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On 15th December, WadzPay was invited by Infinity Chain Club to join in their Telegram AMA. The AMA was our most successful one yet, and had a huge turnout both on Infinity Chain’s Telegram, as well as our own Telegram. We received well over 1,000 questions! The questions were well thought out, and it was difficult to select our favourites.
If you missed the AMA, below is a recap featuring some of the questions with some of our responses. Stay tuned as we announce more AMAs in the near future.
Part 1: Questions from Infinity Chain Moderators
Q1. Starting with the very basics, can you provide a simple description WadzPay for our Community? How did you get idea create WadzPay?
WadzPay is a Blockchain-based Payments platform for Digital Currencies that has been designed to support Bitcoin, Ethereum, Alt coins, Stable Coins such as USDT and IDRP, and Sovereign currencies such as the e-Yuan in the future..
I’ve worked in senior positions for the likes of AMEX and Mastercard and saw first-hand how primitive the payment systems are. They are slow, expensive and centralise power with a select few, who are not the merchant or the consumer. I saw several gaps in the payments ecosystem which include: the high cost of card-based transactions, settlement delays and high fees.
If you saw all these issues, wouldn’t you wish to solve them? Hence WadzPay was born.
Q2. What products are WadzPay releasing? What are the advantages of that makes it unique compared to competitors?
Our products include: 1) WadzPay App featuring a multi-currency wallet for digital currency transactions, 2) Prepaid cards with major card brands, 3) WadzPay Merchant Dashboard, 4) Where to WadzPay database, 5) WadzPay Token, 6) WadzPay Advisory services
We are different in the following ways.
Our target market is different: Asia first. We know this market well and most competition disproportionately focuses on the West. Half of the global digital payments revenue comes from Asia. 60% of mobile POS payments come from our region. Paying for something by scanning QR is just a day in our life here.
We plan to support every digital currency. This doesn’t just include BTC/ETH/Alts/Stable Coins, but e-Currencies & Sovereign currencies such as the Chinese e-Yuan which I’m sure you’ve all been reading a lot of news about. At the same time, we recognise that in the mid-term stable coins will be what drives digital currency adoption.
Our token isn’t just an afterthought. Merchants get real value by settling in WTK, which is also a core part of our membership and incentives program.
Q3. About use case for the WTK token. How do you make sure it captures the value of the ecosystem you are building? how much supply is available?
Total supply is 250 million tokens. The token is an ERC-20 based utility token which is designed to be deflationary in supply. Our aim is to reduce supply by half via regular burns.
We also plan to launch staking, as well as cash backs for WTK payments. Merchants benefit from accepting WTK, as we will waive fees.
We are migrating our token to Tomochain’s TomoZ protocol very soon: more on that later 😊
Q4. The WadzPay App release is just around the corner. tell us a little of the advantages to expect from WadzPay App?
Most people will experience what the platform has to offer through our hero product, the WadzPay App, which is launching this month. I’ll first mention the biggest advantage of using the app and then the functionality you can expect at launch and in the future.
The biggest advantage is that it’s so easy to use. Registration is a breeze, and you’ll be ready to send and receive digital currency to friends, families or even employees. Payment is via QR code or by the person’s unique WadzPay username, instead of having to enter a long wallet address. Without a simple UI adoption will never accelerate and we recognize this.
We are initially launching with BTC and ETH support in Dec’20. The TRC-21 Protocol along with WTK support will join shortly after the initial launch
From there, we can quickly scale and add tokens to our wallet from two of the most adopted protocols in the world.
After our P2P test, merchant payments will be coming shortly in late January 2021.
Q5. What is WadzPay target for next year?
Our target is an ambitious one. Currently “You can’t pay for a cup of coffee with crypto”. We want to be the first to commercialize digital currency-based payments. WadzPay is going to change the way we make payments just like Whatsapp changed the way we communicate forever. We want to create a borderless and globalized economy while fighting financial inequality (particularly for the underbanked/unbanked) and bring fast and secure financial services to all. We aim to accelerate adoption and make digital currencies accessible to anyone.
