Based on checking the website Zanjir.network, it appears to be a platform offering cryptocurrency payment gateway services.
While the site highlights features like ease of integration and support for various cryptocurrencies, any involvement with cryptocurrency, including payment gateways, raises significant concerns from an Islamic ethical perspective due to elements like excessive speculation, lack of intrinsic value, and association with interest-bearing activities and gambling, which are not permissible.
Therefore, it is strongly advised against engaging with such platforms.
Here’s an overall review summary:
- Service Offered: Cryptocurrency Payment Gateway
- Ease of Use: Marketed as simple integration, no lengthy sign-ups or complex verification.
- Fees: Stated as 1% per successful transaction, no hidden costs.
- Cryptocurrencies Supported: Claims to support over 15 popular blockchains and coins e.g., BTC, LTC, BNB, TRX, USDT, XLM.
- Privacy: States no holding of user or customer information.
- White Labeling: Offered as a feature, allowing merchants to integrate the gateway without Zanjir branding.
- Support: 24/7 online support.
- Ethical Standing Islamic Perspective: Highly questionable and generally impermissible due to the nature of cryptocurrency as an asset class, which often involves speculation, gharar excessive uncertainty, and associations with practices like interest riba.
The Zanjir.network website presents itself as a streamlined solution for businesses looking to accept cryptocurrency payments.
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It emphasizes convenience through minimal registration requirements and broad coin support.
However, for those seeking to align their financial dealings with Islamic principles, cryptocurrency itself remains a deeply problematic area.
The inherent volatility, speculative nature, and absence of tangible backing make it difficult to reconcile with the Sharia’s emphasis on stability, clear value, and avoidance of excessive risk gharar and interest riba. Engaging with a crypto payment gateway, even if it simplifies transactions, still means participating in a system that is often at odds with fundamental Islamic financial ethics.
It’s akin to streamlining access to a product that is, at its core, questionable.
Best Alternatives for Ethical Transactions and Business Growth:
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- Key Features: Comprehensive online payment processing for credit cards, debit cards, and various digital wallets. Robust API for custom integrations, subscription management, invoicing, and fraud prevention tools. Supports global payments in over 135 currencies.
- Price: Standard pricing is 2.9% + 30¢ per successful card charge for online transactions.
- Pros: Extremely developer-friendly, highly scalable, extensive feature set, strong security, widely trusted.
- Cons: Can be complex for non-developers for advanced integrations, customer support can be slow for smaller businesses.
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- Key Features: Accepts major credit cards, PayPal payments, and other payment methods. Offers invoicing, recurring payments, dispute resolution, and tools for online stores. High brand recognition.
- Price: Standard online transaction fees are 3.49% + fixed fee.
- Pros: Easy to set up, widely accepted by customers, strong buyer/seller protection, good for international transactions.
- Cons: Can be more expensive than some alternatives, funds can sometimes be held, customer support can be challenging.
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- Key Features: Point-of-sale POS systems, online store builder, payment processing for in-person and online sales, inventory management, payroll, and business banking services. Caters to small and medium businesses.
- Price: Online transactions typically 2.9% + 30¢, in-person transactions 2.6% + 10¢.
- Pros: All-in-one solution for many businesses, user-friendly interface, strong POS hardware, transparent pricing.
- Cons: Transaction fees can add up, some advanced features might require paid add-ons, less customizable than some developer-focused options.
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- Key Features: Integrated payment gateway for Shopify e-commerce stores. Accepts credit cards, Shop Pay, Apple Pay, and Google Pay. No transaction fees beyond the credit card rate when using Shopify Payments.
- Price: Varies by Shopify plan, typically 2.9% + 30¢ down to 2.4% + 30¢.
- Pros: Seamless integration with Shopify stores, simplifies financial management, no extra transaction fees from Shopify.
- Cons: Only available for Shopify merchants, payout times can vary, limited payment options compared to broader gateways.
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- Key Features: Established payment gateway widely used for e-commerce. Supports various payment types, recurring billing, fraud detection, and simple checkout options. Integrates with many e-commerce platforms.
