Recapitulation of WadzPay AMA event held at AMA LOVERS CLUB
Date: Thursday, 19th November, 2020
Time: 13:00 UTC
The WadzPay team was represented by @frenzalrhomb. He judiciously shared with us detailed knowledge and information about the project.
1st Segment: INTRODUCTION
Q1 : Can you please introduce yourself and your background, also introduce the Team working on Wadzpay
Ans : Sure, I’m Stas and I’m the Head of Marketing on WadzPay. I have 13+ years of marketing experience including at P&G (a Fortune-500 company). Joining me on this AMA is our Founder & CEO, who comes from a ‘traditional’ payments world, having worked in VP positions at Mastercard and AMEX.
We have a very diverse team which includes Sir Matt Winstanley with 20+ years in tech sales, Simon Connolly, with 30+ years in tech (including banking) and Steve Tunstall, our Group Head of Compliance and Risk, with 20+ years in senior management positions.
Q2 : Can you introduce the Wadzpay project, what critical problems does it solve that existing solutions are not solving and what’s the competitve advantage
Ans : WadzPay is a Blockchain-based Payments platform for Digital Currencies that has been designed to support Bitcoin, Ethereum, Alts, Stable Coins such as USDT and IDRP, and Sovereign / e-currencies such as e-Yuan and e-SGD.
I come from a traditional payments background. I know first hand how ancient the ‘old world’ systems are. They are slow, expensive and centralise power with a select few, who are not the merchant or the consumer. Having worked with the likes of American Express and MasterCard I saw several gaps in the payments ecosystem which include: the high cost of card-based transactions, settlement delays and high fees.
The current tech will never be able to cope with the fast-emerging world tech such as the emergence of self-sustaining economies, autonomous driving/advanced robotics, healthcare, etc. On the back of this thought, through a meeting of minds between technology and payments experts, WadzPay was conceptualised and I am excited that we are finally nearing execution.
We want to be the first to commercialise digital currencies: critics of cryptocurrencies often say: “you can’t pay for a cup of coffee with crypto”. WadzPay is going to change that. 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.
Q3 : Can you briefly describe the Top milestones you have achieved and your target milestones with timelines, also share your roadmap
Ans : We have just listed on our first exchange (BitMart) after selling out 'Shooting Star’ in just 11 minutes, announced our upcoming prepaid card (Mastercard), hired a community manager, ramped up our marketing efforts, relaunched our website...but there’s no time to rest as we are putting the finishing touches on our flagship product, the WadzPay app, which will launch next month!
We've also signed thousands of merchants including airline lounges, hospitals, e-commerce sites, F&B and lots more!
You can find our roadmap on: https://wadzpay.com/about-us/
2nd Segment: TWITTER QUESTIONS
Q1 :How does WadzPay verify that the merchants included in its platform actually have reliable businesses that can be included in WadzPay’s commerce? What are the commissions you charge for items sold?
Ans : It is equally important to us that merchants that we sign up as partners are trusted and reliable. For this reason, we have both manual and automated processes in place. We have partnered with IoTech Lab Pte. Ltd. To provide KYC which will be applied at two levels with the launch of the WadzPay application. Merchants will be subject to the highest level of KYC.
When settling with WTK, merchants will pay 0%. For all other digital currencies, we charge an industry-low flat rate of 1%.
Q2 : By the last quarter of 2020 Wadzpay expect to make "Crypto to Fiat settlement in Indonesia", what exactly will this consist of and what is your opinion about the Southeast Asian market? What plans do you have for that region?
Ans : What this means, is that using our app a consumer will be able to pay in one of our merchants using Digital Currency (BTC, ETC, WTK, IDRP, etc.), but we will settle into the merchants bank account in IDR as per the prevailing regulations using our partner exchanges. We are very close to making this a reality, and the timeline we are working to is Q4 2020.
The SE Asian market is our key focus, due to the high number of underbanked/unbanked consumers and the prevalence of digital payments, including mobile payments, in the market.
Q3 : On your website it says that soon we will be able to download your application in the Play Store and the AppStore, could you tell us when we can download the Wadzpay application? Are you currently working on the app or not? They don’t comment on that on their roadmap
Ans : SabriFR - Really glad you spent some time getting to know us on our website. That’s what we love seeing on AMAs. We are definitely hard at work on our application. I’ve personally been using our test build quite a lot, and we are looking to publicly launch it next month.
At launch, we are aiming to support BTC, ETH and WTK, but will scale this up to include more digital currencies and also additional language support very quickly after ensuring that the user experience is flawless.
Q4 : I can see that WadzPay target markets are ASIA markets like Singapore. So, Do you see a greater demand for Digital Payments in Asian Markets rather than Europe or USA?