Part 2: TWITTER QUESTIONS
Q1. Any KYC required when registered on WadzPay platform? if yes, how do you protect user privacy and data? Are there any rules for WadzPay in accepting new users? What benefits will we get?
Any KYC required when registered on WadzPay platform? if yes, how do you protect user privacy and data? Are there any rules for WadzPay in accepting new users? What benefits will we get?
— Konewa (@Konewa_san) December 15, 2020
This is a question I get often. All new users will have to pass some form of KYC, but the level of this will depend according to the usage of the platform by the user.
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.
Q2. After I saw the Wadzpay website, I’m very interested Wadzpay Prepaid Card. Is function of these Card similar to MASTERCARD or does it has own function? Is there any discount if the user makes payment using WTK / Wadzpay Card on the Wadzpay Platform?
After I saw the Wadzpay website, I'm very interested Wadzpay Prepaid Card. Is function of these Card similar to MASTERCARD or does it has own function? Is there any discount if the user makes payment using WTK / Wadzpay Card on the Wadzpay Platform? @Karin_008 @ds @mcihel
— Truth Hold (@truthinthehold) December 15, 2020
The card is a Prepaid Mastercard. It will allow you to spend digital (or fiat) currencies on your balance at anywhere that Mastercard is accepted.
We are currently designing the complete proposition and the card is approved and ready to roll out from Q1, 2021.
Q3. Say on your twitter, a few months ago Wadzpay did a promotion in Bali, Indonesian. Do you see a potential Indonesian market for the Wadzpay Merchant strategy? Do you have a Wadzpay promotion plan like Australia, Latin America or Middle East?
This Bali test will run in Q1, 2021, followed quickly by a national expansion. The Indonesian merchants have been very receptive to us.
Our focus is on South East Asia for the first half of 2021, while expansion to other markets would follow soon after from a retail standpoint.
The ecommerce solution for online payments will be available globally in Q1’2021
Q4. According on the WadzPay Q1 2021 Roadmap “Pay via Chat and Email”. I have a little confused understanding this, can you explain? Is there any difficulty or has it been tested before launching and is it really ready?
Pay via Chat and Email refers to in-app functionality that we are developing. It will allow users to send a payment request via Whatsapp/Email.
Further we will like our users to also communicate while making transactions over email and chat. We are building a social ecosystem within our app which will enable us to have this conversation, discuss or even negotiate on transactions.
Q5. Wadzpay partners with several industries such as Tomochain. How does Tomochain help the Wadzpay ecosystem? And I want to ask about Wadzpay smart contact, has it been audited?
Wadzpay partners with several industries such as Tomochain. How does Tomochain help the Wadzpay ecosystem? And I want to ask about Wadzpay smart contact, has it been audited?@ytaj @juriankoenji @Ferys
— Maxx (@CryptoMaxx0) December 15, 2020
The WadzPay smart contract has been Audited. You can refer to the attachment for the audit details.
Tomochain is going to be one of the most important partners for us to realise our vision of driving digital currency adoption. Every call we have had with them has been incredibly positive and we constantly see eye to eye. ‘Making crypto easy’ is something they also believe in.
Their TomoZ protocol (TRC-21), enables much faster transactions than ERC-20, lower fees for everyone, and very importantly, allows a token’s network fees to be settled in that token, instead of requiring an ETH balance. The practical implications of this are unreal and will allow us to drive trial of the app unlike anything possible with ERC-20.
Part 3: TELEGRAM QUESTIONS
Q1. @kherrera22
WadzPay’s mission is to become THE Digital Currency Transaction Layer, but, in relation to small and new investors, what strategy will you employ to show them that the digital and decentralized era is much better than traditional and centralized finance?
