Alipay’s Hong Kong unit launched remittances between its users and GCash customers in the Philippines, a move touted as the first mobile wallet-based cash transfer tool secured by blockchain technology.
In a statement, Alipay parent Ant Financial said using blockchain segmented and streamlined the remittance process to improve the speed, transparency and security of delivery compared to traditional international transfer methods.
The faster speed is achieved by verification and execution of the transaction being performed simultaneously. During every step of the process, both the sender and receiver are also able to track the transaction on its secure remittance platform.
Its service is available to users of AliPayHK wallets and those supplied in the Philippines by Globe Telecom affiliate GCash – which counts Ant Financial as an indirect investor.
Data from Standard Chartered – the bank supplying much of the back-end infrastructure – places the Philippines as the world’s third-largest market for inbound remittances, with $33 billion entering the country during 2017.
Ant Financial CEO and executive chairman Eric Jing said: “Ant Financial and Alipay have been exploring the cutting-edge blockchain technology since 2015. Blockchain is revolutionising the remittance industry, and we look forward to further innovating and expanding the application of the technology in global remittances, together with local wallet partners and other ecosystem partners.”