WadzPay x BitMart AMA
On 4th November, BitMart invited Anish, the CEO/Founder of WadzPay, to join in their Telegram AMA. The AMA had a huge turnout and received over 300 questions! We truly enjoyed reading all of the responses and seeing how positive people were about our concept and progress.
For those who missed it, here is a recap featuring some of the questions asked and our responses.
Part 1: Questions from BitMart Moderators
Q1. What is WadzPay?
WadzPay is a Blockchain based payments platform for Digital Currencies that has been designed to support not just Bitcoin and Ethereum, but also Stable Coins such as USDT and IDRP and even Sovereign / e-currencies such as e-Yuan and e-SGD.
Central to WadzPay will be the WadzPay app featuring a multi-currency wallet for digital currency transactions.
You can find out more about WadzPay on our website: www.wadzpay.com
Q2. What products are WadzPay releasing?
· WadzPay app featuring a multi-currency wallet for digital currency transactions
· Prepaid cards from two major card providers
· WadzPay Merchant dashboard
· Where to WadzPay sub-page
· The WadzPay Token which fuels our payment ecosystem
You can read more about our products in our lightpaper: https://wadzpay.com/wp-content/papers/The%20WadzPay%20Lightpaper.pdf
Q3. When will the WadzPay app come out? Is there a MVP?
We are currently beta-testing the app, and will release it in December this year. The app goes beyond being a mere MVP and will allow you to make payments both at online and e-commerce WadzPay merchants in digital currencies including ETH, BTC and WTK at launch and ERC20 right after. The App will be available in English, Chinese and Bahasa
Q4. What are the fees for using your platform?
Merchants and consumers pay zero fees for all transactions made with WadzPay Tokens on our platform. For transactions in all other currencies, merchants pay an industry-leading low flat fee of 1%.
Q5. How many merchants/business partners have you signed up to your platform?
We have signed up over 1,000 merchants/partners. We are in the process of signing many more everyday. The network will continue to expand both for online and retail merchants
Soon you can find all these merchants at https://wadzpay.com/where-to-wadzpay/
Q6. When will the WadzPay Prepaid Cards (such as Mastercard) come out?
We are looking to release the WadzPay Mastercard end-2020 or early-2021 in a test market, and then roll it out in various Asian markets as we expand the WadzPay offering in the region.
Q7. What sort of token is WadzPay Token (WTK)?
WTK is an ERC-20 based utility token. It is designed to reward token holders via a token model primed for deflationary supply, limited number of tokens in circulation, the actual utility of WTK on the platform, as well as regular burns and open market buy-backs.
You can read more about our token here: https://wadzpay.com/wp-content/papers/TheWadzPayToken.pdf
Q8. What can I use WTK for?
The WTK token has multiple uses: It provides governance on the platform and rewards good behavior. For our users, the key opportunities are transferring to friends and family, making payments to a growing number of merchants (which you can find on our site ‘where to WadzPay’), not to mention staking, merchant settlements and other WadzPay services for which details are available on our website.
Q9. Super Pon asked:
I am a professional vulnerability finder on the web, do you think Your system is secure enough from hackers? Does your project have a program that rewards individual vulnerability detection of the system?
WadzPay will partner with best of breed and regulator recognised companies to offer our community KYC, AML, and digital currency wallet protections.
For external threats, we have partnered with Upsalla Security which enabled best in class protection against hackers and online threats. Upsalla is the only Monetary Authority of Singapore approved agency in the world.
For internal threats, (such as errant users) we have partnered IoTech Lab Pte. Ltd. KYC will be applied at two levels with the launch of the WadzPay application. Simple KYC will be used for our users and consumers, balancing community protection with a smooth and fast sign up process. Expert or ‘pro-consumers’ who will be more active on the WadzPay platform or require transaction values to be higher than general regulator limits will go through a 2nd level of KYC, to protect users and ensure these higher transaction values are valid, and that merchants are transacting with good actors in the community. This higher level of KYC will also be applied to all merchants as they are core to having a solid and trusted community.
Q10. Nas asked: When looking to wadzpay roadmap, lot of great updates are coming in near future, what are the most important upcoming Milestone ? Does Your Project have Great team and Financial support to achieve that milestones ?
We have a very diverse team that I’m immensely proud of. My life has been is payments, having held senior roles at both AMEX and Mastercard. Matt is our head of commercial who comes from a primarily tech sales background. Simon, our Tech Head, has a background in Banking and Finance. Stas, our Head of Marketing has held senior brand management roles at P&G and has also acted as an advisor in the crypto industry.
Out top milestones will be
• WadzPay app featuring a multi-currency wallet for digital currency transactions
• Prepaid cards from two major card providers
• WadzPay Merchant dashboard
• Where to WadzPay sub-page
• The WadzPay Token which fuels our payment ecosystem
Q11. Tin Tin asked: How do you plan to spread awareness about your project in different countries/regions where English is not spoken well?
Do you have local communities for them to let them better understand about your project?
We will continue to customize the WadzPay experience and enable local language support for specific focus markets which we are launching in.
