bin picking-GCash, AlipayHK launch blockchain-powered remittance service

bin picking-GCash, AlipayHK launch blockchain-powered remittance service

Success! #GCashXAlipay pic.twitter.com/mB5V1vipBq
— GCash (@gcashofficial) June 25, 2018

MANILA — Globe Telecom's GCash and AlipayHK on Monday launched a blockchain-powered remittance service that promises lower fees and transfers within seconds, the Filipino telecommunications firm said.

Transaction fees will be waived during a 3-month trial period. Users can send and receive money on their digital wallets by just tapping on their mobile devices, Globe said in a statement.

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Standard Chartered Bank is the "core partner" lender for the service, according to the statement. The service is encrypted with the "most advanced protocols," it said.

Hong Kong is among the top markets for overseas Filipinos in East and Southeast Asia, alongside Malaysia and Singapore.

Remittances account for roughly a tenth of gross domestic product, according to Bloomberg. In June cash remittances reached $2.3 billion.

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