Encoding: An innovative technology that uses “blockchain” to facilitate Hajj and Umrah journeys

3 min readJun 14


“The goal of digitizing the Hajj and Umrah experience is to impact people’s lives, making it smoother and more flexible,” described Khaled Moharem, WadzPay’s President- MENA (Middle East and North Africa), a specialist in blockchain-based payment systems, referring to this innovative service.

This joint project between WadzPay and Geidea (Saudi Financial Technology Company) aims to create an electronic wallet that enables pilgrims to manage their expenses securely, quickly, and at a lower cost.

Moharem states, “Electronic payment systems reduce the risks of using cash, which can be stolen or lost. Not to mention the efficiency of these technologies in reducing costs and saving time, especially since blockchain eliminates the role of intermediaries in transactions.”

WadzPay provides blockchain services to businesses (B2B) through its strategic partnerships with banks, financial institutions, and fintech companies that directly engage with the end consumer.

Blockchain, Cryptocurrency, and Encoding

Many people confuse the concepts of blockchain and cryptocurrency. The President — MENA of WadzPay explains the difference between the two technologies. Blockchain is a technology that saves time and cost and eliminates the role of intermediaries in financial transactions. It also allows information to be stored permanently, transparently, and traceably. On the other hand, cryptocurrency refers to encrypted currency.

He adds that WadzPay is expanding its blockchain services and supporting asset-based digital businesses by developing digital payment systems and providing encoding services to all sectors.

Encoding involves issuing special codes for real-world assets, making them tradable on the blockchain without the need for cryptocurrencies.

The use of these codes relies on stable currencies backed by tangible assets, loyalty tokens, and tradable tokens.

Moharem emphasizes the importance of these technologies in enabling small investors and individuals to invest in areas that were previously reserved for major investors. He estimates the size of the digital asset market at around trillions of dollars.

He also highlights the role that central and commercial banks play in developing this sector, as there are currently around 80 central banks worldwide studying the application of digital currencies.

Moharem praises the steps taken by central and commercial banks, especially Gulf banks, to stimulate this promising sector by issuing digital currencies and creating a supportive legislative environment. He called on Gulf banks to unify the regulatory standards for this sector, following the example of the European Union’s “MiCA Law” for digital assets.

He explains, “Gulf banks have completed the study and exploration phase and are now in the implementation phase, especially as they want to enhance their position as a reliable entity for this type of activity, and they already enjoy great trust from customers in depositing their money.”

Moharem also emphasizes the close relationship between blockchain and artificial intelligence, describing it as an integrative relationship. The data volume on the blockchain provides fertile ground for developing artificial intelligence settings.

Moharem revealed to “CNN Al-Iqtisadiya” that the company recently opened a branch in the American market and is working on developing a blockchain product specifically for the Japanese market.

He added that the possibility of opening new branches in Europe and the Middle East depends on the success of the experiments first, emphasizing that WadzPay is trying to build bridges between Web 2 and Web 3 technologies to provide comprehensive services for financial companies and create an integrated system to link independent blockchain networks.

Source: https://bit.ly/WadzPayKhaledCNN

Written by: Widad Abushakra




WadzPay is a Blockchain-based payments platform for Digital Currencies. WadzPay anyone, buy anything, in any digital currency.