Telenor Microfinance partners with Alipay for Pakistan blockchain remittances
By Nicky Morris
Today Telenor Microfinance Bank announced Pakistan’s first blockchain-based cross-border remittance service between Pakistan and Malaysia. The technology is powered by Alipay part of Ant Financial which in March 2018 took a 45% stake in Telenor Microfinance for $184.5 million.
The service is provided by Telenor’s mobile banking service Easypaisa in Pakistan and another subsidiary Valyou in Malaysia. The aim is to make payments real-time, 24/7 and more efficient. The data that’s uploaded to the blockchain platform is encrypted to protect user privacy. Blockchain allows the payer and recipient to track all the steps in the process.
Photo courtesy of Institute for Money, Technology and Financial Inclusion.