A significant number of people around the world – the unbanked and the underbanked – lack easy access to digital currencies. Here is how WadzPay (Token: WTK) is making use of fintech and blockchain technology to help resolve the longstanding issue.
Please Note: This is a Press Release
The last decade has shown us the economic supremacy of the United States is a fleeting thing of the past. It is now spread across the world, with Asia leading the charge with some of the fastest developing economies. However, Asia’s potential is hindered by a significant unbanked and underbanked population. In fact, a whopping 1.7 billion people globally are unbanked – 30% of the world population.
The fintech revolution started to gain momentum after the global financial crisis of 2008, when the global banks were badly exposed. Fuelled by support from payment networks such as Mastercard and VISA, fintech companies were formed to resolve issues faced by developing economies, and to bridge the gap between the banked and the unbanked.
However, these fintech companies were established on archaic payment platforms, which were unable to resolve most of the problems associated with the unbanked and underbanked. This is prevalent in even developed countries such as Singapore, with a reputation as one of the world’s top financial centres, where 40% of its adults are considered underbanked.
Fortunately, with the emergence of blockchain technology, fintech is now able to solve these deep-rooted problems. Some fintech start-ups are leading the way, especially WadzPay, a blockchain-based payments platform for digital currencies.
Founded in 2018 by a group of seasoned entrepreneurs with decades of payments and tech experience, WadzPay has recently launched its own application. This blockchain-based payment platform will provide more benefits than conventional payment methods processing technologies such as bank transfers, credit cards and cash. Blockchain technology is able to provide lower transaction fees, faster and smoother payments, safer and more secure transactions to businesses and consumers alike, with WadzPay at the forefront of such technologies.
Furthermore, WadzPay has established a strong foundation in Southeast Asia, developing strong relationships with merchants, businesses, conglomerates and banks excited to leverage on the fintech system in place. Merchants and businesses are attracted by the proposition that consumers can easily spend their digital currencies simply by using a smartphone and internet connection by scanning QR codes, thereby smoothly integrating the unbanked into the ecosystem.
Likewise, businesses stand to benefit considerably with the help of fintech. WadzPay will provide businesses the ability to generate financial reports, analytics and data which will then connect these underserved businesses into the financial grid. This additionally enables businesses to leverage on technology to manage their cash flow, develop appropriate strategies to attract and retain their consumer base, and eventually increase their profits.
While many platforms choose to focus exclusively on function, the WadzPay brand is committed to benefiting consumers as the foremost priority by making payments simpler, faster, cheaper for everyone.
The branding philosophy originates from a simple fact that payments dictate an individual’s lifestyle and hence are emotional and personal. This is aptly reflected in their campaign tagline, “Make every moment special with WadzPay”.
From simple, routine activities such as dining out with loved ones, grocery shopping over the weekend, and catching movies at the cinema, to life-defining moments such as graduation trip, and marriage, WadzPay aims to make the payment procedure a simple and fuss-free process so that users can fully enjoy every moment of their activities.
As summarised by CEO Anish Jain, who possesses over 15 years of experience in the payments industry, notably serving as the Vice President of Market Development for MasterCard, “Having seen first hand how focal payments are to individuals, I wanted to port this philosophy over to the digital currency space, which is currently dominated by an appeal to traders and the tech industry by stressing the importance of adoption while ironically ignoring everyday consumers”.
By focusing on consumer experience, WadzPay is achieving what most platforms have been attempting to deliver. There are plenty of positives to look forward to in the coming years as WadzPay leads the way in innovatively integrating the unbanked with the banked, with consumers the cornerstone of its strategies.
WadzPay was founded in 2018. Leading the next revolution in the payments industry: By enabling faster payments, improvements in security and cost efficiency.