Blockchain technologies allows secured digital wallet to be created and permits transactions between consumers and merchants. Such technology prevents fraudulent transactions and drives down transaction costs for merchants, making it an ideal application to the existing retail businesses.
iFashion Group is a Singapore-based company that acquires multiple lines of highly complementary online businesses to develop an ecosystem that covers all vertical markets and customer group.
Under the partnership between MC Payment and iFashion Group, MegaX (MGX) token and a digital wallet were developed. The digital wallet, Moonie, is a mobile application that stores cashless fiat on top of cryptocurrencies. The application of blockchain technology improves the level of security of transactions.
MegaX is a digital token that can be used to perform transactions in iFashion’s retail network online and physical locations. For merchants, the use of digital tokens such as MegaX drives down transaction cost. MegaX transactions charges merchants a fraction of transaction conventional credit card transactions fees.
At MC Payment, we identified the potential of blockchain technology and leverage on its functionality to improve payments for consumers and merchants.