2020 has been a year of change for everyone. For WadzPay it was a year of reinvention.
When we first launched in 2018, we saw the huge potential for digital assets leading the next payment revolution by enabling faster, safer and cheaper payments. With the mission of driving financial inclusion whilst enabling broader acceptance in mind, WadzPay, initially known as Wadz, aimed to become THE Transaction Layer for digital currency.
Since the establishment of WadzPay, we have put a lot of efforts in building our core business. In 2020, we rebranded from Wadz to WadzPay, a name that cues our core function as a payment platform more clearly. Spurred by the hiring of a new Head of Marketing, with P&G brand management experience, we changed our logo and brand identity.
We updated our original product proposition by releasing a lightpaper: one that reflects our renewed focus on commercialising digital currencies including cryptocurrencies (whether Bitcoin, Ethereum, Alts, or Stable coins) and Sovereign currencies (such as the Chinese e-Yuan).
Our website was rebuilt from scratch: www.wadzpay.com. To better serve two important geographies, the website also includes both Indonesian (Bahasa) and Chinese language support.
We listed our ERC-20 based WadzPay Token (WTK) on BitMart exchange (trade it here) in November. We were thrilled when it sold out ‘Shooting Star’ in only 11 minutes.
The token is a utility token, which allows its custodians to make transactions at E-Commerce or Retail merchants using the WadzPay payment platform.
The token is designed to drive good governance on the payment platform, while rewarding consumers and businesses. The Tokenomy document explains the design in detail.
The WadzPay App is the fruit of our labour and is ready for release following Google and Apple Store approvals. The App will help enable mainstream adoption for digital currencies and is very easy to use. It will launch with Bitcoin and Ethereum support, followed quickly by our WadzPay Token. Phase 1 of our App release will focus on peer to peer (P2P) transfers between friends, family and employees.
As we strive to provide faster payment methods, we are also partnering with Tomochain and will be migrating our token over to the TRC-21 protocol in the coming days. This protocol will also help us massively drive adoption due to its unique feature of allowing fee payment in WTK, which we are partially allocation for user and merchant acquisition airdrops.
With due preparation, we are all set to welcome 2021. In Q1 next year, the WadzPay Prepaid Card will be launched in Singapore and then rolled out in various markets including Hong Kong and Australia in the next two quarters. The card will give consumers the power to spend digital and traditional currencies seamlessly, all around the world.
We are excited to start our heaviest marketing efforts in Indonesia, our launch markets, and then expand to other markets in South East Asia. We are targeting Q1 for the launch of payments via the WadzPay App. Getting paid will be as easy as emailing or sending an invoice by email or chat or asking consumers to scan the WadzPay Acceptance Mark. For online businesses, we will also be enabling API integration globally to onboard more merchants.
We believe that Stable coins will unlock mass adoption of digital currencies, and that Stable coin-based settlement will soon become a reality in Indonesia. We are actively pursuing partnerships with multiple Stable coin companies around the world.
As we expand into new geographies including Vietnam and Thailand in Q2 2021, we will introduce more projects such as WadzPay Advisory Services and White Label Programs. Consumers will then be able to make payments at WadzPay merchants even if they are non-WadzPay wallet holders.
Q3 2021 would be a critical phase for us as we constantly improve our overall performance. As is mentioned in our Lightpaper, AI technology will be implemented to enable business analytics as well as building a decentralized reputation system. Beyond partnerships with more regional stable coins, we will continue to play our role as THE Transaction Layer even between Crypto and Fiat. Our hero product, the WadzPay App will also be upgraded with new features such as DeFi support.
As we continue to grow, we will build direct relationships among merchants, businesses and consumers, which will be a win-win situation for everyone in online and offline payments.
Thank you for being a part of our journey this year and we are wishing you for an amazing 2021 ahead!
The WadzPay Team