Ans : Asia (South-East Asia in particular) is our priority market. While the common belief is that Europe/NA are developed in terms of digital payments, the markets there actually lag behind Asia. Digital payments revenue in Asia is $2.9 trillion: this is 50% of global revenue. $1.2 trillion of that comes from mobile payments. Digital and mobile payments are already a norm in Asia.
Q5 : As an online merchant, am interested in signing up on WadzPay. What are the steps and requirements to signing up? And what are the benefits in place for merchants that sign up with WadzPay?
Ans : Whether you are an online merchant or have a physical shop, the steps are the same. Feel free to DM me and we will get in touch and guide you through the process.
Anyone can apply to become a WadzPay merchant, as long as they have a smartphone and an internet connection. Merchants fill out an application form, then complete KYC, after which they can quickly be set up and running!
Merchants with a physical shop simply show their QR code at the point of sale, while e-commerce merchants like yourself will receive a plug-in that will enable your consumers to pay with WadzPay.
3rd Segment: LIVE QUESTIONS
Q1 : How many merchants/business partners have you signed up to your platform and when will the WadzPay Prepaid Cards be released?
Ans : Thousands of merchants have signed with us already. We’re really encouraged by the huge amount of interest we have in our payments platform.
On top of merchants, we have business & technology partners. These include Uppsala & Iotech Lab which provide the security layer for us; BitMart (our initial exchange which gave us a lot of support to grow awareness), and TomoChain which will allow us to migrate to the TRC-20 protocol.
Our WadzPay Prepaid Cards are coming sooner than you can imagine! Stay tuned to our social media for the launch date.
Q2 : Is it mandatory to verify my Kyc to use WADZPAY? How easy is it to use WADZPAY?
Ans : It is super easy to use WadzPay. You just need a phone and internet connection.
WadzPay will partner with best of breed and regulator recognised companies to offer our community KYC, AML, and digital currency wallet protections.
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.
Q3 : Hello, I think if you want to reach success in all blockchain project, the key was Adoption. Could you Please tell me what did your team already do and plan to achieve Adoption in the reality?
Ans : I absolutely agree with you. Like I said, this dream of "buying a cup of coffee with digital currencies" is not yet a reality. While people are trading 'crypto', they aren't spending it and use cases are limited. That's where we come in.
We have two primary business objectives to make this dream of commercialising digital currencies a reality:
1. Increase the number of consumers using our platform
2. 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.
Q4 : How do I transfer funds or pay for goods and services? Are there any additional fees?
Ans : To transfer funds, you simply send it to your WadzPay wallet (from an exchange or any other wallet). Once your funds are on the WadzPay platform, it’s as simple as scanning someone’s QR code or searching for their username, then making the transfer/payment. The cool thing about this is that you don’t have to worry about making mistakes with the usual crypto space long wallet addresses.
Unlike many others, we actually love talking about fees...
If you are a consumer, we will not be charging you fees for any transactions (whether you are paying for something or transferring to friends and family). Amazing, right?
If you are a merchant, receiving payment in WTK tokens will also result in zero fees, while other digital currencies attract an industry leading 1% flat fee.
Initially, you will be able to transact in BTC, ETH and WTK, but in the future we plan to support all digital currencies.
Q5 : WadzPay combined digital assets and e-commerce, that is really cool.
But, my question is, Does WadzPay has any plans to attract non-crypto buyers? What are the measures to increase awareness of WadzPay in non-crypto space?
Ans : Most definitely, our platform was designed not just for crypto but also for stable and sovereign coins. As you have all seen recently, most of the worlds major financial powerhouses are looking at stable coins as the way to enable digitisation of the economy. For example, look at the way China has heavily promoted DCEP spending MILLIONS to drive adoption.
We see our platform becoming THE transaction layer for digital currencies and the believe that govt and central banks pushing Stable and Sovereign coins will help attract those ‘non crypto’ buyers.
With just a smart phone and internet connection, anyone can join the WadzPay platform and we have a big focus on the underbanked/unbanked consumers.
Do you have any Final Words for community, also do good to share every useful links to project with us
Ans : Thanks so much to AMA Lovers Club for inviting us to your community. I hope you enjoyed the AMA and will follow the progress of our project.
Do remember that we are already listed on BitMart exchange: https://www.bitmart.com/trade/en?symbol=WTK_USDT
Our token has been designed for a very deflationary supply (we will burn 50% of tokens over time), and has an interesting tokenomy, which you can find at: https://wadzpay.com/wp-content/uploads/2020/11/The-WadzPay-Token.pdf
and join our community @wadzpay_official :)
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