Ant Financial (AliPay) Completes 3-Second Blockchain Remittance Payment with AliPayHK & GCash
AliPayHK Successfully Completes Blockchain Remittance Within Just Three Seconds, According To CEO Jack Ma
Even though Ripple has been at the center of attention for their fast speeds, Alipay has seemed to catch up. In a recent post on Twitter on June 25th, it was announced that they established their “first blockchain-based electronic wallet cross border remittance service.” The transaction was performed between Hong Kong and the Philippines, and it was announced at a press conference held by Ant Financial
The recipients were both AliPayHK and GCash, which is a Philippines-based payment application that can be used with AliPay. According to cnLedger, CEO Ma said,
“Using blockchain to achieve cross-border remittances is one of my most concerned projects in the past six months. Starting from Hong Kong, this service (AliPayHK) will be brought to the rest of the world in the future.”
Ma has been largely in support of the blockchain technology in the past, but cryptocurrency is another story. He believes that Bitcoin is condensed within a “bubble” of how far cryptocurrencies can go. Despite Bitcoin’s role in developing these digital options, Ma believes that Blockchain should not stop where his trial with this remittance stops and believes in blockchain’s longevity. He said,
“Blockchain should not be a tech to get rich overnight…There are still 1.7 billion people in the world who have no bank accounts, but most of them have mobile phones.”
Standard Chartered is the banking institution responsible for the new services. Much of the reason for their inclusion is due to their blockchain-based ecosystem that already handles cross-border payments. This service is essential to the Filipino and Hong Kong communities, since many of the domestic workers have to send payments back to family while they are away.
In the future, consumers can expect to see more partnerships being setup with Ant Financial, as they try to lead the economy to new ventures. The announcement of their fast remittance comes soon after their recent Series C round funding that managed to raise $14 billion towards the development of blockchain technology.