Blockchain technology has been readily integrated into a wide array of industries over the past few years. The increasing rate of adoption of blockchain gives a clear indication of its popularity. Its popularity is majorly due to the advantage it offers. Blockchain technology which is also referred to as distributed ledger technology happens to be a game-changer in the case of cross-border money transfers.
Blockchain plays a vital role in accelerating the payment process by making use of encryption technology. One can find a number of blockchain-based payment platforms or applications already existing that offer cross-border payments in a safe and secure manner. Moreover, the integration of blockchain has made the payment process completely transparent, thereby bringing in more trust in the overall process. So, let us have a look at the top 20 blockchain-based cross-border payment companies/applications.
Electroneum is using the power of blockchain to unlock the global digital economy for millions of people in the developing world. