MenaPay platform outperforms traditional credit cards in the speed of completing physical transactions
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Answer MenaPay platform outperforms traditional credit cards in the speed of completing physical transactions
What is MenaPay’s ranking in the payment sector?
The MenaPay developer team has recorded significant success in payment completion times, which is one of the important metrics used to judge the performance effectiveness of a payment system.
The latest developments demonstrate that the MenaPay platform is a system with improved speed and total capacity that exceeds the capacity required for use in everyday shopping transactions.
The MenaPay Blockchain platform will enable payments to be facilitated, within seconds, and with little benefit to solve some of the shopping problems that the MENA region is facing.Read:JPMorgan Chief Strategist: Institutions are not interested in cryptocurrency
The current most widely used payment systems are Visa and MasterCard cards, which can complete transactions within 15 seconds in the MENA region according to official data.
On the other hand, MenaPay finishes the transaction in less than 1.7 seconds on MenaChain which is the approved blockchain developed by the MenaPay team. Considering the complete payment experience for the end user, the entire process takes less than 9 seconds from launching the application to the end of the payment process.
Commenting on these latest developments, MenaPay Chief Technology Officer Tuna Orbay notes:
“It’s hard to believe that people still rely on traditional payment giants even though these transactions take 15 seconds and they can’t provide a 100% secure payment! We’ve had amazing results with MenaChain in this sense, and we’re receiving great user experience feedback from our community who joined us for the initial testing. “
The MenaPay team continues to develop the platform with the aim of providing users with the most secure and stable payment experience to date.
MenaPay platform It is the first payment system based on Blockchain technology in the Middle East and North Africa. MenaPay offers payments through an encrypted blockchain network, instead of traditional payment methods, in this way, it is able to provide a secure and transparent payment network for all types of users and for all aspects of daily life.Read:CoinEx publishes its annual report with forecasts for the direction of cryptocurrencies in 2023
The MenaPay project launched in November 2017 aims to provide advanced payment services to 420 million people living in 18 countries across the region. MenaPay will distribute 75% of its total revenue to the owners of MenaPay Tokens. This sets a new standard for the cryptocurrency sector that goes beyond the level of normal incentives available to users and investors.
The accession of Dr. Princess Hanadi Ahmed Khader to MenaPay confirmed the ambition and importance of the project in the Middle East and North Africa region.Read:Visa acquires Ripple partner CurrencyCloud for $925 million
Princess Hammadi Ahmed Khader believes that a blockchain-based payment solution will facilitate all transactions in Saudi Arabia and make all shopping tools more useful. Emphasizing that the MenaPay system is fully compliant with Islamic practices and regulations, the princess states: “MenaPay is what people and businesses need not only in Saudi Arabia, but in the entire Islamic world, in the Middle East and North Africa.
I firmly believe that MenaCash will be the most comprehensive currency in Saudi Arabia. It will also be the solution for 84% of the unbanked population in the Middle East and North Africa by reducing time and costs while maintaining transparency and security at the same time. That is why I am so happy to be a part of MENAPay’s program to change the future of all financial transactions in the MENA region.”
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