- Price: Monthly gateway fee plus per-transaction fees e.g., $25/month + 10¢ per transaction + daily batch fee.
- Pros: Reliable and secure, good for businesses needing a dedicated payment gateway, strong fraud tools.
- Cons: Can be more complex to set up, requires a separate merchant account, less user-friendly interface.
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- Key Features: Global payment platform serving large enterprises. Offers payment processing, risk management, and local payment methods worldwide. Single platform for online, in-app, and in-store payments.
- Price: Customized pricing based on volume and services, typically a processing fee + payment method fee.
- Pros: Excellent for international growth, comprehensive reporting and analytics, supports a vast array of payment methods.
- Cons: Primarily designed for large businesses, not suitable for small merchants, complex integration.
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- Key Features: Fast, fee-free money transfers directly between bank accounts within the U.S. Ideal for small businesses or freelancers for direct payments from customers.
- Price: Generally free for businesses through participating banks.
- Pros: Instant transfers, no transaction fees, simple for peer-to-peer and small business payments.
- Cons: Limited to U.S. bank accounts, transaction limits apply, no buyer/seller protection, not suitable for e-commerce checkouts.
Find detailed reviews on Trustpilot, Reddit, and BBB.org, for software products you can also check Producthunt.
IMPORTANT: We have not personally tested this company’s services. This review is based solely on information provided by the company on their website. For independent, verified user experiences, please refer to trusted sources such as Trustpilot, Reddit, and BBB.org.
Zanjir.network Review and Ethical Considerations
Based on an assessment of Zanjir.network’s publicly available information, the platform positions itself as a streamlined solution for businesses to accept cryptocurrency payments.
It touts features like quick integration, support for numerous digital currencies, and minimal verification steps.
However, for anyone operating under an ethical framework, particularly one rooted in Islamic finance principles, dealing with cryptocurrency payment gateways like Zanjir.network warrants extreme caution and is generally discouraged.
The core issue lies not in the gateway’s technical efficiency but in the underlying asset—cryptocurrency itself—which often falls into categories considered impermissible due to inherent speculative elements, lack of intrinsic value, and entanglement with practices like interest riba and excessive uncertainty gharar.
The Inherent Problems with Cryptocurrency from an Islamic Perspective
The very nature of cryptocurrencies, regardless of the payment gateway used to process them, presents significant challenges when viewed through the lens of Islamic finance. Udayshetty.com Review
These challenges are not merely technical but relate to fundamental principles of wealth, value, and permissible transactions.
Speculation and Volatility Gharar
- Lack of Tangible Backing: Unlike fiat currencies backed by governments or commodities like gold, most cryptocurrencies derive their value almost entirely from speculation and market demand. There is no intrinsic worth.
- Extreme Price Swings: The crypto market is notorious for its dramatic price fluctuations. Bitcoin, for example, has seen swings of tens of thousands of dollars in a single day. This extreme volatility means that the value of the “payment” received can change drastically by the time it is settled or converted, introducing undue risk.
- Gambling-like Behavior: Engaging in transactions where the value of the underlying asset is highly unpredictable can be akin to gambling, which is strictly prohibited in Islam. This excessive uncertainty, or gharar, is a major red flag.
- Data Point: A study by Cambridge Centre for Alternative Finance found that the global crypto market capitalization exceeded $2 trillion in early 2021, driven largely by speculative trading, rather than tangible economic activity.
Interest Riba and Debt
- DeFi and Lending Protocols: While Zanjir.network is a payment gateway, the broader cryptocurrency ecosystem heavily features decentralized finance DeFi platforms that engage in lending and borrowing, often with interest-bearing mechanisms. Even if a payment gateway doesn’t directly offer interest, it facilitates access to a system where riba is prevalent.
- Staking and Yield Farming: Many cryptocurrencies offer “staking” or “yield farming” opportunities, where users lock up their crypto assets to earn returns. These returns often resemble interest payments, which are forbidden.
- Concept Note: Islamic finance strictly prohibits riba, which encompasses any predetermined, contractual increase or excess in a loan or debt.
