WadzPay and XinFin will develop several blockchain-based consumer payment products such as merchant payments, transaction settlements, Buy Now Pay Later (BNPL) and remittance products.
Blockchain payments platform WadzPay has announced its partnership with hybrid blockchain technology company XinFin to develop consumer payment products.
XinFin, also known as eXchange infinite, maintains the hybrid blockchain network XDC Protocol which is focused on global trade and finance. The network operates on a Delegated Proof of Stake Consensus (DPoS), and enables interoperability with other blockchains for instantaneous trade transactions.
Being a hybrid blockchains, the network aims to provide the benefits of public and private blockchains, such as low-cost transactions while maintaining the privacy of user data which is of particular interest to Wadzpay and its users.
“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,” stated Anish Jain, Managing Director and CEO of WadzPay.
With the collaboration, Wadzpay hopes to tap on XinFin’s global network and add payment solutions like Trade Finance and Buy Now Pay Later (BNPL) options to its current list of issuance, acceptance, and remittance payment products for enterprises like merchants, banks and other financial institutions. The partnership will also allow the use of XDC tokens on the WadzPay platform, which currently supports 250 cryptocurrencies.
“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,” says Atul Khekade, Cofounder XinFin Network. “B2B technology-driven digital payment solution platforms like WadzPay will help to get mass adoption for the blockchain technology” he also added.
WadzPay aims to play a major role in the upcoming payments revolution of digital assets and central bank digital currencies (CBDC), and they have hired payments veteran Ram Chari to oversee blockchain payments development and regional expansion into the Middle East and Africa.