In addition to supporting the increasing need for digital transactions, one of the advantages of payments in digital currency is the guarantee of lower fees, faster processing times, better data security and privacy as compared to conventional payment methods. WadzPay currently offers Issuance, Acceptance and Remittance products, and this partnership with XinFin will further enhance its offering with Trade Finance and Buy Now Pay Later (BNPL) like products and solutions.
The suite of products will be made available to merchants, wallets, aggregators, banks and other financial institutions across the world. The partnership will also leverage XinFin’s Global Network and enable the use of XDC on the WadzPay platform along with 250 currencies which are already supported currently.
Anish Jain, managing director and CEO of WadzPay, stated:
“XinFin is a great addition to our ecosystem; there is a macro shift that is happening in the market right now; our vision is to transform the payments space. For over 30 years, the world of payment remained unchanged, but with innovation and technology, we can improve the lives of everyone globally; this is a tactical raise and having the right people back us long term.”
XinFin’s hybrid blockchain protocol leverages the power of both public and private blockchain paradigms, addressing institutional concerns regarding data visibility requirements, which is of particular interest to WadzPay’s customers.
Atul Khekade, co-founder of XinFin Network, said:
“Blockchain technology is going to be the backbone for the financial world and XinFin as a core blockchain layer is happy to support all use cases to get more blockchain adoption into the financial world. B2B technology-driven digital payment solution platforms like WadzPay will help to get mass adoption for the blockchain technology.”
WadzPay had previously announced its commitment to increasing public awareness regarding digital currencies by developing operations in various countries across Southeast Asia, South Asia, the Middle East and Africa. This is inseparable from the projected growth of digital wallets and digital currency over the next five years, which is predicting a significant surge. By 2025, it is expected that up to 40% of payments will be made via digital currencies through digital wallets signifying a big shift from conventional payments in the coming years and expected to increase its relevance for the foreseeable future.