A leading fintech company, Allied Wallet, is reportedly aiming to launch blockchain payment technology for the booming eCommerce sector in India. The company and its founder, Andy Khawaja, have supported the growth of online businesses in the country for many years and will look to offer their users blockchain solutions.
The eCommerce industry in India boasts of the highest yearly growth rate in the world and is anticipated to reach a valuation of nearly $250 billion through 2021. The country is known to have the second largest number of internet users globally after China.
The number is expected to grow substantially in the coming years with rapid penetration of smartphones and internet connections. In fact, it is predicted that the number of internet users in India could hit 829 million by 2021.
A promising technology for payments processing, blockchain could enable real-time payments easily. Payments processing across several platforms will become more responsive, agile and entail lower costs for online businesses and consumers.
According to Andy Khawaja, blockchain technology involves encrypting transactions and protecting all the concerned parties. It offers more capabilities than other options and is faster. With the tremendous growth of eCommerce in India, Khawaja said the company aims to offer businesses and users the best available technology for enhancing payments and safeguarding them.
For the record, Allied Wallet provides different payment solutions to customers in around 196 countries and is consistently making efforts to offer innovative payment processing technologies for online merchants, to enable them to send and receive payments globally.
The company has the ability to deliver PCI compliant services for merchants and businesses of any size, through a state-of-the-art payments gateway for optimizing online transactions. A few months ago, Allied Wallet China had unveiled plans to introduce blockchain technology in the country for providing low cost and safer payments processing.