The innovative blockchain technology aims to improve payment processing solutions, making payments quicker with less taxes
Chinese fintech firm to implement blockchain technology. Source: shutterstock.com
Allied Wallet China and its CEO Andy Khawaja announced the implementation of blockchain technology in their payment processing solutions. That would provide safer, streamlined, and lower-cost payment processing.
Blockchain technology is growing increasingly promising for the payment processing industry in the country. Blockchain payments can be made virtually in real-time, issuing payments in seconds rather than days. Blockchain’s “smart contracts” feature executes payments or other actions in specific conditions. Processes can be sped up when payments are automatically issued when it is verified that a customer received their products/services.
Allied Wallet China announced they will be implementing this lower cost, secure technology within their services in summer of 2020.
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