Money Laundering and Illicit Activities
- Anonymity Concerns: While some blockchains are pseudonymous rather than truly anonymous, the relative lack of central oversight compared to traditional banking systems makes cryptocurrencies attractive for illicit activities, including money laundering and funding illegal enterprises.
- Regulatory Challenges: Governments worldwide are grappling with how to regulate cryptocurrencies, leading to an environment where legitimate oversight is still developing, making it harder to track and prevent illegal financial flows.
- Statistic: A report by Chainalysis indicated that illicit transaction volume in cryptocurrencies reached $20.1 billion in 2022, highlighting the ongoing challenge.
Zanjir.network’s Features and Why They Don’t Mitigate Ethical Concerns
Zanjir.network highlights several features designed to make accepting crypto easier.
However, these features primarily address technical hurdles, not the fundamental ethical issues embedded within cryptocurrency itself.
Simplified Integration and No KYC Know Your Customer
- “No need for registration or complicated verification steps.” This aspect, while marketed as a convenience, raises red flags regarding regulatory compliance and potential for misuse. Traditional financial systems emphasize KYC to prevent fraud and money laundering.
- Risk of Facilitating Illicit Transactions: A gateway that explicitly avoids robust verification processes makes it easier for bad actors to move funds without being identified, potentially involving merchants even unknowingly in impermissible transactions.
White Labeling Service
- Brand Obscurity: If issues arise, the lack of clear Zanjir branding might complicate resolution or accountability, further highlighting the opaqueness that is often criticized in the crypto space.
Support for “More than 15 Famous Coins”
- Broad Exposure to Risk: By supporting a wide array of cryptocurrencies BTC, LTC, BNB, TRX, USDT, XLM, DOGE, Zanjir.network exposes users to the varied and often extreme volatilities of different digital assets, each carrying its own set of speculative and ethical challenges.
- Stablecoins e.g., USDT: Even “stablecoins” like USDT, which aim to peg their value to fiat currency, have faced scrutiny over their reserves and transparency. Relying on such instruments for transactions still carries inherent risks and often involves underlying mechanisms that could be problematic e.g., fractional reserves.
Zanjir.network’s Reported Issues and Lack of Transparency
While Zanjir.network claims 24/7 support and a smooth process, a deeper dive into the aspects that build trust in a financial service reveals gaps.
Lack of Public Regulatory Information
- No Clear Licensing/Registration: The website does not prominently display information about its regulatory compliance, licenses, or registrations with relevant financial authorities. This is a critical omission for any financial service provider.
- Jurisdiction Ambiguity: Without clear regulatory information, it’s difficult to ascertain under which jurisdiction Zanjir.network operates, making dispute resolution and legal recourse uncertain.
- Trust Point: Reputable payment gateways like Stripe or PayPal prominently display their regulatory compliance and often adhere to PCI DSS standards.
Absence of Community Reviews or Track Record
- “Zanjir STORIES” are internal news updates, not external reviews. The “Stories” section showcases internal announcements e.g., Stellar blockchain added, Currency Converter added rather than independent user reviews or testimonials. This makes it difficult to gauge real-world user experiences or potential issues.
- Limited Online Presence for Independent Reviews: A quick search for “Zanjir.network reviews” on independent platforms often yields limited, if any, substantial feedback from actual users. This lack of a public track record is a significant red flag for a financial service.
Missing Essential Information for a Financial Service
- No Terms of Service TOS or Privacy Policy Link: While the website has an “API Documentation” link, crucial legal documents like a comprehensive Terms of Service or a detailed Privacy Policy beyond the claim of not holding information are not readily visible on the homepage or in obvious navigation. These documents are vital for understanding user rights, responsibilities, and data handling.
- No Clear Refund or Dispute Resolution Policy: For a payment gateway, having transparent policies on refunds, chargebacks, and how disputes are handled is paramount. This information appears to be absent from the public-facing homepage.
How to Cancel Zanjir.network Subscription Hypothetically
Given the ethical concerns and lack of transparency regarding Zanjir.network’s operational details, it’s highly advisable to avoid engaging with such a service from the outset. Lejardinretrouve.com Review
However, if one were to consider how to “cancel” a service like Zanjir.network, it would likely involve specific steps, though the website doesn’t offer a direct public mechanism on its homepage.
