MenaPay aims to become the most commonly used electronic currency in the MENA region. Focusing on 18 countries and 441 million people, MenaPay mission is to become the largest non-bank payment solution by using blockchain technology while generating significant profits for investors. The business model that you can look into in detail in this article will create a whole new standard in the cryptographic industry by distributing 75% of total revenue among the Token's Owners. MenaPay.
MenaPay Token Holders will be the core of a large community to break the traditional banking system in MENA and will create the most advanced financial system that will cover the entire area with transparent, Muslim compliance. and decentralized structure.
Today, the traditional financial system tools such as banks, credit cards, debit cards and cash are lacking security, slow and inconvenient ways of Trading. These traditional financial institutions spend huge amounts of money and resources to prevent fraud but none of them are completely successful. Blockchain is the only way to solve all the problems that the current banking and payment system has, until better technology appears.
Developing MenaPay Platform with community support is the future How to search for opinion leaders and ensure necessary funds.
This future way can now be attributed to one of the last milestones of technology called "blockchain". Since the Internet launched in 1989, blockchain is the first wave technology, rocking the world with a similar impact. It will break every business and destroy them if they don't keep up with this technology.
Now is the time to create new structures that really belong to the public, not to some central agency. With this new era, ahead of us, we decided to develop the MENA region's most popular payment platform.
Definition of MenaPay
To understand what MenaPay is, first of all, it is important to understand MENA priority.
What is MENA?
The Middle East and North Africa region consists of 18 countries and a population of about 441 million. This area is officially bilingual. 359 million (81% of the region) people speak Arabic and 81 million people speak Turkish.  93% of the Muslim region.
Although the area seems to be harmoniously linguistic and religious, it has an extremely dispersed structure in terms of geography, politics, economic power and currency. Turkey plays a role of a bridge between the Middle East and Europe. The Republic of Turkey is dominated by full democracy and 99% of people practice Islam. It is the 17th largest economy worldwide. It has a growing and widespread banking and financial system while there are 40 million unregulated population.
The northern part of the Middle East is largely politically, economically poor and infrastructure but the area is also rich in culture, history and natural resources. However, we heard the name of the area mainly with tonal sounds.
The Fintech State Report said startups in MENA raised $ 50 million in 2017, an increase of 270% of the $ 18 million investment disclosed in 2016.
GCC (Gulf Cooperation Area) is the bright star of the Middle East.
GCC is formed from Saudi Arabia, Kuwait, United Arab Emirates, Qatar, Bahrain and Oman. GDP per capita in these countries is 26,000 USD.
All Middle East is considered an oasis for the digital industry. In particular, the GCC area is the target of many global companies, while all of them face difficulties while entering the area. Earning money is one of the biggest challenges especially for online businesses. More than 50% of the GCC area is not covered while 84% of the total area of MENA is not covered.
GCC is an area where Muslim religion is most conservatively practiced. In fact, traditional financial institutions do not comply with Islamic practices, so many people prefer to use cash in daily transactions. Poor banking systems also do not make people's lives easier.
When analyzing the rest of the region, we see many crowded but unstable economies. Traditional financial institutions cannot provide public confidence because they are fully controlled by the government. In some countries like Egypt, it is impossible to withdraw or carry out foreign currency transactions across borders.
Meanwhile, keeping money in local currency becomes very risky in terms of consistent depreciation. There are 18 different currencies in the area where MenaPay wants to connect to create a common currency instead;
Along with a challenging environment, this region accounts for 49% of the world's total oil reserves. Countries like Turkey and Egypt are the top travel destinations with their profound history and natural beauty. The UAE also became one of the top tourist destinations and one of the world's financial capital with a visionary government. Dubai is the first city to use blockchain in government operations.
Countries like the UAE, Turkey, Qatar and Kuwait are leading in technology and innovation in the region. UAE is the number one smartphone penetration in the world.
The digital application of the rich Arab public is impressive. Both Bahrain and the UAE are competing to become the capital of blockchain projects by preparing a solid legal framework and open minded agencies. GDP per capita of GCC region is 236% higher than the world average.
Other countries are sometimes counted as part of MENA. These include populations of Afghanistan, Armenia, Azerbaijan, Chad, Comoros, Cyprus, Djibouti, Eritrea, Georgia, Mali, Niger, Pakistan, Somalia, Sudan, Palestine and Sahrawi Arab, Democratic Republic; The wide MENA region has a total of 827 million people.
What is MenaPay?
MenaPay is the first non-bank blockchain digital payment gateway to build the largest non-cash society in the world. It focuses mainly on MENA.
MenaPay allows users to transfer money in daily life safely, quickly and decentralized.
MenaPay focusing on MENA is its main market. It fully complies with the important Islamic financial rules in the region to provide a convenient and reliable digital payment solution. Blockchain technology meets the requirements of Islamic financial rules on money transactions between parties and income from investments.