This whitepaper is written in order to inform the reader about how and why MenaPay project started and will continue.
MenaPay is the first fully blockchain based payment platform which focuses on the Middle East and North Africa region (MENA) preliminary. Main reason for the initial market decision is the high amount of unbanked population in the region as 84%. Traditional financial institutions cannot transform that population due to Islamic Finance requirements while MenaPay is the first non-bank mobile payment platform entering the region by the power of blockchain technology. MenaPay is a platform that allows transactions on a blockchain with very low transaction fees, is not affected by fluctuation of cryptocurrencies, faster and more secure than any traditional payment gateway.
In addition to all these benefits, MenaPay also assures instant transaction on blockchain which enables the daily life use of cryptocurrencies.
MenaPay aims to reach maximum user base hence it has been designed to comply with Islamic finance requirements which have big importance for MENA. The MenaPay Platform does not use or give interest and each transaction is performed under at least 2 witnesses thanks to the blockchain technology. T MenaPay token holders get benefits as long as the platform gets more popular which is also encouraged by the Islamic Finance approach.
MenaPay has its own stable coin “MenaCash” which is designed to be used in any online and offline transactions for the intention of daily usage. M e n a C a s h h a s a stable 1 US Dollar value which is warranted by the same amount of USD kept in multiple banks as fiat currency equal to the amount of MenaCash in circulation. MenaCash solves one of the huge problems to use cryptocurrencies in daily life for users; fluctuation. The main objective of the project is to make it possible, easy and secure to transfer money for each user by using the advantages of today’s high–end technology.
As you can see in the following parts; it is obvious that there is a need in MENA region for a revolutionary payment system which can solve many problems that current old-fashioned banking system brings; such as security, difficult transaction process, highly expensive transaction fees.
MenaPay’s products are also designed with excellent user interfaces with the local languages, advanced data tools for both users and merchants to disrupt not only cash dependent payment system but also old-fashioned banking tools.whitepaper-V2 - Final