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!
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.
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
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:
Bob selects his preferred seat, timing and movie on the online platform
Bob is prompted to send a transaction via Internet Banking within 3 to 5 minutes
Bob logs into his Internet Banking account and is prompted to key in his OTP by his bank as a security measure
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
Bob finally makes payment for his movie tickets
Transaction invoice is given to Bob and he has to input it onto the online platform before the stipulated time
Purchase is finally done and the booking ID is sent to Bob’s email for the printing of the tickets onsite
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.
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.
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
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.
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
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:
lack of trust towards the banks
cost of maintenance
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
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.
WadzPay has formed a strategic partnership with TomoChain – a highly innovative protocol that solves scalability issues on the Ethereum Blockchain
We are extremely excited to announce our partnership with TomoChain to kick-start our initial strategic phase in Southeast Asia as well as to enable online and point of sale (POS) payment solutions.
TomoChain is an innovative solution to scalability problem with the Ethereum blockchain, and other blockchain platforms. TomoChain features a 150-Masternodes architecture with Proof of Stake Voting (POSV) consensus for near-zero fee, and instant transaction confirmation. Security, stability and chain finality are guaranteed via novel techniques such as double validation, staking via smart-contracts and uniform randomization processes.
We are proud to be working with the experienced leadership team at WadzPay to drive greater awareness and adoption of blockchain as an underlying solution for payments. WadzPay focus towards digital payments through scalable blockchain infrastructure and across SEA aligns well with TomoChain’s DeFi and regional expansion plans. This partnership, additionally, exemplifies our desire to enable success in projects building on the TomoChain public blockchain through priority technical support, relevant business connections, and market access. As such, we will be working closely with WadzPay to help them execute on their 2020 growth strategy across SEA and beyond.
— Kyn Chaturvedi, TomoChain CBDO
Our partnership with TomoChain will solve merchant pain points as well as to provide an intuitive and viable option for the unbanked in emerging markets. As part our migration to TomoChain, the WadzPay token will be issued using the TomoZ: Zero Friction protocol.
TomoZ allows gas fees to be paid by the token itself so WadzPay users will not need to hold native TOMO or even know that they are using blockchain, enabling expansion to a broader user-base — which is aligned with WadzPay vision in bringing digital payments to the masses.
We are very excited and looking forward to growing our ecosystem with TomoChain for our initial expansion to emerging markets. With the rapid development of the Blockchain space, we strongly believe that the TomoChain protocol is best suited to develop and expand the WadzPay payments infrastructure across geographies. WadzPay has taken on an ambitious project of making blockchain-based payments a reality. We are positive our partnership with TomoChain will enable us to deliver cutting-edge and next-generation payment services for all.
— Anish Jain, WadzPay CEO
We are extremely confident in TomoChain’s well-built infrastructure and expertise in navigating the SEA markets! Together, we aim to show the world the potential of Blockchain technology, and to form a cohesive, positive ecosystem together.
If you wish to know more about TomoChain, head on to their webpage!
TomoChain is built on a performance layer that achieves high transaction speeds without compromising decentralization. TomoChain uses an innovative consensus method called PoSV (Proof of Stake Voting) which gives an incentive to all TomoChain token-holders to play an active part in staking across a network of 150 high-quality masternodes, and to monitor their performance and governance actively. Its staking-governance DAapp, TomoMaster, is recognized as one of the leading staking platforms in the industry.
WadzPay is a blockchain-based, inclusive application that is set to redefine the payment processing industry and incentivize data ownership for both consumers and businesses. WadzPay 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 WadzPay’s latest developments!
Blockchain technology’s most common application are cryptocurrencies, which have largely remained as an alternative investment instrument for the tech- and financially-savvy. The technology remains somewhat nascent, but some people have already written it off, with many citing the major cryptocurrencies’ volatility and their trading platforms’ high withdrawal charges as reasons.
Singapore-based firm WadzPay is intending to change this by leveraging on blockchain technology and existing cryptocurrencies to create a global payment platform for merchants. According to WadzPay, blockchain technology enables fast and secure payment transactions, which are performed millions of times daily between consumers and businesses. The company wants to build on this by creating an infrastructure that provides additional benefits. For one, WadzPay platform promises easy plug-and-play integration into major online shopping carts for quick and easy adoption. WadzPay near-zero payment fees is another key advantage, especially for cross-border transactions. Finally, the platform also accepts existing cryptocurrencies. They can thus be spent meaningfully instead of remaining a niche investment vehicle.