- No Public Subscription Model: Based on the homepage text, Zanjir.network operates on a 1% transaction fee, implying a pay-as-you-go model rather than a recurring subscription. Therefore, there wouldn’t be a typical “subscription” to cancel.
- Discontinuing Use: To cease using Zanjir.network, a merchant would need to:
- Remove Integration: Delete the Zanjir.network API keys and integration code from their website or e-commerce platform.
- Cease Transactions: Simply stop directing payments through the Zanjir.network gateway.
- Withdraw Funds: Ensure any remaining funds in the Zanjir.network wallet if accessible are withdrawn to their external main wallet.
- Contact Support If Necessary: If there are any outstanding issues or concerns, contact their 24/7 support team via email:
Support zanjir.network.
Zanjir.network Pricing A Look at the 1% Fee
Zanjir.network explicitly states: “Our service fee includes only 1% of each successful transaction.”
- Simplicity: This 1% fee is remarkably simple compared to many traditional payment processors that have tiered pricing, monthly fees, or per-transaction fixed costs in addition to percentages.
- Competitiveness on paper: A 1% fee is low in the payment processing industry, where typical credit card transaction fees can range from 2.2% to 3.5% plus a fixed fee per transaction.
- Hidden Costs/Currency Conversion: While it states “No hidden costs or hard-to-understand fees,” it’s crucial to consider potential costs related to cryptocurrency itself:
- Network Fees Gas Fees: Users or Zanjir, then passed on would still incur blockchain network fees e.g., Bitcoin transaction fees, Ethereum gas fees which can fluctuate wildly and be significant.
- Conversion Spreads: If the merchant intends to convert the received cryptocurrency into fiat currency, there would be a spread or fee charged by the exchange where the conversion takes place. This is an external cost not covered by Zanjir’s 1% fee.
- Volatility Risk: The most significant “cost” could be the loss of value due to cryptocurrency price drops between the time of payment and conversion to stable currency. This financial risk overshadows any perceived savings from a low processing fee.
Zanjir.network vs. Ethical Alternatives: A Clear Divide
When comparing Zanjir.network to established, ethically sound payment gateways, the distinction isn’t just about features or fees. it’s about fundamental principles.
Zanjir.network Cryptocurrency Gateway
- Focus: Facilitating inherently problematic from an Islamic perspective cryptocurrency transactions.
- Pros claimed: Low 1% fee, quick setup, no KYC user privacy, white-label option.
- Cons ethical/practical: Deals with highly speculative assets gharar, potential for interest riba in the broader crypto ecosystem, regulatory ambiguity, lack of intrinsic value, vulnerability to market manipulation, limited public trust and transparency, risk of association with illicit activities.
- Best For: Individuals or businesses with no ethical reservations who are willing to accept high financial risk and operate in a largely unregulated space.
Ethical Alternatives e.g., Stripe, PayPal, Square, Shopify Payments
- Focus: Facilitating traditional fiat currency transactions, grounded in established financial systems and regulations.
- Pros: Regulated, transparent, established fraud protection, dispute resolution mechanisms, broad customer trust, clear legal frameworks, support for various fiat payment methods, often provide additional business tools invoicing, POS.
- Cons: Higher percentage fees though often inclusive of various services, more stringent KYC requirements, can be more complex to set up depending on the business size.
- Best For: Businesses and individuals committed to ethical financial practices, seeking stability, security, and compliance in their payment processing. These options provide legitimate, transparent, and regulated ways to conduct commerce, aligning with Islamic principles of fair trade and clear transactions.
In essence, while Zanjir.network offers a pathway into the cryptocurrency world, the fundamental issues with cryptocurrency itself mean that such a pathway is best avoided for those who prioritize ethical and responsible financial dealings.
FAQ
What is Zanjir.network’s primary service?
Zanjir.network’s primary service is acting as a cryptocurrency payment gateway, enabling websites and businesses to accept various cryptocurrencies from their customers. Smmegyfans.com Review
Is Zanjir.network a regulated financial entity?
