As MenaPay building up the first blockchain based non-bank advanced installment entryway for building the greatest cashless society on the planet. MenaPay enables clients to exchange cash inside day by day life in a safe, quick and decentralized way. To realize these exchanges and installments, we are building a 100% USD upheld stable digital currency for shippers and clients.
Advanced or blockchain based installments are normally a lot quicker than the present established money related devices since there are no mediators. Since the paying wallet must contain enough computerized coins for the installment to be affirmed, the installment can't be lonely. The main impediment for the crypto-installments could be the sudden vacillations in the monetary standards. As an answer for this issue, MenaPay offers its very own USD sponsored stable coin, MenaCash.
MenaCash will be effectively reachable through MenaPay application by means of all present installment frameworks, for example, acknowledge or charge cards and digital forms of money and our disconnected affiliate arrange in the locale. 1 MenaCash will dependably be equivalent to 1 USD, so the client won't stress over the estimation of the cash. The correct measure of coursing MenaCash will be held in a few banks so the clients can generally make certain that their riches is under insurance and accessible in fiat money frame.
This will be legitimate and reliable explicitly by and for the endorsed vendors on the framework since they will effortlessly have the capacity to money out MenaCash from the establishment. Just endorsed shippers will have the capacity to change over their MenaCash to fiat cash with a base sum limitation. MenaPay won't let the clients money out through the establishment, because of illegal tax avoidance concerns.
Simple Cash-Out for Merchants
In spite of our vision of a framework which runs itself and where nobody in the framework would need to money out for fiat money later on, a change procedure proceeds with, MenaPay Foundation will give the privilege to money out to the endorsed vendors of the framework. They will have the capacity to change over MenaCash in their wallets to fiat monetary forms whenever.
Shippers will be qualified for believer their MenaCash effectively from the establishment with a base limit of 1.000 MenaCash. The establishment will take %5 commission on the normal. At the point when vendors money out, they will get the correct sum, barring money out commission as 1 MenaCash = 1 USD. Point by point data on the money out framework is given in area 6.7.
Singular clients won't ready to money out from our establishment since they will be the most essential building square of the cashless society later on that MenaPay will bring. After we achieve incredible masses, our particular target being May 2019, we do trust that the elements of the biological system won't offer ascent to a need to money out MenaCash, since people will have the capacity to utilize MenaCash for any sort of exchanges. MenaPay Foundation has the privilege to change the commission rates.
P2P (Peer to Peer) Transaction
Exchanges performed between the clients. Subtleties of the accepting party (telephone number, email, epithet, open key or QR code) are asked for from the sending party. Following MenaPay Proxy and MenaPay Platform endorsements, the exchange is acknowledged by the client endorsement. MenaPay Foundation introduces this creative and quick installment framework with lower expenses of exchange contrasted with existing installment strategies.
P2M (Peer To Merchant) Transaction
Exchanges made by the clients to the dealers. Amid this procedure, a remarkable exchange code is created for each buy from the trader. Inside this code, there exists data on the obtained item or benefit and the expense. This code is reflected as a QR code on the traders' screen. The QR code is examined by the client's application and the installment is acknowledged after framework endorsement.
M2F (Merchant To Foundation) Transaction
MenaCash to fiat money out from the dealer to the establishment.
MenaCash is effortlessly changed over to fiat cash for affirmed vendors.
As traders can utilize the gathered MenaCash for their very own buy purposes, they can likewise join the Approved Merchant Network and money out from MenaPay Foundation. Money out solicitations opened by endorsed shippers are shut by the establishment on restoring the reserve, keeping 1 MenaCash = 1 USD fairness. As far as possible for money out is 1.000 MenaCash. MenaPay Foundation claims %5 commission over the sum got the money for out. The rights to change the commission rates are saved by the MenaPay Foundation.
MenaPay Website: https://www.menapay.io
MenaPay onepager Link: https://www.menapay.io/onepager.pdf
Whitepaper-https://www.menapay.io/whitepaper_en.pdf
@Menapayio
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