Well, as we stated earlier, there are several limitations with the traditional payments ecosystem, limitations that we aim to remove with WadzPay! To have a truly global economy, digitisation is a must and more and more governments are leaning that way — see Chinese pushing DCEP (e-Yuan) as an example. Our platform will enable the underbanked to receive services and transact in ways they currently can’t and will open borders and enable the movement to a truly digitised economy.
At the end of the day, the biggest benefit that most people will see is less fees. This is the most attractive proposition to consumers, merchants and investors alike.
Our objective is to make payments simpler and available to everyone
Please stay tuned for the WadzPay App Launch in December. We will be giving out free ETH as airdrop for the first 500 lucky downloads
Q2. @Loversss10
Most of the blockchain/cryptocurrency projects are not solving any real problem, they just exist to sell their tokens. What problems exactly is WazdPay solving, and solutions are you provide?
WadzPay vision and mission is Driving Financial Inclusion whilst enabling broader acceptance. WadzPay will become THE Transaction Layer for Digital Currency. We plan to build direct relationships between merchants, businesses and consumers.
Cryptocurrency payments have the potential of creating a more borderless and globalized economy, as well as fighting financial inequality by bringing fast and secured financial services to people without access to a bank. This is a big win for everyone in online and offline payments.
In fact selling tokens is not even a priority for us. However driving broader acceptance and digital payments for all is our key objective
Please stay tuned for the WadzPay App Launch in December. We will be giving out free ETH as airdrop for the first 500 lucky downloads
Q3. @aitel_980
Do you have any plans to attract non-crypto investors to your project Because it is the success of a project to get more investors who are still not in the crypto world. What are the plans to increase awareness around your in non-crypto space?
As mentioned earlier, our plan is to create broader acceptance, merchant inclusion across geographies, digital payments for all irrespective of backgrounds. I think as we achieve our goals to drive payments for all, it will attract investment and more interest from non crypto communities. Which will eventually drive awareness across
Please stay tuned for the WadzPay App Launch in December. We will be giving out free ETH as airdrop for the first 500 lucky downloads
Q4. @ALAMSP
Too many projects promise magic but never release any working product or prove any revenue, Within a short/long time of release. Is your project also like this? If not can u tell us, What makes your project different from other projects?
Agreed! This is why our primary focus has been developing our app and expanding the number of merchants signing with us. The app launches this month and you’ll be able to use it to send and receive digital currency between friends, family or employees.
Our app roadmap is comprehensive and will keep us very busy for the next year. We haven’t shared this roadmap publicly before, but in recognition of the great questions, you can be the first outside our company to see it.
Please stay tuned for the WadzPay App Launch this month. We will be giving out free ETH airdropped into our app for the first 500 downloads.
Q5. @DANGBAP
As you know Covid-19 has a large impact in the crypto Market, So How can your company maintain its project and also the team that are working hard during this pandemic?
COVID-19 has changed the world we knew, and society is more motivated than ever towards the true digitization of the global economy. We saw this first hand, as we were forced to shift towards remote work and unable to travel to work with our partners and vendors.
In this post-COVID world we will see:
Emergence of self-sustaining economies.
Autonomous driving and Advanced robotics becoming integral to our daily lives.
Travel will be reformed in more ways then we can imagine.
Advancement in Healthcare including remote diagnosis and cross border health care will take precedent.
These will require advanced and secure forms of technology such as Blockchain and Data will now be used and shared in more complicated and beneficial ways.
Digital Currency payments have the potential of creating a borderless and globalised economy.
WadzPay will become THE Transaction Layer for Digital Currency based payments. We will own the relationship between retailers and consumers which will allow us to capture and share data within the interconnected world in an unprecedented manner.
Please stay tuned for the WadzPay App Launch in December. We will be giving out free ETH as airdrop for the first 500 lucky downloads!
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Thank you to those who participated in our AMA. You can look forward to more AMAs on other Telegram channels in the near future.