Monday, April 11, 2022 – Singapore – WadzPay Worldwide announces a strategic decision to integrate the WadzPay Atlytica engine with Algorand, the leading blockchain network which allows fast transaction processing and finality. WadzPay will leverage Algorand to enhance its blockchain-based solutions on its network and for its customers across governments, financial institutions, issuers, acquirers, and processors.
While blockchain solutions are gaining in awareness and relevance as a technological means to solve legacy payment pain points, real world use cases and implementations are still lagging behind. The WadzPay team–which collectively brings over 250 years of experience from corporations including Mastercard, Visa, SWIFT, Ripple and GE Capital–believes that by working with Algorand to implement its leading blockchain technology on WadzPay’s already in-progress projects, they will be able to supercharge adoption in the payments space.
The near-term scope for collaboration includes, but is not limited to: integrating WadzPay’s ecosystem with the Algorand blockchain. The technology will strengthen the WadzPay product capability and customer experience at retail POS and e-Commerce merchants. products for WadzPay and its customers; leveraging Algorand for remittances where licensed exchange houses or digital banks in various corridors are using WadzPay’s suite of services; reinventing loyalty by introducing tradable programs on both permissioned and hybrid blockchain networks, aimed at attracting coalition plays; and utilising the Algorand network for novel gaming and NFT projects.
There are multiple proof of concept-stage projects that WadzPay will utilise Algorand for, including Asia and Africa-based CBDC launches, which will accelerate this blockchain adoption drive.
WadzPay has identified Algorand as an ideal partner for the applications it develops due to the network’s leading transaction speeds, near-instant finality, and unrivalled stability; attributes which are vital for seamless payments.
These projects complement existing programs that WadzPay has launched or currently developing including a cross-border payments program for an acquirer, integrated with over 500,000 POS terminals; a play-to-earn NFT gaming platform, Frontera; decentralised email solution LedgerMail; integration with six major e-Commerce CMS platforms enabling digital currency acceptance at up to 6.5 million stores; and, a digital currency acceptance program with real-money gaming operator, Dafabet.
As a blockchain-agnostic company, WadzPay will also add to their bridge product, allowing interoperability between Algorand, Ethereum, Binance and XDC Networks for the WTK Token.
“WadzPay and Algorand speak the same language when it comes to payments. Our innovative approach to payments, loyalty programs, and interoperability between legacy and next generation payment ecosystems is completely synchronised. WadzPay is looking forward to adding value to Algorand by bringing years of our expertise in the payment and technology space, while providing our partners with best in class solutions we will co-create with the fantastic Algorand team,” Anish Jain, Managing Director & CEO - WadzPay.
“WadzPay has an impressive team with unparalleled experience and a vast network of partners and clients in the finance and corporate sectors across Southeast Asia, The Middle East and Africa. Together with WadzPay, we will help these entities design and deploy extraordinary business models, predicated on efficiency, access and inclusion”, said Giuliana Berchicci, Head of New Markets at Algorand. “We look forward to collaborating with WadzPay to extend the benefits of Algorand’s protocol to the institutions and people of these vibrant and highly innovative regions.”
WadzPay is an interoperable and agnostic blockchain-based payments ecosystem. The company was founded in 2018 in Singapore and is currently operating in Southeast Asia, South Asia, the Middle East and Africa. WadzPay saw the potential for CBDC and Digital Assets to lead the next revolution in the payments industry: enabling faster payments, improvements in security, and cost-efficiency with optionality. WadzPay is working with large international payment companies, banks, and global companies to enable digital asset-based transaction processing and settlement.
Founded by Turing Award–winning cryptographer Silvio Micali, Algorand’s high–performing Layer-1 blockchain is unparalleled for bringing fast, frictionless, and inclusive technologies to everyone. Algorand is reshaping every industry–from TradFi and DeFi to new creator economies and beyond. With an extraordinary commitment to interoperability and consistent delivery, its sustainable technology powers more participation, transparency, and efficiency for all. As the technology of choice for 2000+ global organizations, the Algorand ecosystem is transforming the next generation of financial products, protocols and exchange of value. For more information, visit www.algorand.com.
Vice President of PR & Communication, WadzPay