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Category: Expert Insights

Tokoin X WadzPay AMA Recap - July 28


On July 28 2021, Tokoin held a joint AMA (Ask-Me-Anything) session with Anish Jain, CEO of WadzPay with Vici, Business Development of Tokoin, hosting this AMA. In this AMA, the speakers shared the latest development and let Tokoin Community know more about WadzPay.

Tokoin x WadzPay AMA

Tokoin — Vici:
Hello everyone! We’re back with another AMA! Today Anish Jain, the CEO of WadzPay will be here together with us to have a chat about our current partnership with WadzPay!

WadzPay — Anish:
Hi everyone! Thanks for the warm welcome Vici!

Tokoin — Vici:
Hello Anish! Welcome to Tokoin Global Official Group! how are you today? are you ready to start?🤩

WadzPay — Anish:
Sleepy and busy as always, haha. Let’s get started

Tokoin — Vici:
Alright! Let’s go!

 

Question no. 1: Could you please explain in a very simple way what WadzPay is to our audience?

WadzPay — Anish:
The simplest way to explain WadzPay is that we are building a blockchain-based payments ecosystem. You won’t have to consider whether you’re making payments in Bitcoin, USDT, IDRP, or even IDR: the whole system will work seamlessly. Best of all, all payments and transfers will be near-instant, and will save you money!

Tokoin — Vici:
well explained yet very simple! WadzPay = seamless🤩 Last week, we have announced our partnership between Tokoin and WadzPay, which leads to question no. 2!

 

Question no. 2: What will the partnership between Tokoin and WadzPay be like from both sides? Is it open to global expansion?

WadzPay — Anish:
We are really excited to embark on this journey together with Tokoin. With the accelerating pace of Tokoin’s development and business footprint, we can’t imagine a better partner. Together, we will be able to bring Tokoin: acceptance at merchants worldwide, more users, and the ability to use Tokoin to send funds to friends and family overseas.

And yes — we will go global with this partnership! Tokoin x WadzPay world domination 😊

Tokoin — Vici:
Definitely! with hard work & passion from both teams, everything could happen!💪🏼

 

Question no. 3: Could you please give us the latest updates here for WadzPay Development?

WadzPay — Anish:
We’ve come a very long way. On the marketing front, our advertising and social media programs have reached over 10 million people this year, and our PR programs have generated over 300 million reaches and received coverage by the likes of Yahoo.

On the product development start, we have beta tested our App which serves as the ‘front office’ for our platform. We have been busy fine-tuning this architecture to accept more protocols and to enable interoperability into the ‘world’ outside of crypto assets.

Tokoin — Vici:
300 million reach wow! What an achievement! alright! moving on to the next question!

 

Question no. 4: We see that your motto is “Interconnected World of WadzPay”, could you please explain the meaning of your motto?👀

WadzPay — Anish:
Great question! Right now payments systems exist in silos. They don’t talk to each other. The banking SWIFT/ACH systems are separate from other payments systems, Central Bank Digital Currencies (CBDCs) aren’t plugged into these systems, nor are crypto assets. We aim to connect them all: we will be the technology layer that makes the whole world of payments interconnected.

Tokoin — Vici:
That’s a very interesting statement! it relates as well with your statement before👍🏻

 

Question no. 5: How can a cryptocurrency (like Tokoin) integrate with WadzPay? And what are the benefits?

WadzPay — Anish:
We are definitely looking to partner with more digital currencies, so the first step is to contact us and kick off a conversation. We will analyze your opportunities and work on a tailor-made solution that will elevate your business success.

Looking at Tokoin as an example, integrating with us will bring about:
• We know it’s difficult to spend your digital currencies. With us, you’ll be able to make payments at merchants worldwide.
• While sending digital currencies to others is easy for those of us who are tech-heads, the idea is difficult for most who are simply ‘crypto aware’, or don’t understand crypto. We make it easy to send funds overseas, and to the recipient, it’s almost like receiving fiat.
• Getting visibility for your digital currency is also important, and with both liquidity and marketing efforts showcasing you as one of our partners, we hope that your digital currency will perform

Tokoin — Vici:
Thank you for the explanation Anish! well explained yet easy to understand! next question would be…..

