PISAU UMAT: menapay

What is menapay

Basically, menapay is payment gateway by which it is going to replace old payment methods by a blockchain-based fully backed cryptocurrency Which will be based on ERC-20 smart contract. Here is the image of how old payment system works.

According to their telegram channel chat (https://t.me/MenaPay) they are developing their own chain called as Menachain for faster transaction. As you know last month the transfer fees of ERC-20 TOKENS (Gas fees) was skyrocketing. This could be a good move for the future.

Here is their ICO structure. As you can see 64% will be reserved for the ico. which is a really great thing. 10% are reserved for Bounty & Airdrops. Another 10% is reserved for Founders & partnerships & 11% will be reserved for Advisers & partnerships. (Use of funds) You must be wondering how they will use their funds so 5% is reserved for Legal. 10% is reserved for Business & development. 15% is reserved for operation & administration. For development & marketing department 30% is reserved. 40% is reserved for marketing.

Where will it be used?

Menapay project started in Nov. 2017 their aim is to use it as a payment gateway in the middle east & Africa. But, in this regions due to the old banking system & conservative practice of Islam the region has multiple currencies. Well here menapay brigs the solution to this problem with the help of blockchain technology. They also have a pretty sweet & short video on their website

According to this video, mena region has GDP around 3.5trillion dollars. Which is is a huge number. To put that in perspective It is more than GDP OF Russia & India combined. So if menapay will be used as a payment gateway in this is going to be huge.

What problems we face in real life & how they are going to provide the solution to this problems

If you are reading this article you should have basic knowledge of how cryptocurrency works & how volatile this market is. For e.g. a Few months back if you months back if you bought ripple at ATH (All time high) then you are rekt. Ripple is currently trading around $0.32. Due to this volatility of cryptocurrency market, it is not a feasible solution to day to day life. Sure blockchain has a lot of scope but it is topic for another day. So here’s how menapay comes into play. Menapay provides 100% Islamic & non-banking solution. 1 menacash will always be equal to 1 USD. So people don’t have to about volatility. Menapay will also have their own Desktop & mobile wallet.

MenaPay is the first block-based payment gateway that is fully supported in the Middle East and Africa. EdenPay replaces traditional payment methods with cryptocurrency fully supported by blockchain. Mission MenaPay is building web-based websites and applications that will allow integration of crypto payment solutions to various websites and supports Arabic on the dashboard.
New payments like Bitcoin and other cryptocurrency solutions have disappointed us because they are expensive and involve large and improper transaction costs for your daily payment needs such as buying groceries, paying for taxis and other services available for each day. EdenPay aims to change the status quo by bringing 100% non-bank Islamic digital solutions, use blockchain to create a single currency for use in daily and cross-border transactions, https: //www.menapay.io/
We create new standards in the crypto industry for participatory returns, beyond regular incentives for users and investors.
- P2P transactions
-P2M Peer to Merchant Payment
-Merchant M2F to Foundation
-Green Mining

In further developments the implementation of this program is the North Africa and Middle East regions. With technology advancing and the entire Blockchain ecosystem growing at a commendable pace, much of the development takes place in several pockets of the world. The Middle East and North Africa have so far remained isolated from growth on the Blockchain. This region is under the banking infrastructure that was developed due to Islamic Sharia law which prohibits interest on loans. As a result, the GCC region has sharia-compliant financial institutions that represent about 1% of the world's total assets. This region also has a very fragmented with various currencies that have banned the integration of all regions into one market.