One of the largest payment systems Alipay has applied blockchain in metros of 11 cities over the Yangtze River Delta for the first time, reports Yicai Global.
This enables travelers to take trains in other cities using the QR codes in each city’s metro app. Blockchain’s tamper-proof system records transactions among the cities. All this is possible through the Alipay app and it takes only a few minutes to make a payment.
Alipay, managed by Ant Financial Services Group, is the world’s leading payment project with 1.3 billion users base.
To date, the payment processor is actively progressing in the field of blockchain technology due to the release of blockchain products and cooperation with fintech startups.
Other Blockchain Efforts Of Alipay For Everyday Life
As of November 27, 2019, more than 10,000 people received financial assistance for their medical needs through the Xiang Hu Bao platform.
An online mutual assistance platform introduced by Alipay, Xiang Hu Bao, has attracted more than 100 mln members since its launch in October 2018. This way, Alipay helps to protect the health of China citizens by making it affordable, especially for low-income societies.
The platform provides its members with a basic health insurance plan for 100 types of critical illnesses. All participants have a common medical purse.
Note that the process of providing evidence is based on Alipay’s patented blockchain technology, which protected as unauthorized access.
As soon as the claims are approved, the participant will obtain a lump sum payment of up to 300,000 yuan, and this amount is distributed evenly among the other participants. The contested claims are submitted to an interactive commission consisting of qualified volunteer members.
Another news is the recent Alipay’s collaboration with Finablr startup. The agreement between both platforms is provided by the Ant Financial blockchain. Through the partnership, Alipay will gain access to an extensive network of users, and Finablr will be able to leverage Alipay’s technological advances.
Money transfers to China, India and the Philippines are one of the most promising financial areas, as people from these countries live and work in many countries of the world. A functionally compatible payment register will make it easier for foreign nationals to make transfers to their home country.
One of the goals of cooperation between Finablr and Alipay is to simplify international transfers for residents of these countries as much as possible. Besides, such payment systems can be a worthy alternative to global stablecoins, for example, the Libra cryptocurrency, which is scheduled to be launched next year.
Recall, recently it also became known that Alipay will become a key distributor of the Chinese Renminbi over the country.