 

Question no. 6: Most of the questions people had during the AMA asked about the strengths of the project.

Since WadzPay is leading the next revolution of digital asset-based payments. So, at this time, can we talk about your difficulties and challenges? Have you faced any major problems in creating your project so far? And if so, how did you solve it? What is the status of your project now? Is there still a problem with your project?

WadzPay — Anish:
We are solutions, not problem-based companies. While any start-up experiences challenge when launching, we are constantly seeking solutions to overcome them. I suppose one of the challenges has been the fragmentation of cryptocurrency/stable coin protocols and the emergence of CBDCs. But we see this as an opportunity: we can unite all the protocols through one big umbrella/a technology layer.

I am very happy with how the project is going, and it’s no surprise because we have an incredibly talented (and constantly growing!) team who share my vision.

Tokoin — Vici:
So the mindset is, how to see a problem to a new opportunity! A talented team is indeed an asset for a company! good point you got there! alsoo let’s move on to the next question. It will relate to our pandemic situation nowadays.

 

Question no. 7: COVID-19 has a bad impact in almost every sector. So, how did it affect WadzPay? How have you and your team done the work in the pandemic?

WadzPay — Anish:
This may be controversial to say, but while COVID has been horrific at a social level, at a business level it has helped us. COVID drove payments away from cash, even in cash-heavy economies, towards digital payments. QR code usage significantly rose, with safe entry measures in many countries. E-commerce soared. As a digital payments platform, all these movements are priming us for success.

In terms of how we work, we’ve embraced remote work and have also hired more broadly from multiple geographies; we have a very unique and diverse team which helps us come up with unique solutions and ideas due to this diversity.

Tokoin — Vici:
totally understood! Most people (including me 😁) are now very cashless! Digital wallet and online payments now are the diva of the show. Most companies are applying for WFH and remote work as well. And the result is pretty productive too!🧑🏻‍💻

alright! we’re almost reaching the end of the AMA! so I wanna ask you a very very interesting question and I’m sure people here are curious!!

 

Question no. 8: We see that WadzPay has its own token (WTK), could you briefly explain? And where can we buy WTK? 👀🚀

WadzPay — Anish:
WTK is available to buy on BitMart exchange: https://www.bitmart.com/trade/en?symbol=WTK_USDT&layout=basic

We see a lot of potential for it now, especially since we have started announcing some of the partners we are working with including Tokoin and many more soon to be announced!

WTK brings lots of benefits to the WadzPay platform including lower fees for merchants, and more efficient settlement processes.

Merchants will need to settle subscriptions and other services using WTK, and tokens spent or used for settlement to fiat will be subjected to burns. Good news for token holders! We will continue to burn tokens until we have only 50% of the supply.

Tokoin — Vici:
oh wow guys! take a look at this! this might be a new opportunity for you😃 well explained & exclusive information from Anish Jain, as the CEO of WadzPay, only at our AMA! alright! I think we’re coming to the end of AMA…

 

Do you have any closing statement or something about this partnership for our audience today? Let’s get connected! What is WadzPay’s social media?

WadzPay — Anish:
Thank you so much for all the brilliant questions! Loved them all. Happy to be able to speak with the community you’ve built

Would be happy to connect with you all! We hope you like our Make every moment special with WadzPay campaign and it brings a smile to your face 😊

Linked In: Search WadzPay
IG: @wadzpay
FB: /wadzpay
Twitter: /wadzpay

Tokoin — Vici:
Of course! We’re so happy to have you here at our AMA as well!! 🥳 You guys can follow WadzPay’s Social Media for other updated news and information!

I think that’s all for our AMA today. I want to say a special thank you to Anish Jain & WadzPay Team that has been working closely with us to create this partnership!

WadzPay — Anish:
Thanks so much!

 


WadzPay.com is Driving Financial Inclusion whilst enabling broader acceptance. WadzPay will become THE DEFAULT Digital Payments Processor. We will build direct relationships between Financial Institutions (FI)/non-bank Financial Institutions (NFI), merchants and consumers. The WadzPay token WTK is available on Bitmart now.

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Why are Digital Payments still Stagnant in Asia’s Emerging Markets?

