Blockchain Pilgrimage: Regulating Crypto 'Should Be Combined With Education' Says Top Wadzpay Executive
For instance, Wadzpay, a Singapore-based company that runs an interoperable blockchain-based payments ecosystem, has partnered with Saudi Arabian fintech Geidea to provide a “cutting-edge payments experience” for pilgrims traveling to Mecca. Khaled Moharem, president of Wadzpay for the Middle East and North Africa , explained to Bitcoin.com News how his company’s partnership with Geidea enables Hajj pilgrims with e-money wallets to better manage their expenses.
The annual Islamic pilgrimage to Mecca is considered the world’s largest gathering, attracting some 2.5 million pilgrims in 2019 before the Covid-19 pandemic triggered global lockdowns. According to Mastercard’s latest Global Destination Cities Index, Mecca, the holiest city for Muslims, generated approximately US$20 billion in tourist dollars in 2018.
The pilgrim market is an essential part of the Saudi economy. This move will unlock vast SME business success for merchants across the Kingdom and make the payment experience for the pilgrims faster, safer and trackable. Through the power of blockchain, we are able to also improve the merchant’s bottom line through fast settlement and lower fees.
BCN: The crypto industry has largely had a bad year — the Terra/Luna and more recently FTX crash — and some believe this affects adoption momentum. Others believe the worst is yet to come and that unless the industry is tightly regulated, more users will fall victim to crypto fraudsters. Do you agree that the industry has not yet seen the worst?We are very much pro-regulation. Regulations set clear guidelines upon which to operate and help limit fraud.
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