With the new digitized world, it requires you to use technology in every single area. Countries like China have inspired other countries as the game changer because they have taken steps in investing in fintech market technology. Currently, the number of people who are using Alipay and WeChat Pay is around 900 million people a month. This means that they have already started living in a digitalized world moving to cashless future. Even though banks work well enough until now, the system is created by the antiquated economy just like any other industry; it will be disrupted by the new industry. The issue of traditional banking has been an issue in the MENA region despite the high penetration of smartphone and the internet connection, but more than 84% of the adult population remains unbanked. Three in four GCC bank customers are ready to switch into better digital platforms. Life will be easier for you as a MenaPay holder and merchant because debit and credit cards will be available in future for shopping.
Payment Problems in MENA and Solutions by Mena Payhttps://www.menapay.io/#home
• Single Payment Method for Online Shopping
Due to the poor banking system as well as lack of proper applications of Islamic finance, the only way you can shop online is using the most common method which is cash on delivery. But you will incur other risks and problems such as high costs and uncharged deliveries. Also, cash on delivery can only be used if you are paying for physical goods. This makes you face a big challenge. MenaPay introduces a fully Islamic finance digital payment system that you can use alongside its stable currency MenaCash.
• The obligation of carrying Cash
You face the problem of carrying cash for offline payment in MENA region. Apart from facing security problems, this brings you despair since this payment method is the only way. You must not be happy to carry large amounts of money, but you have no choice when it comes to shopping. But carrying a large amount of money makes you face a risk of losing your money, and there will be no solution to help you get it back. One of the main targets of MenaPay is to make sure that it gets rid of shopping with cash by making digital payment services ease and more secure using the blockchain technology. MenaPay brings a digital, single and stable cryptocurrency to the whole MENA region that can be used by any person who carries a smartphone.
• Cross-Border Money transaction
You face extreme conversion rates of banks when making a cross-border or online payments in different currencies. MenaPay is working to make this process easy and cheap such as sending a message. To do that you will be required to complete a KYC process.
• Dependent central Authorities
You have been facing inflation and trust issues that force you not to prefer holding your money in the national banks or in your country’s currency. With the use of the blockchain technology, this has been solved. All savings are recorded on the blockchain, and this makes it absolutely impossible to be altered by anyone. The Menapay belongs to the community, and this means that it is designed to last forever.
• Counterfeit Money Problem
This is a serious problem that is facing the North Africa and the Northern part of Middle East. If you live in this area, you must have been concerned about fraud. The MenaCash is a digitalized and stable currency of the MenaPay Platform which will be a solution to this common concern.
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