Photo by Ikhsan Assidiqie on Unsplash

Just a little over a decade ago, almost 4 in 5 Southeast Asians did not have accessible internet. Today, there are over 360 million internet users in Southeast Asia (SEA)— with 90% that are connected to the internet primarily through their mobile phones.

Moreover, the rise of internet usage has spurred the internet economy and tripled in the last 3 years, hitting USD$100 billion for the first time in 2019. Internet economies in Malaysia, Thailand, Singapore, and the Philippines are currently growing at 20–30% annually while our initial target markets, Indonesia and Vietnam, has led growth in SEA at an excess of 40% annually!

According to Google’s e-Conomy SEA 2019 report, digital payments in SEA are even expected to hit USD$1 trillion by 2025!

BUT…

Digital wallets and payments have been stagnant at a penetration rate of only 6–7% despite seeing huge growth in the internet economy. The adoption of digital payments has not taken off and is not consumer-friendly at all.

As an example, we all might have had the luxury of purchasing movie tickets online which usually takes 5 steps or even lesser to complete a transaction.

However, in emerging markets like Indonesia where digital payments have not taken off, the process to purchase movie tickets online is a long, painful and tedious process. To put this into perspective, here is the process breakdown for making a movie ticket purchase online in Indonesia:

  1. Bob selects his preferred seat, timing and movie on the online platform
  2. Bob is prompted to send a transaction via Internet Banking within 3 to 5 minutes
  3. Bob logs into his Internet Banking account and is prompted to key in his OTP by his bank as a security measure
  4. Bob navigates to the transaction page, keys in the details provided by the online platform to add them as a payee and waits for OTP again
  5. Bob finally makes payment for his movie tickets
  6. Transaction invoice is given to Bob and he has to input it onto the online platform before the stipulated time
  7. Purchase is finally done and the booking ID is sent to Bob’s email for the printing of the tickets onsite
Bob, after making his movie ticket purchase

Hopefully, you get the idea and feel as annoyed as I am listing down the steps… In addition to this tediousness, Bob runs the risk of having his preferred seats taken away if he does not complete his transaction within the stipulated time!

So what is causing these inefficiencies in emerging markets when the majority of us can make such purchases with ease?

High Cost and Transaction Fees

Have you ever wondered why there is a minimum purchase amount before you can make cashless payments with certain businesses?

Well, consumers may make payments digitally at no additional cost but merchants usually have to bear the cost of the transaction and/or processing fees when using conventional payment processing technologies.

Comparison table of Wadz vs major payment leaders

As we move towards a cashless economy, most merchants outside of emerging markets have to keep up with consumer trends and are essentially forced to implement expensive, outdated payment technology into their business processes. Merchants are required to deploy dedicated check-out lanes or hardware to fully utilize them as well.

Low Income, Low Spending Power, Long Settlement Period

Picture yourself owning a fresh vegetables and fruits store in a village of 2000 people in rural Indonesia where the average income is low —several factors might prevent you from adopting conventional digital payments processing technology.

  1. Low income also means low spending power, which does not make sense for you to adopt conventional digital payments processing technology when there are fees involved for every transaction.
  2. You have a low-profit margin to fit the income range of the villagers as well as to get rid of your perishables before expiry.
  3. After making a digital transaction, there is a long settlement period before the money is yours. With a low-profit margin, chances are you barely make ends meet and cannot afford to wait too long for the sake of your livelihood. And lastly…

Around 50% of Indonesians & Vietnamese are Currently Unbanked

In small rural villages, a large majority simply do not even have a bank account to start utilizing digital payments — merchants just do not see the need to implement cashless solutions.

Many of these folks remain unbanked because of the following:

  1. lack of trust towards the banks
  2. documentation requirements
  3. cost of maintenance
  4. distance barriers
  5. limited earnings.

So, how do we solve these issues at hand and start increasing digital payment penetration in emerging markets?

I will be releasing a blog series on how Wadz will solve these issues at hand soon, so if you are interested pleasestay up to date by joining our telegram channel here: https://t.me/wadzcommunity

If you can’t wait any longer and wish to learn more, please check out our whitepaper here or for a summary check out our overview page here


About Wadz (https://wadz.com)

Wadz is a blockchain-based, inclusive application that is set to redefine the payment processing industry and incentivize data ownership for both consumers and businesses. Wadz strives for the minimization of malicious activities, and maximization of positive contributions through its unique Proof-of-Contribution (PoC) governance protocol.

