AlipayHK, Alipay’s service for users in Hong Kong, recently announced the launch of a cross-border remittance service offered through its digital wallet platforms. The service is powered by blockchain technology developed by Alipay, the online payment platform operated by Ant Financial Services Group.
According to a report by CoinNess.com, senders and receivers on the blockchain platform are able to trace the money transfer until it reaches its destination, resulting in reliable and fast online transactions.
This service marks the first blockchain-based, cross-border, digital wallet remittance service in Hong Kong. It reportedly offers a fast, secure, convenient, transparent, and cost-efficient way to transfer money directly between individuals in Hong Kong as well as in other countries.
“We are the very first Hong Kong digital wallet to offer nationwide services in China; Hong Kong users are able to travel in the mainland of China just with a smartphone,” the Alipay HK team said.
With the blockchain-based platform, AlipayHK users will be able to make instant online transactions, conduct cross-border remittances, purchase insurance, as well as earn rewards from using the services.
The inclusion of blockchain-based services comes as e-wallets see greater adoption in the special administrative region. So far, over 20,000 Hong Kong businesses have accepted e-wallet payments, ranging from major retailers, supermarkets, and fresh markets to transport services.
Features of electronic wallets include payment on Taobao and TMall, peer-to-peer transfers, utility payments, mobile service payments, and more, making Hong Kong residents’ lives more convenient by expanding the kinds of payments that can be completed via mobile devices.
In addition, AlipayHK is currently collaborating with Hong Kong authorities to develop a QR payment service for subway stations. The solution is expected to be released next year.
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