Why India’s Hike Messaging App Adding Payment Services Matters

Hike messenger, a popular phone messaging service app in India, has recently decided to introduce payment services on its platform.

The payment service includes both peer to peer payments that do not require bank accounts and use in-app wallets, and bank to bank payments using the UPI platform introduced by the National Payments Corporation of India (NPCI). In doing this, Hike has emulated the services provided by WeChat, a Chinese messaging app owned by Tencent. The latter is also an investor in Hike. Such payments cater to both ad hoc requirements between app users, and special occasions such as birthdays or anniversaries on which people often send cash if they are not able to give a present.

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IBM Builds Blockchain Technology for Seven European Banks

IBM has announced a blockchain technology that will be used by seven European banks, to facilitate international trade for small and medium-size enterprises.

Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Societe Generale and Unicredit are part of the consortium.

IBM is building this new blockchain, Digital Trade Chain, to help parties track, manage and transact internationally. The tech solution will be built on Hyperledger Fabric, an open source blockchain framework, and will go live by the end of the year.

Wiebe Draijer, chairman of the executive board at Rabobank, explains that when a merchant sells goods to another party and those goods arrive, the blockchain triggers a payment to take place. The aim is to move the payment into that blockchain solution, when the payment in blockchain is ready to be robust for large-scale application.

BIT.AC to Support 22 New Cryptocurrencies

The multi-currency crypto wallet BIT.AC has announced the support of 22 new cryptocurrencies.

The new list of coins includes Gnosis, Golem, Iconomi, BAT, Xaurum, Edgeless, Trustcoin, Pluton, Augur, iExec, Melon, Wings, Singular, Aragon, FirstBlood, vSlice, Time, TokenCard, BCAP, Guppy, Lunyr and TAAS. In addition, BIT.AC enables users to instantly convert one type of cryptocurrency into another.

The platform uses “cold storage” technology to protect servers from the risk of external intrusion. In addition to web-based wallets and instant exchange platform, BIT.AC also offers Android application for mobile users.

dLocal Integrates WeChat Pay, AliPay and UnionPay

dLocal has announced that it supports payments through WeChat Pay, AliPay and Union Pay on its platform.

Together, the three online payments providers cover 70% of the Chinese market which had a value of USD 2.9 trillion in online payments in 2016. The new integration allows merchants on the dLocal platform to reach 300 million Chinese consumers.

The company’s payments platform supports over 200 local payment methods used in emerging markets in APAC, Latin America, Eastern Europe and the Middle East. dLocal supports local credit cards, cash payments, and bank transfers in each region. Merchants that accept payments through dLocal can enable WeChat Pay, AliPay, and Union Pay with just one click.

The cross-border ecommerce market in China is booming. According to Boston Consulting Group, Chinese consumers spent about USD 750 billion online in 2016 and the ecommerce market will continue to grow by 20% annually.