Find out more about Wadz’s latest developments!

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21 Nov, 7pm. IN-DeFi: The DeFi Wave Organized by Wadz & Tokocrypto

RSVP: https://www.eventbrite.com/e/in-defi-the-defi-wave-tickets-81280322633

What is DeFi? Find out more about the upcoming development in the DeFi space!

About this Event

DeFi, also known as Decentralized Finance, has been the hot topic of the blockchain industry in recent months. So, what exactly is DeFi? DeFi is basically financial tools built on the blockchain – primarily on ethereum right now – pieced together by using smart contracts, protocols and decentralized applications (dApps). Decentralized finance, based on blockchain technology, has been viewed as a highly potential technology which shows large promises in improving the traditional finance space. Decentralized finance would be able to transform traditional payment, loan and remittance industry into one with much higher efficiency and lower cost.

Wadz and Tokocrypto will be hosting a DeFi community meetup. Digital Payment, P2P Loaning and Remittance are among the biggest industry in Indonesia. Let’s join this event to learn more about how decentralized finance can be applied in Indonesia. This event is open to anyone who is interested in knowing more about DeFi and wish to find out more about the upcoming developments in the DeFi space from key opinion leaders!

Location

BLOCK71 Jakarta
Ariobimo Sentral, South Jakarta, RT.9/RW.4
Setia Budi, Jakarta 12950
Indonesia

RSVP here: https://www.eventbrite.com/e/in-defi-the-defi-wave-tickets-81280322633

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Driving Financial Inclusion Using Blockchain and AI with Wadz

Asia Blockchain Review recently spoke to Anish Jain, CEO of Wadz, a company founded by the collaboration between experts from the payment and tech industry who have come together to deliver a smart payments engine with the objective to drive efficiencies, reduce costs, and increase adoption, while ensuring secure and hassle free payments. Anish talked about leveraging blockchain to process payments, the benefits of using artificial intelligence to help merchants and brands design targeted marketing, and the evolution of the payment ecosystem.

Asia Blockchain Review: How is Wadz promoting more financial inclusion in Asia? What about in Southeast Asia?

Anish Jain: The inherent issue in Southeast Asia has been financial access for all. This is due to several factors including the prevalence of cash, high transaction/merchant fees, barriers to entry into the financial system, geographic limitations, etc.

This leads to telcos and smartphone manufacturers trying to drive internet usage and financial inclusion. However, they have had their limitations, as they are mostly restricted to geographies or a set client base.

Learning from these experiences, Wadz is championing a hybrid ecosystem to process payments and analyze data using the reach of telcos and smartphones and leveraging blockchain and AI. Anyone with access to a smartphone can easily start making or accepting payments locally or cross-border in a matter of minutes. 

Indonesia and Vietnam are ranked 6th and 13th worldwide, respectively, for smartphone penetration, with over 80 million users combined. However, only 50% of their citizens have direct access to financial services.

ABR: Can you tell us about some of the key milestones that Wadz has achieved? 

AJ: Wadz was conceptualized in late 2018, and we began building the prototype in March 2019. Currently, we are testing the beta and expect to have our first version out in Indonesia for people to start using by end-Q3 to early-Q4. 

We have already been able to establish various merchant partnerships in Indonesia, Hong Kong, and India and are getting a lot of positive PR & feedback from the events we have participated in. Recently, we organized the inaugural “Real Life Application of Blockchain and AI” event in June 2019 in Singapore, which was met with huge success.

We are also on track to launch our IEO (Initial Exchange Offering) around September 2019. So keep an eye out for us!

ABR: What are some of the effective inventory management strategies that you can pass on to merchants?

AJ: This is a highly confidential tool in development, and I am unable to share any specifics at this point in time. However, it is something that has not been seen before and will change inventory management dynamics.

ABR: How do smart payments engines drive efficiencies and reduce cost? 

AJ: The traditional payment system is essentially a tri-party system with an organization such as Visa or Mastercard at the helm, also known as the ‘Switch’. Then, there is an ‘Acquirer’ which manages the merchants and the ‘Issuer’ which acquires customers. 

