When will the financial payment system HAZZA be launched with which currencies will the HAZZA financial network operate? In which countries will it be possible to transfer money in the HAZZA payment network? Will the HAZZA network carry out money transfers through crypto-currencies?
The HAZZA network launches in April 2018. The technology provided by Octo3 Limited currently processes 130+ currencies. Regulations permitting, we envision HAZZA to be a global and borderless network to be accessed by all payment participants.
There is something interesting within our
recent press release:
"We are pleased to be partnering with HAZZA to migrate and enhance the platform which is
agnostic to both traditional payment methods and tokens and can process all, anytime and anywhere," said Aron Dutta, CEO, Founder and Chairman of VAPHR.
After discussions with the technical developers at VAPHR, we are able to say that cryptocurrencies are planned to be a part of HAZZA network, in addition to the 130+ currencies that Octo3 already processes.
Also, just to clarify, HAZZA is not a remittance tool. The below explanation could help you to understand HAZZA network.
Octo3 Limited is a provider of white label payments infrastructure. Octo3 owns a core transaction engine, which is capable of true omni-channel, which means that it can process transactions that are card present, card not present, coupons, loyalty, etc.
You can see a list of services on the octo3 website here:
https://www.octo3.com/page/solutionsNote that when you scroll down to the bottom of the page, you can see visa, mastercard, amex, etc. The current engine can process them. The truth of the current payments ecosystem is that it is closed off, silo'd with many unnecessary steps. Not to mention the processing fees.
Here is an example:
A small business owner wants to start accepting payments. The merchant must pick the best
payment service provider that offers the most payment methods. The merchant must sign on with the service provider (which can take years) and pay numerous fees. It is likely that the payment service provider only process certain types of payment methods, meaning that if a chinese customer wants to pay with WeChat Pay, it cannot be accepted (therefore the merchant loses the sale).
In this example, the Octo3 business is to provide the core transaction engine to the
payment service provider.
The goal of HAZZA is to eliminate all these difficulties by creating an 'internet of payments', by migrating the Octo3 technologies the not-for-profit Foundation, and running all the technologies on the blockchain. The HAZZA token is to allow participation in this ecosystem, and governance. This makes it very easy for the merchant for example, to plug into the HAZZA ecosystem and accept payments immediately (as the business engagement is automatic via smart contracts) and to accept payments from anyone connected to the HAZZA ecosystem (which is borderless).