Allied Wallet unveils its 2020 plan to implement blockchain technology
Category: #retail  By Saipriya Iyer  Date: 2019-12-23
  • share
  • Twitter
  • Facebook
  • LinkedIn

Allied Wallet unveils its 2020 plan to implement blockchain technology

Allied Wallet China, an Asian division of Allied Wallet, provider of payment gateway solutions, has reportedly announced plans to implement blockchain technology within their payment processing solutions to provide safer, smooth-running and low-cost payment processing.

Blockchain technology is increasingly growing for the payment processing sector and Allied Wallet is at the frontline of this new change in the way people will transact.

The payments in blockchain can be done in real-time and can be generated within seconds rather than days. The payment processing helps in cross border payments that usually takes several days. The blockchain technology not only enables companies to be flexible but also lowers the cost with less transfer fees and trade costs associated with payment processing.

The company is putting into use this blockchain technology to further improve their payment processing solutions thereby making their payments easier with less fees.

One of the major capabilities of blockchain is that it uses smart contracts. These are helpful in e-commerce. Smart contracts are programs that can be self-executed and can automatically execute payments and other actions of they meet specific conditions. The processes could speed up when payments are issued automatically after the customers have verified that delivery their products or services.

Andy Khawaja, Founder of Allied Wallet, has reportedly stated that this new technology provides a better payment processing solution for customers and business owners. Furthermore, companies like IBM have been working on a blockchain system, reducing one of their processes to 10 days from 44 days. This new technology is the future of payments.

Khawaja further stated that the company is looking forward to implementing blockchain technology into their products and providing payment solutions that are cost-efficient, safer and quicker.

The new technology can change the way people consume media, particularly since blockchain transactions are low in cost. One of the websites Blockgeeks.com claimed that it may even make streaming and subscribing services irrelevant because of low transaction cost associated with blockchain.

All industries should progress, and this new technology would change the way the company transacts thus offering low costs for customers and business owners. Allied Wallet has reportedly announced that it will implement this new technology into their services during summer of 2020.

Source credit: https://picante.today/business-and-management/2019/12/22/124711/allied-wallet-china-and-founder-andy-khawaja-plan-to-implement-blockchain-technology-in-2020/



About Author

Saipriya Iyer

Email: [email protected]   

Saipriya Iyer

Saipriya Iyer develops content for Market Size Forecasters, Algosonline, and myriad other platforms. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had a previous experience of 3 years under her bel...

Read More

More News By Saipriya Iyer

Regeneron begins late-stage trial of its coronavirus antibody cocktail
Regeneron begins late-stage trial of its coronavirus antibody cocktail
By Saipriya Iyer

Renowned American biopharmaceutical company, Regeneron Pharmaceuticals, has reportedly announced that it has started late-stage clinical trials of its proprietary antibody cocktail to assess its effectiveness in treati...

China completes 2 launches in 3-day span with Gaofen & Shiyan-6
China completes 2 launches in 3-day span with Gaofen & Shiyan-6
By Saipriya Iyer

China has recently launched its classified Shiyan-6 (02) satellite, following the launch of Gaofen, which is a ‘multimode’ Earth observation satellite, into orbit 2 days earlier. These two launches will mar...

Tetra Pak announces target to reach net-zero GHG emissions by 2030
Tetra Pak announces target to reach net-zero GHG emissions by 2030
By Saipriya Iyer

Tetra Pak, a food processing and packaging solutions provider, has recently announced its target to reach net-zero GHG (greenhouse gas) emissions in its operations by 2030.

The targ...