How An Open Global Unified Payment Gateway Benefit the Industry?
Updated: May 13, 2020
We’ve talked about the challenges in the payments ecosystem, and also how we can overcome them. With HAZZA bringing something new to the payments ecosystem, we foresee that creating this open global unified payment platform means only one thing - disruption. Moreover, we estimated that by 2025, over USD 730 billion of economic value will be realised through HAZZA Network.
Breakdown of economic value through HAZZA Network
We are confident that all participants within the payments ecosystem will benefit from HAZZA Network, and we deep dive into each of them:
Payment Solutions Providers (PSPs) Most PSPs invest significantly in either in-house developers or license technology from a payment technology solution provider. As HAZZA Network runs on OCTO3’s Global Payment Platform, PSPs can leverage on our proven, existing technology capabilities that have been commercialized and tested - all of which, at a significantly lower cost.
Merchants Our mission of a one size fit all Open APIs is to facilitate and enable participants to connect with each other easily. Merchants who opt into HAZZA Network can now accept an unlimited range of payment methods while reducing transaction costs.
Terminal Manufacturers We see opportunities that rise with HAZZA Network coming into the payments industry. By connecting with us, Terminal Manufacturers will be armed with devices that accept almost-universal payment methods in any markets.
Payment Networks and Card Schemes By leveraging on HAZZA’s decentralized network and global reach, existing payment networks and card schemes can lower their operating costs, leading to business growth such as new market expansion or building additional functionalities in existing markets.
Community HAZZA Network’s goal of building an open global unified payment network is to lower the barriers to entry for all participants in the payment ecosystem. We see tons of potential benefits for the broader community. These include new job opportunities especially in terms of integrations, accelerated adoption of new payment methods, creation of new financial products and services, promoting financial inclusion and many more.
Payment Method Providers (PMPs) and Alternate Payment Methods (APMs) Today, both PMPs and APMs can find it difficult to penetrate into new markets due to the lack of global acceptance. By plugging into HAZZA Network, they can now reach any merchants worldwide. For example, WeChat Pay, an APM based in China, can now potentially be used for purchases made at a TESCO express London store.
We built HAZZA Network with the goal of building an open global unified payment network to solve the challenges of the payments industry. We know the tremendous benefits that come along with our mission, and we are ready to onboard you today. Contact us now!