Allied Wallet unveils its 2020 plan to implement blockchain technology
Category: #retail  By Saipriya Iyer  Date: 2019-12-23
  • sharesocial_share_icon
  • 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]   linkdin twitter

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...

More News By Saipriya Iyer

 Tabletop Tape Dispensers  market valuation to surge at healthy CAGR through 2026

Tabletop Tape Dispensers market valuation to surge at healthy CAGR through 2026

By Saipriya Iyer

A comprehensive research study on Tabletop Tape Dispensers market added by Market Study Report provides insights into the market size and growth trends of this industry over the forecast timeline. The study evaluates key aspects of Tabletop Tape D...

APAC, Europe, America region to generate massive revenues for General Well-Being Dietary Supplements market by 2026

APAC, Europe, America region to generate massive revenues for General Well-Being Dietary Supplements market by 2026

By Saipriya Iyer

MarketStudyReport.com presents latest report on global General Well-Being Dietary Supplements Market, which evaluates the growth trends of the industry through historical study and estimates future prospects based on comprehensive research. The re...

Eugenia Jambolana Extract Market to Increase Exponentially During 2027

Eugenia Jambolana Extract Market to Increase Exponentially During 2027

By Saipriya Iyer

The report Eugenia Jambolana Extract market provides high-quality information regarding the major market trends, product types and their application scope, competitive landscape, and impact of COVID-19 outbreak.

.

Request a...