WadzPay smartphone app is already in beta testing. The firm has shared that the platform will be offered in Indonesia and Vietnam first, as the two countries have an estimated 200 million people who are under served by banks and other traditional financial institutions.
According to WadzPay, around 50,000 merchants in Indonesia and another 5,000 in Vietnam have expressed interest. The on-boarding process for them will begin in the first quarter of 2020. Other developments such as supply chain management are in the pipeline for the fledgling company.
POTENTIAL GAME CHANGER
Our interest lies in its core product though. After all, should WadzPay platform be successful and see widespread adoption, the company would potentially open a new chapter in blockchain technology and demonstrate its viability as a solution for the unbanked. That would, in turn, drastically alter the financial market and its existing players.
We are ecstatic to announce our strategic partnership with Tomo Global to jointly enhance the growth of the SEA internet economy through the use of Blockchain technology.
Global is an independent, community-driven organization, dedicated to
transforming flows of value, governance, finance and virtually every
aspect of our society with TomoChain protocol.
With a wealth of experience in the finance and Blockchain sector, co-founders of Tomo Global Tomas Povilaitis and Darius Rugevicius
will actively advise on various functions of Wadz — such as regional
expansions, technology implementations, partnerships and business
Tomo Global will also facilitate in the migration of WadsToken (WTK) to TomoChain to enable cost-efficient and even quicker transactions in the Wadz ecosystem through TomoChain’s revolutionary protocol.
are extremely excited to embark on our journey with Tomo Global! Tomo
Global’s expertise will bring great value to us and will be instrumental
in bringing us closer to our vision.
If you wish to know more about Tomo Global, head on to their twitter page!
First and foremost, huge thanks to all who showed support for our event which was co-organized with PSB Academy on 27th November 2019. The agenda of the event was on Blockchain Industrial Impact and to kick-start the launch of the Wadz Beta application.
The event was a smashing success where guys from all walks of life attended the event — VCs, Blockchain enthusiasts, crypto exchanges, students and even folks who were curious on how to implement cost-efficient solutions into their businesses.
For the first agenda of the event, Aaron Tan and Anndy Lian had a fireside on the impact of Blockchain technology in the supply chain sector.
Anndy Lian comes from a background as an all-rounded business strategist with over 15 years experience in Asia. He currently plays a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organisation committed to improving productivity in the Asia-Pacific region.
During the fireside chat, Anndy provided valuable insights on the surrounding Blockchain industry and as well as his opinion on the ideal implementation of Blockchain technology into supply chain processes.
Up next was a presentation by the Wadz team with the topic “Data Ownership, Payments Industry & the Unbanked”.
The Wadz team collectively communicated the issues in the payments industry, data ownership and emerging markets during the presentation while showcasing the Wadz application as a solution.
The Proof-of-Contribution (PoC) governance protocol presented received high praises from numerous audiences — with many believing that its intention of building an active and positive ecosystem will entirely change the way which merchants and consumers will behave and operate.
Lastly, an intimate panel discussion was held to discuss the surrounding Blockchain climate and their opinions on upcoming applications in the industry.
Led by Co-founder of Blockcast.cc Jenny Zheng, the discussion was very fruitful and informative. A variety of topics were discussed including data ownership, financial inclusion, STOs, token fundraisings and even touched on the more controversial topic of Facebook’s Libra.
By 2030, Blockchain will run in the back-end of most applications but no one will be talking about it like we do right now. — Anndy Lian
This statement by Anndy Lian reinforced the Wadz vision of being an inclusive infrastructure, where Wadz aims to be as accessible as possible to everyone — where even people who know nothing about cryptocurrencies will be able to use Wadz’s application with zero hassle.
Overall, the consensus between the panelists was that the Blockchain space is still in its early stages but it is definitely here to stay and will slowly be incorporated into our everyday life.
Thanks for reading! If you wish to find out more about Wadz, do join our telegram community! We have many exciting news and community programs ahead: https://t.me/wadzcommunity
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!
BLOCK71 Jakarta Ariobimo Sentral, South Jakarta, RT.9/RW.4 Setia Budi, Jakarta 12950 Indonesia