AlipayHK, GCash launch cross-border real-time remittance service

AlipayHK and GCash yesterday launched a cross-border remittance service through their e-wallet platforms, powered by the blockchain technology of Alipay, the online payment platform operated by Ant Financial Services Group which enables senders in Hong Kong to transfer money to recipients in Manila in 3 minutes.

This is the first blockchain-based cross-border digital wallet remittance service globally, offering a fast, secure, convenient, transparent and low-cost way to transfer money directly between individuals in Hong Kong and the Philippines.

Alipay has applied blockchain technology to streamline the remittance process, radically improving the speed of delivery, enhancing transparency of the process and drastically reducing costs while ensuring better security measures when sending money across borders.

This service between GCash and AlipayHK will provide round-the-clock, real-time money transfer between Hong Kong and the Philippines at a competitive exchange rate with much lower transaction fees, which will be further waived during an initial threemonth trial period.

With a few taps through AlipayHK’s mobile phone application, money will be transferred within seconds to a GCash user.

Blockchain technology allows one to change and radically improve the speed and efficiencies for remittance services.

Based on the smart contract, once a user submits a remittance application, all network participants including AlipayHK, GCash and Standard Chartered Bank, the first and core partner bank supporting on this initiative, are notified.

The segmented procedures of the remittance process can consequently take place in parallel, enabling the verification and execution of the transaction to occur simultaneously.