Algorand Partners With WadzPay To Power Digital Transaction Revolution

April 12, 2022 12:42 pm Comments

Algorand has recently announced that it will be partnering with the WadzPay Atlyica engine in order to develop a blockchain-based solution for its widely-accepted partner network.

Wadzpay’s network comprises of governments, financial institutions, and processors making it a very valuable network for any blockchain to integrate with.

Algorand was selected due to its reputation of being a leading blockchain network that focuses on fast transactions and low processing costs.

WadzPay aims to disrupt traditional legacy payment systems and has worked with leading payment networks such as Visa, SWIFT, and Ripple.

Yahoo reports:

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 digital wallet ecosystem with the Algorand blockchain; exploring white-labelled solutions focusing on real-time POS payments, wallet and e-Commerce 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.

At this point in time, multiple proof of concepts are already underway in order to test the viability and effectiveness of this integration with each POC targeting a specific region.

For example, the partnership will include central bank digital currency launches in regions like Asia and Africa where it is expected that the collaboration will encourage mainstream adoption of Algorand and blockchain in general.

The company has stated that it hopes to continue to contribute value to the Algorand ecosystem by bringing its technical expertise within the payment world to the project and exposing the blockchain to its well-establish partners.

As a result, this is beneficial for both parties and high potential is expected in emerging economies that have a need for the services that both Algroand and Wadzpay can provide when it comes to speed and instant settlement.

PRSNewswire concludes:

“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 spaces, while providing our partners with best in class solutions enabled by the solutions that we will co-create with the fantastic Algorand team,” Anish Jain, Managing Director & CEO – WadzPay.

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.

At the time of writing, ALGO has a current recorded price of 73 cents with a total market capitalization value of 4.9 billion and has rebounded from a recent low of 69 cents.

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