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Digital payment platform is not new to the world, it is a great innovation that has solved one of the long-standing problems that have plagued payment processes. With the introduction of digital payment, man became less burdened with the responsibility of carrying wads of cash around which is a dangerous act on its own as it makes them susceptible to attacks from evil perpetrators looking to rob them of their possession.

Digital Payment Platforms

As with every other industry in the world, there is a lot of competition among digital payment platforms, with each always trying to outdo the other and be placed as the number one company ahead of its peers. There has been a lot of evolution over the years as different companies have come up with amazing ideas that have wowed the whole world and have their attention focused on them.

One country that has been growing very fast over the years is the United Arab Emirates (UAE). It is almost impossible to believe that they are barely 50 years old, given the level of innovation that they have introduced to their economy. The UAE (United Arab Emirates) is among the fastest-growing smart cities in the world and it is no surprise that tech will be at the heart of everything they intend to build.

Digitalization is engulfing the UAE very fast and so is the digital payment system. The level of sophisticated technology that they possess is amazing and that is why they are easily one of the most tourist-attracted countries in the world. The UAE is a well-loved country because despite it being a religious country, it is very lenient and its law is relaxed so as to accommodate foreigners with different backgrounds that have come to dwell there.

There are various Digital payment platforms already operational in the UAE, and they all are working diligently to meet up with the standard of the fast-growing economy of the country but in truth, there is only so much that can be done as they also will be plagued with the problems surrounding the digital payment industry such as Cyber Attacks (Hacks), Chargebacks, Payment Integration, Limited Mobility among others.

The Nexus Project

As a FinTech company based in the UAE - Dubai, Nexus plans on utilizing the maximum potential of the blockchain to curb these problems currently plaguing the digital payment industry as the technology has already proven to be the ultimate disrupter in various other industries too. This is a model that will be truly beneficial to their consumers as it gives them utmost satisfaction without compromising on security, reliability, and a high level of performance.

By integrating the use of Blockchain’s Smart Contract, Personal Authentication Mechanism, and Asset Collateral, Nexus aims at dismissing concerns that affect other companies that operate a digital reward/point services system. Concerns such as the fluctuation in the value of their digital point due to their trust score or current economic situation.

As a solution, Nexus is building a web 3.0 digital incentive/digital point platform that does not depend on the issuing company. This is done by backing the value of digital points through a proprietary token, the Nexus Token. Furthermore, digital incentives and digital points in the Nexus Merchant Network will be centralized and used as a gateway to the democratic and decentralized world of cryptocurrency.

The Nexus Token is a bridging token that supports various networks. It will initially be issued through the Polygon Network as it allows for a faster processing power, lower fees, and decentralization in comparison to the Ethereum Network. The Nexus Token will have a fixed total supply and if there is added supply for more networks, an equivalent to the newly issued supply will be locked on the Polygon Network.

The Nexus Project Mobile App

The SPRAY mobile app is a merchant and user friendly mobile app that is used to facilitate payment and loyalty rewards. It is an off-chain app that allows users earn NEX points based on the amount they spend on purchases, and these accumulated points can also be used to make payments and be exchanged into Nexus Token. NEX points can also be recharged through the Nexus Token.

Nexus Project Established Partnerships

Nexus has already established partnerships with various companies in the UAE and its mobile app, SPRAY, can already be used in various retail stores, restaurants and many other outlets, mainly in Dubai and Abu Dhabi. There will be incentives for users of the mobile app in the UAE, based on consumption behavior and completing payments on the app.

For more information on Nexus, useful links can be found below:
Website
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CoinMarketCap
CoinGecko
MEXC
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