Over the next 4 months, WadzPay will be available in Chinese, Bahasa (Indonesia), Vietnamese, Korean, Japanese and Thai. We have already created a Chinese version of the website and translated our Lightpaper document, as a sign of our commitment to the Chinese market and Chinese speakers from around the world.
Beyond language support, we will be customizing the platform and tailoring our offerings, promotions and experiences to suit individual market needs.
Q12. Daisy asked: How do you see the future of cryptocurrencies? And what is WadzPay role in this future?
Digital currency payments are still in an infant stage, which provides an opportunity for companies such as ours to lead with a brilliant product, and own the world stage. We are focusing on markets where this dream is most likely to become a reality.
There are three key things that we do differently:
Support transactions in all Digital Currencies. We aim to integrate wallets for all cryptocurrencies, stable coins and e-currencies, as well as Sovereign currencies (such as the e-Yuan)
Asia-first focus: mobile payments drive $1.2 trillion in transactions in Asia (2020), and are expected to reach $2.1 trillion by 2024. Our key launch markets in Asia have rapidly moved towards cashless economies ($2.9 trillion digital payments segment). We will be supplementing and enhancing existing consumer behaviour, rather than changing it.
Value for merchants beyond ‘just another payment method’: Unlike other platforms, which are primarily wallet to wallet transfers, the WadzPay platform allows merchants to build their own digital identity via a merchant dashboard and online database. At the same time, the merchant is able to manage the entire sales cycle (including inventory management) via one simple app. The merchant is also able to use the app to generate sales reports and predict seasonalities/changes in consumer behaviour. This will become more sophisticated over time, using AI. The merchant also has the option of receiving settlements fast, and via their currency of choice (including Fiat).
Q13. Super Junior asked: Where did you get the inspiration for this unique project idea? And what influence will we have on the crypto industry due to the project?
Our team comes from a varied background, payments, crypto, technology and banking / finance. Our objective was to answer what we see as gaps in the market, both in providing a platform for digital currencies, aiding the underbanked and providing an ecosystem to bring people together and drive change and digitisation. The payments landscape is evolving rapidly. The use of digital currency in the mainstream payment ecosystem is already a reality. Fintech companies are collaborating with financial institutions and governments to inspire change. Alongside this, COVID-19 has triggered a global lockdown of sorts, bringing business operations to a virtual standstill. Economies are grappling with both the immediate and future impact and are facing serious challenges.
Society is more motivated than ever towards the next big global change, towards ‘The Next Industrial Revolution’ where we will witness the amalgamation of technology and humanity for the betterment of society. This will include:
· Emergence of self-sustaining economies.
· Renewal and Clean sources of fuel becoming the new normal.
· Autonomous driving and Advanced robotics becoming integral to our daily lives. Travel will be reformed in more ways than we can imagine.
· Advancement in Healthcare will outshine military budgets.
· Remote diagnosis and cross border health care will take precedent.
This will require advanced and secure forms of technology such as Blockchain, as data will now be utilized in many ways. All will have to work in harmony to truly deliver an interconnected world and digital payments will play a key part in the new world order.
Digital Currency payments have the potential of creating a borderless and globalized economy while fighting financial inequality and bringing fast and secure financial services to all. Existing payment systems lack the necessary technology and scalability to deal with such changes.
WadzPay will become THE Transaction Layer for Digital Currency based payments. We will build direct relationships between retailers and consumers which will result in faster and cheaper settlements, control and ownership over your data and a seamless consumer experience.
Q14. Angel Julia asked: How are the plans shaping up for marketing and building a strong, core community which is essential for #WadzPay project in the crypto industry?
We have two primary business objectives to make our dream of commercialising digital currencies a reality:
· Increase the number of consumers using our platform
· Increase the number of merchants/partners using our platform
To aid in both, we have allocated approximately 20% of our total tokens towards consumer and merchant acquisition. These tokens will be locked and only usable on our platform, which will also drive adoption, while not impacting the open market. As per our Head of Marketing’s experience (ex-Brand Manager from P&G), the best way to drive adoption is to demo a product. Consumers will receive airdrops as a reward for downloading our app, which they will be able to use with merchants to purchase products or services.
We will also execute campaigns via advertising (Google Ads, Facebook Ads and LinkedIn).
WadzPay is also committed to growing awareness of our platform’s token, WTK. Our team is working with advisors on best-in-class ‘crypto marketing’ strategies, including influencers marketing.
As part of our efforts, we are also going to make sure that our community receives an adequate level of support, and feel as if they are valuable members of our ‘team’.
Q15. Muiya asked: Vast majority of Crypto projects are built just for the sole purpose of amassing wealth for themselves. So, I want to know the value you aim to add to crypto industry that will bring greater abundance to the industry?
There are 1.7 billion unbanked/underbanked adults in the world. Two-thirds of those own a mobile phone. With only a smartphone and internet connection, these consumers will be able to get on the grid and start making and accepting payments via digital currencies, without any added cost.
Thank you to those who participated in our AMA. You can look forward to further AMAs on other Telegram channels in the near future.