Based on the available information on its homepage, Zanjir.network does not prominently display any details about its regulatory licenses, registrations, or the jurisdiction under which it operates, making its regulatory status unclear.
What fees does Zanjir.network charge?
Zanjir.network states that its service fee is 1% of each successful transaction, with no hidden costs.
However, this does not account for underlying blockchain network fees or currency conversion spreads if funds are converted to fiat.
Does Zanjir.network require user registration or verification?
According to its website, Zanjir.network claims there is “no need for registration or complicated verification steps” and that they “do not hold any information about you or your customers.”
What cryptocurrencies does Zanjir.network support?
Zanjir.network claims to support over 15 popular blockchains and coins, including examples like Bitcoin BTC, Litecoin LTC, Binance Coin BNB, Tron TRX, Tether USDT, and Stellar XLM.
Can Zanjir.network be integrated into any website?
Zanjir.network states that integration is simple and can be done in minutes, implying it offers web services designed for various website platforms through API connections.
Does Zanjir.network offer a white-label solution?
Yes, Zanjir.network explicitly states it offers a white-label feature, allowing merchants to use its services without revealing Zanjir’s branding, making the gateway appear as if it were developed by the merchant.
What kind of customer support does Zanjir.network provide?
Zanjir.network states that it provides 24/7 online support to answer user questions, reachable via their provided email address.
What are the main ethical concerns with using Zanjir.network from an Islamic perspective?
The main ethical concerns stem from the underlying nature of cryptocurrency, which often involves excessive speculation gharar, potential association with interest riba in the broader crypto ecosystem, lack of intrinsic value, and regulatory ambiguity, all of which are generally impermissible in Islamic finance. Valetpro.global Review
Are there any alternatives to Zanjir.network for ethical business payments?
Yes, several ethical and regulated alternatives exist for processing payments, such as Stripe, PayPal Business, Square, Shopify Payments, and Authorize.net, all of which handle traditional fiat currency transactions.
Does Zanjir.network hold customer or merchant information?
Zanjir.network claims to not hold any information about users or their customers, emphasizing privacy due to its no-registration policy.
How does Zanjir.network handle payments?
Zanjir.network explains that for each payment request, a temporary wallet is created.
After a successful payment by the customer to this temporary wallet, the funds are automatically and instantly credited to the merchant’s main wallet.
What are “Zanjir STORIES”?
“Zanjir STORIES” appear to be a news or blog section on their website, detailing internal updates and additions to their service, such as new blockchain support or feature implementations, rather than external testimonials. Zanuraku.eu.org Review
What is the primary benefit Zanjir.network advertises to merchants?
Zanjir.network primarily advertises the ability to “Accept cryptocurrency on your website” with ease, forgetting “lengthy sign-ups, applying for merchant accounts and being restricted to one cryptocurrency.”
Does Zanjir.network have a mobile app?
The provided homepage text does not mention or indicate the availability of a mobile application for Zanjir.network.
Is Zanjir.network suitable for large enterprises?
While the website mentions enabling businesses to accept crypto, its features and lack of clear enterprise-level compliance information suggest it may be more suited for smaller operations, if at all, rather than large enterprises.
How does Zanjir.network manage currency conversion?
Zanjir.network announced a “Currency Converter” feature in September 2021, allowing the ability to convert exchange rates to each other at the time of payment, though the specifics of conversion fees or rates are not detailed.
What are the risks associated with the “no verification” policy of Zanjir.network?
The “no verification” policy, while convenient, can pose risks such as enabling illicit financial activities due to lack of Know Your Customer KYC procedures, which are standard in regulated financial services to combat fraud and money laundering. Thesetknow.blogspot.com Review
Can I get a refund through Zanjir.network?
The Zanjir.network homepage text does not provide information regarding refund policies or dispute resolution mechanisms, which are crucial for any payment gateway.
Why is avoiding speculation important in Islamic finance?
Avoiding speculation is crucial in Islamic finance because it leads to excessive uncertainty gharar and can result in unfair gains or losses, which contradicts the principles of justice, fair exchange, and tangible value that are fundamental to Islamic economic teachings.
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