Visa and UnionBank introduces blockchain payment system

Visa and Unionbank team up to bring in a new payment system in the Philippines in the form of Visa B2B Connect. The new system will make use of blockchain technology, the same technology that cryptocurrencies such as BitCoin use, to speed-up fund transfer processes.

According to UnionBank chairman Justo Ortiz, Visa B2B Connect will allow fund transfers to be accomplished in real time or within 24 hours compared to the usual 3-5 day timeframe. Apart from that, transaction fee’s are also projected to decrease once the platform goes into full release. Head of business-to-business partnership at Visa Asia Pacific, Viktam Kshettry said that they will be using 23 fiat currencies and 4 partner banks to be able to offer the payment platform.

The new service is set to come out by the 4th quarter of 2018.

source: ABS-CBN News