The development team of Dubai-based MenaPay have recorded major successes in payment completion times, one of the milestone measurements used to judge the performance of a payment system. These latest developments demonstrate that the MenaPay platform is a system with the enhanced speed and overall capacity needed for use in daily shopping transactions. The MenaPay blockchain platform will enable payment transactions within seconds – and with very low commission rates – resolving some of the typical shopping problems encountered in the Middle East and North Africa (MENA) region.
The most widely used credit cards, Visa and MasterCard, can finalize transactions within 15 seconds. The MenaPay development team have nearly halved these payment finalization times, with their platform capable of completing a transaction in less than 9 seconds. Volume of transaction has also not been an issue. Using the infrastructure of the Stellar blockchain, the MenaPay platform achieved an average processing speed of 55 transactions per second (TPS).
Commenting on these latest developments, MenaPay CTO Tuna Orbay notes:
We’ve tested different technologies and they each have different advantages. The Pros of Quorum are: being an Ethereum-based platform is a great advantage; being very easy to install and manage; the many tools and ancillary applications. The pros of Stellar: being the most suitable project for Linux; like any other regular Linux service, it’s easy to manage and install. TPS: Particular with Quorum, we’ve achieved very high numbers, exceeding 2000 TPS. We didn’t get as high figures with Stellar, having achieved a limit of 100 so far. However, this is already higher than the credit card leaders and we think this limit cna be exceeded as we progress.
The MenaPay team continues to work on the development of the platform with the objective of providing users with the most stable and secure payment experience yet available.
MenaPay is the first payment system based on blockchain technology in the Middle East and North Africa. MenaPay offers payments through a network of cryptographed blockchains, instead of traditional payment methods. This is how it provides a secure and transparent payment network for all kinds of users and for every aspect of daily life.
Launched in November 2017, MenaPay aims to provide advanced payment services to the 420 million people living in the 18 countries in the Middle East and North Africa region. MenaPay will distribute 75% of its total profit to MenaPay token owners. This sets a new standard for the cryptocurrency sector that goes far beyond the regular level of incentives available for users and investors.