Alipay launched cross-border payment based on the blockchain- a new breakthrough in the blockchain application scenario

  • On June 25, the Hong Kong version of alipay AlipayHK officially launched. Meanwhile, ant financial has officially launched the world’s first cross-border remittance service based on blockchain technology. Cross-border remittance service based on block chain technology will greatly shorten the time of remittance.AlipayHK users can use their mobile phones to transfer money based on blockchain technology to Philippine wallet Gcash.
    With the support of block chain technology, cross-border remittance can also be received in real time like local transfer, 7 x 24 hours without interruption. The blockchain cross-border remittance has taken the first step and is likely to benefit users from more countries and regions in the future.

    At the scene, Grace, a Filipino, tried using a service called blockchain cross-border remittance, which took only three seconds. This is a huge improvement over the long remittance period. The application of block chain technology in real life is also proved.

    Grace later took a photo with ma and posted it on facebook

    Traditionally, payment has been a core link of great concern to both sides in international trade and a key node that often generates settlement risks. In the current international trade telegraphic transfer payment transaction process, telegraphic transfer payment has the problems of low payment efficiency and high settlement risk.

    With the support of the blockchain technology, cross-border remittances can be transferred in real time, saving money, saving trouble, safe and transparent just like local transfer.

    This is also another innovative exploration of the application scenario of ant financial services in block chain after public donation, food traceability and rental management.

    According to the introduction, some Banks have previously realized cross-border remittance of internal blockchain, but not across institutions, and the transfer between users and Banks is still a traditional mode. There are also cross-border remittances based on encrypted currencies, but because the supply and demand of the currency and the value of the currency can fluctuate violently in a short period of time, it is difficult to make large-scale commercial transactions.

    The partnership between AlipayHK and Gcash makes it the first electronic wallet in the world to use blockchain on the whole cross-border remittance link, and standard chartered bank is responsible for fund clearing and foreign exchange exchange exchange at the end of the day. Users of Gcash can consume it immediately after they receive it. Cross-border remittances can also be delivered in real time as domestic transfers.


    Ant Golden Suit Chairman and CEO Jing xiandong at the scene that the ant block chain do not do “air currency”, do not violate the laws and regulations of the technical application, do not do any harm to user data security and privacy behavior.

    Jack ma said at the scene, block chain tool should not become rich, he reiterated that blocks the chain itself is not a bubble, but the currency is likely to be a bubble. However, the blockchain must solve more social problems and develop areas such as assistant pratt & Whitney and green instead of a “gold mine”.