UK-based payments services provider Allied Wallet has unveiled plans to introduce blockchain payments technology to the Indian e-commerce market.

The fintech company, which offers various payment solutions in 196 countries, said that it is eyeing Indian market the country hosts the second-largest internet user base in the world after China.

India’s e-commerce revenue has the highest annual growth rate globally. It is estimated that India’s internet economy will surge to $250bn by 2021.

The country’s internet users population is expected to touch 829 million by the end of the next year.

Commenting on the move, Allied Wallet founder Andy Khawaja said: “As e-commerce sees incredible growth in India, we want to give their businesses and users the best technology to improve payments and also protect them.

“Blockchain technology encrypts transactions and protects all parties involved. It’s faster, it has more capabilities, and we’re proud of our new innovations.”

Blockchain technology is considered very favourable for the payment processing industry as it will facilitate payments to be made in real-time.

The technology is expected to make payment processing more agile and responsive. It will also slash costs for businesses and ultimately consumers, the company said.

As more of India’s population adopts the internet and smartphones, this number will only continue to grow.

Khawaja added: “As India becomes even more accustomed to shopping online, we want to support their digital payments and protect them. Blockchain technology is one way in which we plan to do so.”

Developments at Allied Wallet

In September last year, Allied Wallet set up a new office in the Thai capital of Bangkok in response to the region’s increasing demand for online payment services.

The payments firm was also in the limelight for its acquisition of Hong Kong-based fintech firm Epayment.

Notably, last year, Allied Wallet Africa integrated with J2Store, 3dcart, PrestaShop, as well as X-Cart in order to strengthen its e-commerce capabilities.