- New integration of distributed ledger technology set to be implemented by the firm next year as part of efforts to improve its online money transfer offer
- Stated goal is to increase cost effectiveness and speed – but also to make the process of money transfer safer
- “We’re excited to implement blockchain technology into our products and provide even safer, quicker, cost-efficient payment solutions”, said the firm’s founder
An online payments platform has confirmed it will begin to integrate blockchain into its payment transaction systems.
Allied Wallet China, which is the Asia-based section of the wider international firm Allied Wallet, said it would use distributed ledger technology to bring faster payments with better value for money.
It intends to make its online money transfer costs lower by implementing a blockchain solution.
In an extensive set of statements, the firm’s founder Andy Khawaja said that blockchain technology constituted “the future of payments” – and emphasised the technology’s ability to improve payment processing techniques.
He also said that the new, speedier remittance service his firm would offer would be open to both commercial and personal customers.
The new service will be available to the firm’s customers by the middle of 2020.
“This is the future of payments. It will allow us to provide even better payment processing solutions for business owners and consumers”, he said.
“Even IBM is working on a blockchain system; they say it will reduce one of their processes from 44 days to 10. This is innovation and we want to continue to lead our industry”, he added.
He also emphasised the fact that safety in terms of financial transactions would in theory be increased by the move towards the blockchain.
“We’re excited to implement blockchain technology into our products and provide even safer, quicker, cost-efficient payment solutions”, Andy Khawaja added.
This is not the first time that Khawaja and Allied Wallet have made the press in the cross border payments sector.
In an interview with BRIC magazine, for example, he outlined the business model of Allied Wallet – and how it was transaction focused.
“PayPal is more about money transfer, we’re more about transactions”, he said.
“And that’s the model that has seen the company grow by about 5000% in each of the last few years and, with that, open up new offices all over the world (eight and counting).”
He also outlined his firm’s commitment to breaking down the barriers which currently prevent payments from being able to be made easily across borders.
“Allied Wallet is very much a global online payment solution that allows customers and retail merchants to do business and complete transactions across all international borders without having to worry about different exchange rates, currencies or credit cards”, he explained.
Blockchain is one of the keywords on the lips of many in the cross border payments sector – not just Allied Wallet China.
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