a market of about 300 million, the size of the total area addressed by MenaPay will be better understood. It's an incredible size for an economic habitat!
MenaPay aims to break a long chain of payment. In credit card payment, a chain like “Merchants - Issuing Bank - Payment Gateway - Credit Card Associations - Payment Processor - Acquiring Bank – Customer” is followed. In cash, there is a chain in the form of a “Merchants - Bank - Cash Logger - Customer - Cash Withdrawal”. However, MenaPay, promises a short chain like “Merchants – MenaPay – Customer”.
It’s not just that. MenaPay also promises to make discounts to the costumers of premium merchants who use MenaPay as the payment method. Moreover, keeping the commissions low compared to traditional financial institutions is among their goals. In the Whitepaper there are some goals for merchants:
• Discount on premium merchants for MenaPay users (Discount amount will be covered
by MenaPay Foundation)
• Very low commission offers to merchants compared to current payment gateways
• Significant online and offline marketing actions
• Data oriented performance marketing
• Influencer marketing
• Social media channels
• Offline events and organizations
• Regional partnerships with brands
• Bounty & referral program
• Media Relations, PR
• Business development team located in UAE, KSA, Turkey, and Bahrain
• Business network of the founders and investors
MenaPay is a project that will stimulate the trade in the region and contribute to the regional peace with the changes it will bring. The project also aims to regulate the slow-moving financial system. It is truly gratifying to see that the running of the social, financial and human resources of the region for efficient work.
MENAPAY ICO INFORMATION
ALLOCATION OF FUNDS AND DISTRIBUTION OF TOKENS
ROADMAP
MEET THE TEAM
EXECUTIVE BOARD
For Further Information
Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=2545660
Bitcointalk username: Erriat
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The Menapay project brings a different perspective to the world of finance than traditional banking methods
A really interesting project aiming for a different zone. Islamic rules are enforcing, I really wonder the success level of MenaPay. Thanks for the article by the way.
MenaPay also promises to make discounts to the costumers of premium merchants who use MenaPay as the payment method.
The Menapay project brings a different perspective to the world of finance than traditional banking methods
I think MenaPay Project will be a saver for Mena Region. I have faith in this project and i have no doubt about that.
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MenaPay can benefit from the trade volume of North Africa and the European Mediterranean countries. Localization is great about well known of the project.
I am looking at this project very positively because their vision is to be the pioneers of the blockchain-based payment gateway in the Middle East and Africa.
A project that addresses the Arab world. The investments and the team that the project has received so far are quite interesting.