MenaPay Developers Team has recorded major success in payment completion times – one of the milestone measurements used to judge a payment system’s performance, per a press release shared with BlockchainReporter, November 16, 2018.
These latest developments demonstrate that the MenaPay Platform is a system with enhanced speed and overall capacity that is needed for use in daily shopping transactions.
The MenaPay Blockchain Platform will enable payment transactions, within seconds, and with very low commission rates resolving some of the typical shopping problems encountered in the MENA Region.
The most widely used current payment systems, Visa and MasterCard, can finalize transactions within 15 seconds in MENA region according to official statements. On the other hand, MenaPay completes the transaction in less than 1.7 seconds on MenaChain which is the permissioned blockchain developed by MenaPay team. Considering the whole payment experience of the end user, it takes less than 9 seconds from starting the application to completing the payment.
Commenting on these latest developments, MenaPay CTO Tuna Orbay notes,
“It is hard to believe that people still rely on traditional payment giants even though they finalize transactions in 15 seconds and can not provide 100% secure payment experience! We achieved spectacular results with MenaChain in that sense and we are receiving great feedback regarding user experience from our community who joins us with initial tests.”
The MenaPay Team continues to work on the development of the platform with the objective of providing users with the most stable and secure payment experience yet available.
MenaPay is the first payment system based on blockchain technology in the Middle East and Africa. MenaPay offers payments through a network of cryptographed blockchains, instead of traditional payment methods. This is how it provides a secure and transparent payment network for all kinds of users and for every aspect of daily life.
Launched in November 2017, the MenaPay project aims to provide advanced payment services to the 420 million people living in the 18 countries across the region. MenaPay will distribute 75% of its total revenue to MenaPay Token owners. This sets a new standard for the cryptocurrency sector that goes far beyond the regular level of incentives available for users and investors.