AlipayHK and Filipino payment platform GCash have introduced a cross-border remittance service, based on blockchain technology developed by Alipay.
The new service will utilise blockchain to enable swift and secure money transfer between AlipayHK and GCash customers in Hong Kong and Philippines.
The service will enable an AlipayHK customer to send money to a GCash user using a dedicated app in a few seconds.
Through the use of blockchain, Alipay aims to increase delivery speed and improve transparency in the remittance process. The technology is also expected to reduce operating costs as well as boost security.
During the first three-month trial period, the service will be free, following which, competitive exchange rate will be applicable.
Alipay Payment Services (HK) CEO Jennifer Tan said: “What used to be a long process of physically going to a remittance booth, queuing in line for hours and filling out forms, is now easily and securely done over the mobile phone in just a few seconds.
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“Together with GCash, we aim to provide Filipino expatriates a more convenient, seamless experience to transfer money back home to their families in the Philippines. We will also continue to provide tailor-made solutions for our customers as we aim to enhance their daily lives through our secure and fuss-free approach.”
Standard Chartered, which was associated with the development of the solution, will offer the necessary banking infrastructure to support the project.