mWallet: ProximaX’s blockchain-powered white-label mobile wallet
ProximaX Sirius is a next-generation blockchain-based network that forms the foundation for several applications, processes, and technologies. Built on top of this network is mWallet — ProximaX’s customizable wallet solution for service providers.
What is mWallet?
mWallet is a blockchain-powered, white-label payments solution. This means that although mWallet is a standalone application, projects can also use mWallet to build their own custom wallet application that leverages a blockchain infrastructure.
Organizations can use mWallet to allow their users to send and receive payments in a distributed manner without the involvement of multiple proprietary systems. mWallet aims to allow payment solution providers to make peer-to-peer transactions more seamless, convenient, and cost-efficient.
mWallet uses distributed ledger technology and blockchain protocols to secure payments and user data on the network. Moreover, it is highly scalable and can comfortably support an ever-growing user base.
Advantages of mWallet
As mentioned before, mWallet is powered by blockchain technology. Blockchain-based distributed solutions have some clear advantages over their centralized counterparts:
1. Scalability: mWallet is a scalable payment platform. Businesses can leverage the power of their technical growth capabilities to provide a range of features and service experiences to their customers.
2. Flexibility: The distributed nature of mWallet makes it a highly flexible solution. It is not limited by geographical locations or regional restrictions. It can handle cross-border transactions with ease.
3. Cost-effectiveness: The core infrastructure of mWallet is an enterprise-ready solution. The blockchain itself acts as a database that stores all transactional information. Development and maintenance costs are minimal, which in turn translates to lower transaction costs.
4. Security: All inter-wallet, QR code, and NFC payments are encrypted, time-stamped, and made tamper-evident using enhanced technology that is pre-built into the blockchain. This shields the network from any potential frauds or security breaches.
5. High-performance: mWallet leverages the power of distributed ledger technology to process transactions across multiple servers. This significantly decreases the time required to process transactions, making mWallet one of the fastest payment solutions.
Functionalities of mWallet
mWallet can be used just like any other peer-to-peer solution to receive and send payments. The front end supports currency conversions, loyalty and referral programs, and even cashier mode for operators.
The backend supports blacklisting, KYC processing, currency exchange rates, fees, and rewards, setting transaction limits, and withholding tax.
mWallet can be configured to include payrolls, P2P payments, and payment aggregations. Businesses can also fully customize the looks and features of the wallet to suit their needs. mWallet makes it easier to integrate third-party payment gateways and accounting systems into the network.
Further, mWallet and its core infrastructure can be extended into a full-fledged ‘neobank’ — which is a digital bank that has no physical branches and can solely operate online.
Payluy — A Real-World Application of mWallet
Even though it is relatively new to the market, businesses have started to realize the potential of mWallet. Dragonfly Fintech, an emerging fintech platform in Cambodia, uses the mWallet solution for their mobile payments system called Payluy. Licensed by the National Bank of Cambodia, Payluy can be used to send money and pay bills across Cambodia. It already has over 200,000 registered users.
“With its promises of a distributed, seamless, and secure payments system, mWallet has the potential to change the future course of our financial systems. It takes all the shortcomings of the present-day payment platforms and provides tangible solutions for the same. As the world is steadily moving towards the use of distributed technology, mWallet could become the go-to payments solution for businesses and financial service providers.”
– The ProximaX Team