Mideast interest-free payment platform developed in Turkey


DUBAI — Blockchain-based payment platform MenaPay, developed in Turkey, will be launched in the whole region on Jan. 15, 2019, as an innovative payment method in accordance with the Islamic finance principles of the MENA region, which has difficulty in accessing traditional banking services. Thanks to Blockchain technology, the MenaPay Payment Platform, which enables people to make secure and fast payment transactions in every aspect of their daily lives without a bank, works on a free application downloaded to smartphones and serves as a priority payment method to the users of the MENA region who cannot use the bank.

At the beginning of 2018, the Middle East’s successful business people to invest from seed taken from the road to the MenaPay in Turkey, including technical staff of 15 people in a year, reaching a 35-person team has completed the product development process. BADEER and Turkey Blockchain Summit as prestigious events in investors and faced with intense interest of the participants MenaPay Islamic finance accordance with the principles, blockchain-based, transparent, bringing the first payment solution that does not secure and should the bank.

The MenaPay Payment Platform, which opens the door to digital transformation in the payment area in the Middle East, can easily provide user trust and system transparency thanks to the controllability of blockchain technology. Money transfers and money inflows are controlled by independent auditing companies in the MenaPay Payment Platform. With MenaPash Payment Platform, which offers a transparent payment infrastructure with no more than 2 witness systems, MenaCash provides a secure and fast way to complete all transactions via blockchain technology.

MenaPay; e-commerce shopping, retail stores, and person-to-person transfer operations are needed in every aspect of daily life is provided without credit card use. The currency used on the platform MenaCash provides a common currency for the Middle East and North Africa regions, each comprising 18 different countries, each using a different currency. In this way, cross-border transfers in the region become much faster and easier.

CPO of MenaPay Orhan Bayram said ‘‘MenaPay Payment Platform is designed to be used in the daily needs of the people and to provide a cultural adaptation specific to the region, as well as offering an integrated business system solution to its users. With MenaPay QR code payment system, all transactions take place in maximum 5 seconds with blockchain infrastructure. With an innovative approach, we will reduce the cash usage rates of the MENA region and build the world’s largest cashless society in the MENA region using blockchain technology.’’ emphasized the values brought by the platform.

The MenaPay Mobile App is available to all iOS and Android users on Jan.15.

The application contains 4 different products. With the MenaPay Mobile App, users can enter the world of crypto money in seconds, enjoy the fast and secure payment experience with the blockchain infrastructure and use MenaPay as the primary payment method in all aspects of their daily lives.

With the MenaPay Reseller Network, the digital transformation of cash will be realized. Aiming to be available in many areas of the MENA region, it agreed with more than 50 workplaces that will convert cash into MenaCash (Digital currency) in seconds. The workplaces that have been approved by the Ministry of Finance will be able to obtain MenaCash via credit card or Wire transfer from the MenaPay Foundation and sell MenaCash in their workplaces. MenaCash workplaces will receive a commission from the MenaPay Foundation and will have an additional income model and may create detailed reports on the insights of their customers.

Thanks to MenaPay Business Platform, workplaces and shops will be able to easily reach their customers’ needs and consumption behaviors and follow their own revenues and sales on a single panel.

Businesses places and vendors participating in the MenaPay Reseller Network can easily integrate with their MenaPay APIs to begin receiving payments, can easily complete their registration process and Profile Verification via both mobile and computer. Another feature of the application, The MenaPay Development support team helps the vendors integrate through live support on the board. — SG