AlipayHK and GCash announced earlier about their newly launched cross country remittance service via their e-wallet platform on mobile and web and using the cutting-edge blockchain technology developed by Alipay, the online payment platform operated by Ant Financial Services Group (“Ant Financial”, “Ant”).
The Alipay-Gcash remittance from HK to Manila is the first ever blockchain based cross border digital remittance service globally that offers a much more faster, secured, convenient, transparent and cheapest way to transfer money.
The announcement is a big game changer in the world of cash remittance. OFW can now send money to their family and friends with the use of their AlipayHK and they can transfer money in real time to their recipient here in the Philippines and they will receive the money in full via the GCash app, which they can use it to purchase items, food or pay bills using the GCash app or they can withdraw cash to any ATM machines via their GCash card.
Here are the benefits of using AlipayHK and Gcash for remittance from HK to Manila
1. No need to fall in line to transfer money via over the counter remittance service
2. Exchange rate is very reasonable
3. Low transaction fee on every transfer
4. There's transparency in every transaction
5. You receive the money in real time and you can receive it anytime and anywhere
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 three-month 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 us 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.
Through the blockchain platform, the sender and receiver are also able to track their money with every step of the way – from when the remittance application was made, until when the receiver successfully obtains the money. All information stored, shared or uploaded through the blockchain remittance platform is further encrypted with the most advanced protocols to protect the user’s privacy.
On Photo live stream from HK – Globe President and CEO Ernest Cu and Alibaba Group co-founder and executive chairman Jack Ma
At the launch, they did a live demo of the transfer from AlipayHK to GCash, an OFW based in HK sent money to her family using the cross country remittance service of AlipayHK and in just 3 seconds, the money was received here in Manila via the GCash app.
The future is already here, cash remittance is now faster, safer and much more convenient. Now we want to see how it will evolve into a much more better service that can benefit people who dont have access to banks and remittance center.
Now next is to wait on how the AlipayHK to Gcash service will play a big role in other countries
