MenaPay pitches payment app for MENA
A blockchain project by a Turkish venture firm intended as a general payment system for the Middle East and North Africa (MENA) region will go live on 15 January, Anadolu Agency reported. The project has come to the launch phase, said Ilker Cikrikcili, MenaPay’s chief marketing officerd. Its mobile application is supported by main investor Bogazici Ventures.
He added that MenaPay was approved and licensed as a payment service provider by Dubai and Bahrain’s central banks, and also has applied for a Sharia law certificate. With the help of blockchain, money transactions will be made with lthousands of witnesses, exceeding the two witnesses required by Sharia, he asserted.
The system will use a cryptocurrency developed privately for MenaPay called MenaCash, he added. MenaPay’s distinctive features are blockchain and P2P transactions without using banks, Cikrikcili said.
Money transactions will be controlled by a global, third party service provider, and people will able to use MenaCash in regional branches, Cikrikcili said. MenaCash will be constant to the US dollar’s value and will be usable in places such as e-commerce websites, restaurants and markets, he explained.