WadzPay payments in the metaverse make a splash at SIBOS 2022

WadzPay payments in the metaverse make a splash at SIBOS 2022

Singapore: WadzPay was at the center of a leading topic at SIBOS 2022, payments in the metaverse, which addressed the need for banks to be metaverse ready.

WadzPay was introduced at SIBOS 2022 Payment in Metaverse: A Huge Opportunity for Banks Session delivered by Parv Aggarwal, Associate Vice President – Partnerships. It was a popular session held at SIBOS 2022, from October 10 to 13 in Amsterdam and aligned with SIBOS’s 2022 theme, “Incremental Financing for a Changing World,” attended by leaders from central banks, commercial banks, Tier 1 DLT service providers, and top-tier startups The world’s top financial technology provider.

This was the first time that WadzPay, an interoperable and interoperable blockchain-based payments environment with a presence in Asia, the Middle East, Africa and the USA, participated in SIBOS, showcasing its payment solutions from Acceptance, Issuance, Transfers and NFT , CBDCs, and more.

According to Brainy Insights, the Metaverse market is set to exceed US$993.86 billion by 2030. In addition, NewZoo market researchers found that more than 500 companies worldwide in 2022 were running on the metaverse, up from 200 in 2021. .

In August 2022, Decentraland launched the first ATM on its metaverse platform. Banks such as JP Morgan, Digital Bank Quontic, BNP Paribas, KB Kookmin Bank in South Korea, HSBC, DBS Bank and even the Middle East, including the UAE’s Commercial International Bank and Kuwait’s Warba Bank, among others, all made their debut in the metaverse.

“Banks, payment service providers and businesses are facing challenges in the metaverse due to the lack of seamless and frictionless scaling solutions, which prohibits adoption. We at WadzPay solve this problem by developing and integrating an in-house proprietary system that converts crypto-to-crypto conversion and vice versa, with maximum pooling A number of payment channels and methods. Parv Aggarwal stated during the show.

Banks can seamlessly transition to metaverse payments using the WadzPay token-neutral blockchain and digital asset payments platform. The platform allows anyone to use any token to pay for any physical and virtual good or service.

“Users will not need to search for different platforms to manage their digital assets, and companies will be able to provide the highest service in the metaverse without having to invest in additional technology. Banks need innovations that are rapidly deployed. It is not about replacing existing infrastructure, which costs a great deal of money. The investment, but how to amplify what is already working properly for the fiat system and extend the same efficiency to digital currencies. This is why we are enabling crypto transactions at an additional cost, reducing development time to 3-6 months and making it easier to implement.” Aggarwal has been added.

WadzPay’s interoperability allows different blockchain protocols to actively communicate with each other making it easier to use different blockchain networks in the metaverse.

Khaled Maharem, President of the Middle East, also participated in the discussion of digital networks and DeFi. He tackled one of the biggest challenges in interoperability, whether with cryptocurrencies or CBDCs. The topic is important as banks will need to adopt DeFi.

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About WadzPay around the world

WadzPay is an interoperable and uncommon blockchain-based payment system. The company was founded in 2018 in Singapore and currently operates in Southeast Asia, South Asia, the Middle East – Africa and the United States.

WadzPay saw the potential for CBDCs and digital assets to drive the next revolution in the payments industry: enabling faster payments, improving security, and being cost-effective with optional. WadzPay works with major international payment companies, banks and global corporations to enable the processing and settlement of transactions based on digital assets.

For more information on Metaverse payments and experience with digital networks and DeFi, please contact thepress@wadzpay.com


Media contact:
Francesca Adenda
Vice President of Public Relations and Communications

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