MenaPay: Enhancing Cryptocurrency Usage For The "Mena" Region.
Cryptocurrencies, the financial powerhouse of the blockchain technology is gradually receiving massive global adoption and will soon disrupt banks and its system. As at May 2017 total cryptocurrency market cap was estimated at $60 Billion which at the time was the "all time high" but my December 2017 crypto market cap was estimated at $300 Billion, this shows that more investors came into the market after seeing it's super benefits.
Since the first blockchain technology and cryptocurrency was created more even better blockchains, coins/token and crypto related tools have been created to better serve the public well and these tools helped in promoting the global adoption of cryptocurrencies. An example of such unique tools is a cryptocurrency exchange, which may be in form of web or application buy mostly web is used by crypto holders to purchase, sell and swap their digital asset either for fiat money or another cryptocurrency and can also trade their digital assets. These exchange platforms have greatly benefitted the crypto space, but there's still a problem that keeps being a hindrance to the complete adoption of cryptocurrency and this is the issue of not using cryptocurrencies the same way as fiat currency. Using either fiat money or bank debit cards, you are guaranteed of making quick payment transactions anywhere in the world but cryptocurrencies are yet to to work in this same way and it is what MenaPay aims to work on and provide to the public but only in the "MENA" region.
The phrase "Mena" is an acronym referring to the Middle East and North African region which covers an extensive region stretching from Morocco to Iran including all Mashriq and Maghreb countries and have an estimated population of 400 million people.
Now what is MenaPay?
MenaPay is the first blockchain based non-bank digital payment gateway for building the biggest cashless society in the world, it focuses primarily on the Mena region.
But why does MenaPay focus on the Mena region?
The Mena region which consist of countries such as Dubai, Turkey, Afghanistan, Somalia, Pakistan, Palestine etc. The first two states are known to get their money from oil and tourism respectively while the other countries are still plagued by war, famine and poverty. This countries as a whole need a better, more secure place to put their money and also transact from. The regions ravaged by war will greatly benefit from the MenaPay service because of the issues they are currently going through and in this times they tend to experience a great deal of theft, I mean who would steal your money when it is securely stored in a blockchain wallet. Banks could get robbed or bombed off, any of these will still make an individual/organization completely lose all of their funds so the MenaPay is implemented in this region to take care of this problem.
Cryptocurrency is gradually taking over from banks and its services, and it won't really be fair if the unique benefits of the Blockchain Technology and cryptocurrencies become unavailable to everyone except to the Mena population, thus MenaPay is incepted to atleast see to their financial needs. Since the war ravaged countries are in this condition, the use of fiat money would be really hard as one can easily get robbed and killed for their money so MenaPay aims to implement the use of cryptocurrency in these region same as fiat money.
MenaPay allows users to transfer money within daily life in a fast, secure and of course decentralized way, this equally means that everyone can make use of cryptocurrencies as in real life money and it will also have fiat functions such as; paying for goods/services either offline or online type, can be used to pay in restaurants, vending machines, hospital bills and every other function of fiat money.
MenaPay has other functions and benefits that it presents to the Mena region, which I will gradually discuss in more of my articles to come, so kindly visit my page often for more....
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