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CRYPTOMARKET

HAZZA Off The Starting Block To Democratize Payment

  • by Donovan Obosi
  • October 5, 2017
  • 0

Token Public Sale Starts October 3rd

What is HAZZA Network?

HAZZA is a payment network that aims to solve big problems in today’s payments ecosystem.

The founders of HAZZA believe that today’s payments market is highly fragmented and complex. There are too many intermediaries who take high fees along the way. This creates unnecessary friction for consumers and merchants. HAZZA claims that the total non-cash payments transaction value is projected to be worth $70 trillion (!) by 2025. With that in mind, HAZZA believes the market is ripe for disruption.

HAZZA aims to create a payment network, scheduled for release in Q3 2018 that leverages blockchain technology to accept a wide range of payment methods, currencies and more. That platform aims to provide lower fees and a better overall experience for consumers and merchants around the world, while giving payment method providers an open marketplace where they can compete.

How does HAZZA work?

HAZZA is taking an existing, proven enterprise payment platform and aims to migrate it onto the blockchain. They are aiming to migrate the platform in three stages.

The first stage will be the release of open APIs, the second will be the development of smart contracts and the third will be the migration of the core transaction platform onto the blockchain.

The end result aims to be the creation of an open access, global, unified
payments network governed by the community for the community through a not-for-profit foundation with a decentralized structure: the OCTO3 Foundation.

HAZZA’s goal is to create a globally accessible payment platform where merchants who participate in the HAZZA network can offer the payment methods both online and offline that their customers want to use and not forced to use.

The open API model will reduce costs and increase integration. Payment channels will integrate themselves into the HAZZA network using the public API, removing the bottleneck typically associated with adding payment methods to a network.

Meanwhile, smart contracts will be used to facilitate aspects like know your customer (KYC), commercial terms, participant registry and publishing of services. Merchants and payment participants will be able to use smart contracts to save time and minimize acquisition costs.

Finally, the core processing platform will be adaptable for the future. The website mentions Raiden and the Lightning Network as two off-chain state channel technologies they will be looking at in the future.

What are the intended benefits of HAZZA?

For consumers:
Consumers will use a larger range of payment methods online and offline, anywhere in the world. They will use multiple payment methods at any merchant participating in the HAZZA network. Consumers will find it easier to use and spend their money wherever they are, with whatever payment method they prefer.

For merchants:
Merchants who want to accept non-cash payments will no longer have to engage in a slow and expensive process of seeking out intermediaries who charge high fees on every transaction while only providing access to a limited range of payment methods.

Merchants will gain fast, simple access to all payment methods on the HAZZA network while reducing costs and realizing increased revenues from broader payment method access.

For payment method providers:
Payment method providers will no longer have to compete in a closed, fragmented market dominated by a few major payment method providers. HAZZA will allow payment method providers to instantly compete internationally based on the merits of their product, their quality and their costs.

For payment networks, issuers and acquirers:
Existing payment networks and issuers will not be ignored by HAZZA. The HAZZA network will allow existing companies and card schemes to use the network to lower operating costs and expand their footprint – particularly in developing countries where they may have limited outreach.


What are the features of HAZZA?

The HAZZA network will be built on Octo3 Ltd’s prove, existing, payment infrastructure platform:

Proven:
Utilizing a proprietary, cloud-based technology with intelligent routing and switching for cost optimization, real-time consolidated reporting and dashboards, and unlimited scalability, among other proven benefits. As mentioned above, the payment network is already in place – it is just not yet migrated to blockchain.

Certified:
The existing Octo3 platform is a certified processor for VISA, MasterCard, Discover Card, Diners Club, and American Express. The network is also be BASE I and BASE II capable and has a fully functional ISO 8583 Payment Switch that is fully compliant with local and global instances.

Real-Time Omni-Channel:
HAZZA can cater to all corners of the market with an omni-channel approach to its payment platform. That includes physical point of sale (PoS) machines, mPoS, MOTO, e-commerce platforms, coupons and loyalty programs on a single integrated platform. All major card brands can be supported through the platform and can offer comprehensive coverage of global alternative payment methods (APMs), processing 130+ currencies through the platform.

Secure:
The platform offers a web-based, secure portal for transactions management. The portal can provide a comprehensive audit trail and access control, encrypted payment card data and PCI DSS level 1 compliance.

Who is behind HAZZA and what is the roadmap?

HAZZA is led by founders and payments industry veterans Ajmal Samuel, Tyrone Lynch and Hans Wong and is backed by a team of professional organizations and industry leaders in their respective fields, including legal, blockchain, payments, marketing, finance and tax.

The project launched in July 2017. The not-for-profit organization leading the development of HAZZA is called OCTO3 Foundation Limited.

The HAZZA payments network aims to go Live by Q3 2018.

The HAZZA Token Sale

HAZZA tokens (HAZ) will be used to access and pay for services as well as for governance of the global payments network. There will be a fixed supply of tokens in circulation.

HAZ is an ERC20-compliant token built on the Ethereum blockchain.

The HAZZA token sale opens October 3 with tokens to be activated on November 8.

https://www.youtube.com/watch?v=iqCFa8tYD2Q

 https://www.youtube.com/watch?v=T8oAj-oTJns&feature=youtu.be

 

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Donovan is the Head ICO analyst at ICO crowd magazine.