Do Kwon’s Terra empire collapsed in May. , Sam Bankman-Fried’s FTX in early November 2022 will be remembered as the two events that set the crypto industry back. It is now widely hoped that regulators around the world will use these two incidents to justify the establishment of regulatory regimes that could stifle further innovation. Nonetheless, one of his Singapore-based blockchain payment companies, Wadzpay, has partnered with Saudi fintech Geidea to provide financial solutions for pilgrims en route to Mecca.
Providing visitors with a state-of-the-art payment experience
Faced with the inevitable, some players in the cryptocurrency industry are optimistic that stricter regulation will be implemented for virtual It claims that the currency and its underlying technology will never stop. blockchain. They point to how digital currencies have helped lower the cost of transferring funds within and across borders. According to this view, the ease and speed of transferring funds across borders is another key attribute that makes digital currencies and blockchain an integral part of modern payment systems.
It is these and Other digital currency attributes.
For example, Wadzpay, a Singapore-based company that operates an interoperable blockchain-based payment ecosystem, has partnered with Saudi fintech firm Geidea to create a pilgrimage to Mecca. We provide customers with a “state-of-the-art payment experience”. Khaled Moharem, president of Wadzpay for the Middle East and North Africa (MENA), told Bitcoin.com News that his company’s partnership with Geidea will allow Hajj pilgrims to use electronic money in his wallet. has helped them better manage their spending.
In addition to highlighting the impact of both companies’ payment solutions, longtime financial expert Moharem shared his views on topics ranging from the collapse of FTX to the regulation of the cryptocurrency industry. .
Bitcoin.com News (BCN): Your organization recently partnered with Saudi Arabia-based fintech his Geidea called Cutting to future Mecca pilgrims It was announced that they were offering a Thing-Edge payment experience for their visitors. First, could you explain why and how your payment solution facilitates the Hajj pilgrimage?
Khaled Moharem (KM): Thank you. that’s right. The partnership is to support digital payments for pilgrims. In line with Saudi Vision 2030, the partnership is built against the Saudi government’s goal of welcoming 30 million Hajj and Umrah pilgrims by 2030. Before the Covid-19 pandemic triggered global lockdowns, it attracted about 2.5 million pilgrims in 2019 (according to Statista). The sacred city of Mecca generated around US$20 billion in tourism in 2018.
Currently, pilgrims must carry traditional payments, withdrawals abroad, or cash, which is inconvenient for long pilgrimages. By combining Wadzpay and her Geidea solution, we aim to provide these pilgrims with an e-money wallet, enabling better expense control with payments supported by blockchain security.
Our solution allows pilgrims to load their wallets in their home country, allowing them to fully enjoy their pilgrimage without worrying about handling fiat currency. Save on fees while enjoying a seamless payment experience.
BCN: What inspired you to create solutions using blockchain?
KM:Our partner, Geidea, has more than one million of her POS [POS] terminals across Saudi Arabia. We see this as an opportunity for Pilgrims to make payments without currency or network restrictions. Blockchain is a secure distributed ledger that keeps a distributed record of all transactions. This technology greatly improves collaboration and simplifies the process. Geidea’s reach combined with the nature of blockchain technology creates incredible opportunities.
The pilgrim market is an integral part of the Saudi economy. The move will unlock large-scale small business business success for merchants across the Kingdom, making the Pilgrim payment experience faster, more secure and traceable. The power of blockchain can also improve merchant profitability through faster payments and reduced fees.
BCN: What Wadzpay’s Proposal to Use Blockchain to Facilitate Payments Reveals About Tech Prospects in Kingdom of Saudi Arabia
KM: Saudi Arabia is accelerating its digital transformation. Central banks are eyeing blockchain-based remittances, as is the Saudi Arabian Monetary Authority. The applications of blockchain technology in various important [areas] such as logistics, oil, education, public services, etc. are limitless.
P&L We believe there are use cases for blockchain that can directly impact [profits and losses] and solve many of the business opportunities that exist in the kingdom.
BCN: The crypto industry in general has had a bad year, with Terra/Luna and more recently his FTX crash, and I think this is having an impact on adoption momentum. Some people Others believe the worst is yet to come, and unless the industry is tightly regulated, more users will fall victim to cryptocurrency scammers. Do you agree?
KM: We are very supportive of regulation. The regulations set out clear guidelines to limit fraud.
BCN: Do you agree that stricter regulation will make cryptocurrencies safer for users?
KM: All industry needs “bad sheep” in addition to regulation. Getting an education is essential so as not to fall victim to various schemes. Regulation must be combined with education (just like in the fiat world, it is important to be careful and not put your funds at risk).
BCN: In your view, how can the industry recover from the ill effects of both Terra and her current FTX collapse?
KM: There have certainly been some negative events this year (and many positive developments as well). As a company, we try to avoid some of the risks that can be prevalent in this area. For example, we use asset-backed stablecoins as opposed to algorithmic coins like Terra/Luna.
Similarly, to reduce risk, we ensure that client funds are held in insured custodians rather than exchanges. This ensures security and accountability.
After all, blockchain is a technology and cryptocurrency is just one of its applications. While prices may be affected by volatile digital currencies, we believe this innovative technology and its wide range of uses will prevail. We always focus on technology, not speculation.
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