Chinese fintech firm to implement blockchain technology

The innovative blockchain technology aims to improve payment processing solutions, making payments quicker with less taxes

Allied Wallet China

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.

This is the future of payments. It will allow us to provide even better payment processing solutions for business owners and consumers. 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
Andy Khawaja, Founder of Allied Wallet China

Allied Wallet China announced they will be implementing this lower cost, secure technology within their services in summer of 2020.

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