Then, there are several other intermediaries that are basically payment processing companies which connect all of the above with one another. As you can imagine, this makes the existing ecosystem not only complex, but also expensive. 

We at Wadz are utilizing blockchain to connect the consumer directly to the merchant, with Wadz moderating each transaction. This leads to smart data, zero fraud, faster settlements, and a flat fee of 1%. 

ABR: How does Wadz use artificial intelligence to help merchants and brands design targeted marketing?

AJ: Wadz is able to connect the consumer directly with the merchants and moderate every transaction. This allows the Wadz AI functionality to analyze data on a real-time basis. 

The Wadz AI function is then able to design various scenarios for merchants and brands to directly target the desired consumer segments based on seasonalities, shelf positioning, geographic location, etc.

ABR: Can you tell us about some of Wadz’s successes in driving the real-life application of blockchain and AI? 

AJ: Wadz had recently organized an event in Singapore called, “Real Life Application of Blockchain and AI.” This was the first-ever such event, and the idea behind it was to educate the general public on various use cases for these new emerging technologies.

The event was a success and very well received by the audience. We plan to continue such events, not only in Singapore but also in the rest of Southeast Asia. These events will also coincide with our product launches in various markets.

ABR: How does Wadz ensure a secure payment platform? What are the challenges to achieving this goal? 

AJ: The system is designed keeping in mind all potential threats. All necessary firewalls and security measures are being deployed to prevent security breaches. We are also deploying internal and external security experts to hack test the system on an ongoing basis. 

Using the Wadz payment gateway, users are guaranteed enhanced security against cyber threats, leaks, and misuse of confidential data by third-parties, since our system is designed to not enable merchants to capture the customer’s payment details. This saves the customer from confidential data leaks. 

ABR: With your extensive experience, how has the payment ecosystem evolved throughout the years?

AJ: Payments have come a long way from commodity-based payments to precious metals, paper cash, credit, and plastic. 

Now is the time for digital payments, and Wadz is at the forefront of this revolution.


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Wadz, RelationWork headlines discussion on blockchain payment and its impact on businesses

Emerging technology payment solutions company, Wadz Pte Ltd, successfully headlined a panel discussion alongside several noteworthy companies such as web portal services provider, RelationWork, and non-profit blockchain academia, the Institute of Blockchain.

While the panel discussion primarily revolved around blockchain payments and their impact on businesses, it also went into current real-world applications of blockchain technology and cryptocurrency as well as macroeconomic-based insights that participants can use as leverage to transform their respective businesses.

Among the distinguished panel of speakers are c-suite executives from myriad industries. One of them was Growth Marketing Studio CEO Thibaut Briere who has been in the B2B marketing for more than 13 years. Thibaut spoke about the importance of educating prospective customers about what blockchain is before introducing a blockchain-powered product. “Since there are many complexities about blockchain, education should come first,” Thibaut explained. “If they understand the value of your product, then it is easier for you to market it.”

The next speaker, Institute of Blockchain president Alvin Chua, is a leading fintech leader in Singapore, having received multiple awards in the field and is the curator of the first cryptocurrency course in the country. His talk focused on profitability and usability noting that apps driven by blockchain raised millions of US dollars in 2018 alone. “Cryptokitties, which are basically digitized beanie babies, amassed USD 15 million last year,” Alvin said. “Its highest transaction was an unbelievable USD 170,000 for a digital cat sold over a blockchain network — that is the future.”

Wadz Chief Operating Officer, Ghislain Bonamy, tackled the final topic of the night — infrastructure. He spent years developing analytical technologies and co-founded an Ethereum-mining company. He elaborated on the company’s blockchain-driven payment platform which has been gaining significant traction in Asia, especially after it announced its IEO crowd sales in November 2019. He also expounded on how Wadz’s infrastructure provides solutions to some gaps in the current financial system. “Our platform allows real-time data exchange and financial access for all at low transaction fees while utilizing a simple user interface,” Ghislain said. “Our platform is also supplemented with AI technology for targeted marketing, market trend predictions, cash flow management, and inventory management.”

This is just a first in a long line of blockchain forums that Wadz has in the pipeline. Its next major event will be at PSB Academy City Campus on October 25, 2019. The said discussion will focus on the impact of blockchain technology on finance, logistics, and global travel.

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