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.