While the debate continues over the use of cryptocurrency like Bitcoin as a legitimate way to make payments, blockchain steadily advances into the world of payments behind the scenes to change the transaction environment.

In MenaPay, we use blockchain to provide a much more secure, transparent environment to become an Islamic Finance Compliant for the transactions for specifically Middle East & North Africa population.

Everybody heard about the term Blockchain but few may actually understand what blockchain really does. Some experts explains that blockchain is similar to virtual Lego. It’s a set of blocks that are constructed into a chain as each transaction occurs.

The chain of transactions cannot be reversed, changed or manipulated in any way once it is formed.

The fact that the information cannot be altered and the system is decentralized makes it one of the most attractive technologies to use for payments and financial transactions.

It’s the strong point of blockchain. It can improve the security, speed and cost of each payment that many companies are looking for ways to solve. Cross-border payments using blockchain are an excellent example of new payment innovations.

Another big innovation is the convergence of blockchain and the internet of things (IoT), which is also changing how payments are handled. For example, it can provide a way to track IoT device payment history as well as manage and automatically issue both invoices and payments.

Big Financial Institutions Also Enter to the Blockchain Frenzy

Major financial institutions are showing an interest in using this technology. For example, Master Card for the business-to-business (B2B) space and cross-border payments. The blockchain technology works in conjunction with the company’s tools to offer account-based, blockchain-based and card-based payment options for its customers. Mastercard is also part of the Etherum Alliance to see how this blockchain application can be used to change its’ traditional payments model.

Visa has also gotten involved with blockchain world , which will support Visa B2B Connect payment platform. The company realized that it could use blockchain as a way to get involved with digital currency and improve the types of payment options offered for cross-border transactions. Other banks from around the world are willingly getting involved with Visa’s platform.

MenaPay Business Development Director