June 24, 2021

mWallet: ProximaX’s blockchain-powered white-label mobile wallet

3 min read

CryptoNinjas” mWallet: ProximaX’s blockchain-powered white-label mobile wallet

ProximaX Sirius is a next-generation blockchain-based network that forms the structure for numerous applications, processes, and technologies. Built on top of this network is mWallet– ProximaX’s customizable wallet option for service providers.

What is mWallet?

mWallet is a blockchain-powered, white-label payments service. This suggests that although mWallet is a standalone application, jobs can also use mWallet to construct their own customized wallet application that leverages a blockchain infrastructure.

Organizations can utilize mWallet to enable their users to send and receive payments in a dispersed way without the participation of multiple proprietary systems. mWallet objectives to permit payment option service providers to make peer-to-peer transactions more smooth, practical, and cost-efficient.

mWallet utilizes distributed ledger technology and blockchain procedures to secure payments and user information on the network. Moreover, it is extremely scalable and can easily support an ever-growing user base.

Benefits of mWallet

As pointed out before, mWallet is powered by blockchain technology. Blockchain-based distributed options have some clear benefits over their central counterparts:

1. Scalability: mWallet is a scalable payment platform. Organizations can utilize the power of their technical development capabilities to provide a variety of features and service experiences to their consumers.

2. Flexibility: The distributed nature of mWallet makes it an extremely versatile service. It is not limited by geographical places or regional restrictions. It can manage cross-border deals with ease.

3. Cost-effectiveness: The core infrastructure of mWallet is an enterprise-ready service. The blockchain itself acts as a database that shops all transactional information. Advancement and maintenance costs are very little, which in turn translates to decrease transaction expenses.

4. Security:All inter-wallet, QR code, and NFC payments are encrypted, time-stamped, and made tamper-evident utilizing enhanced technology that is pre-built into the blockchain. This guards the network from any possible scams or security breaches.

5. High-performance: mWallet leverages the power of distributed journal innovation to procedure transactions across multiple servers. This significantly decreases the time required to process deals, making mWallet among the fastest payment services.

mWallet Performances of mWallet can be used similar to any other peer-to-peer option to get and send out payments. The front end supports currency conversions, commitment and recommendation programs, and even cashier mode for operators.

The backend supports blacklisting, KYC processing, currency exchange rates, charges, and benefits, setting transaction limitations, and withholding tax.

mWallet can be set up to include payrolls, P2P payments, and payment aggregations. Organizations can also completely tailor the looks and features of the wallet to fit their requirements. mWallet makes it easier to incorporate third-party payment gateways and accounting systems into the network.

Even more, 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 run online.

Payluy– A Real-World Application of mWallet

Although it is fairly new to the market, companies have begun to realize the capacity of mWallet. Dragonfly Fintech, an emerging fintech platform in Cambodia, utilizes the mWallet option for their mobile payments system called Payluy. Licensed by the National Bank of Cambodia, Payluy can be used to send out cash and pay bills across Cambodia. It currently has over 200,000 signed up users.

“With its pledges of a dispersed, smooth, and safe and secure payments system, mWallet has the potential to change the future course of our financial systems. It takes all the shortcomings of the contemporary payment platforms and supplies tangible solutions for the exact same. As the world is gradually moving towards the use of distributed technology, mWallet might become the go-to payments option for organizations and monetary company.”
– – The ProximaX Team

CryptoNinjas” mWallet: ProximaX’s blockchain-powered white-label mobile wallet