Overcoming the Challenges of the Payments Industry
Last Friday, we talked about the challenges of the payments industry. Ajmal Samuel, our advisor, co-founded HAZZA Network with the aim of creating an open global unified payment network which can solve these challenges. Here are the key features that were focused on while building HAZZA Network, harnessing on OCTO3’s solution:
Decentralizing Participation Creating an open ecosystem stemmed from the idea of allowing anyone in the payment ecosystem to plug into the network seamlessly. This includes Payment Method Providers, Payment Solution Providers, Merchants, Alternative payment methods, Issuers, Acquirers and Tech Providers. With a set of standard Open APIs utilizing distributed ledger and blockchain technology, anyone who is involved in the payment ecosystem can leverage HAZZA Network.
Eliminating Inefficiencies Our mission of a one size fit all Open APIs is also to facilitate and enable participants to connect with each other easily. After integrating and registering their identities, participants should be able to publish their service scopes and capabilities, allowing service providers to define their requirements to potential clients. Having a community in place also means that providers and merchants can promote themselves actively. With HAZZA Network as a marketplace, the marketing efforts by service providers could be optimized with service publishing functions.
Driving Innovation and New Economies The team at HAZZA Network welcomes participants to share and contribute innovative solutions to develop an ecosystem that benefits all. Currently, we foresee possibilities in new functionalities and economies created.
Enabling Financial Inclusion 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. For merchants, this means more payment options are provided to consumers. Whereas for alternative payment methods, they can now potentially connect to merchants globally. Currently, the unbanked population has limited access to non-cash payment methods due to limitations in banking infrastructure and high barrier to entry for credit facilities. Existing payment networks and card schemes can leverage HAZZA Network to reach them in a cost effective manner. Moreover, the Open API built can potentially spark innovative solutions for the unbanked.
The HAZZA team’s mission is clear and we are ready to tackle all of these challenges. Check out our mission and contact us as we onboard you to an open global unified payment network. #Blockchain #FinTech #Cryptocurrency #Payments