MenaPayEcoSystem and how it works throughout the MenaPay system

zoeymalia (25)in #menapay • 6 years ago (edited)

Merchants

In Menapay platform you as a merchant you are a building block of the ecosystem along with other users. The enterprises that accept you to pay using MenaCash are called merchants in the MEnaPay system. Currently, MenaPay has signed contracts with 50 establishments to enable you as a user to enjoy the MenaPay feature. To let many sellers join the platform MenaPay as developed an easy to integrate software Development Kit (SDK) that any seller can download and setup it easily. For you to start accepting MenaPay, you will have to approve to be able to cash out the MenaCash and convert it to fiat money. This will require you to produce the necessary requirements.

1. Merchant Approval

As a merchant who is integrated with the MenaPay platform you must submit the following documents to be approved;

• Certificate of incorporation

• Certificate of registered address

• Certificate of shareholders

• Passport copy of the signing director(s)

2. Merchant and Wallet ID Matching

You and other merchants and users will be able to add more than a single wallet into your applications. Every single wallet has its own ID, and the IDs are matched with the users. Wallets held by merchants are shown to the customers during the payment transaction to let you as a customer be sure of the address that you are transferring Menacash to. The whole process is done through top security measures through the MenaGateway.

Individual Users

Because MenaPay preliminarily focuses on the MENA market, therefore all the products are designed to meet your habits and expectations. You will be able to login with a friendly user designed interface platform. When you bypass 100 MenaCash in a transaction, you will be required to complete a KYC process.

1. User Approval

You can sign up to the MenaPay by using your phone number or downloading the application. You will complete the signing up process by entering the verification code which will be sent into your phone number. You will be necessary to use your pin code during login, and you can set an additional password as well as setting a two-factor authentication feature. You must be 18 years to become a Menapay token holder and be able to use other related Menapay token attributes. A new feature which gives parental control has also been added that makes users under 18 to be able to use the MenaPay safely.

Reseller Network

If you join MenaPay platform as a user, you should be able to purchase Menacash very easily. There are contracted enterprises which will sell Menacash other than the Menapay foundation. This is called MenaCash Resellers in the ecosystem. To become a Menacash Reseller, you will be required to fill the application form along with the following documents:

• A copy of the Certificate of Incorporation

• Registered Name

• Registered Address

• Shareholder List

• Passport or Driving Licence of the Director.

P2P (Peer to Peer) Transaction

Transactions performed between the users.

You will be required to produce your details if you are a receiving part and this includes your phone number, email, nickname, public key or the QR code which will be requested from the sender. Via the menaGateway and the MenaPayplatformthe approval of the transaction will be realized.

P2M (Peer To Merchant) Transaction

Transactions made by the customers to the merchants.

When performing any transactions, a unique code will be produced whenever you buy anything from the merchant. The code consists of information regarding the purchased product or service and appears as a QR code on the merchant's screen.

M2F (Merchant To Foundation) Transaction

Conversion of MenaCash to fiat currency and cashing out from the merchant to the foundation.

As a merchant, you can easily convert MenaCash into fiat money where a commission of 5% will be deducted from your total earnings by the MenaPay foundation.

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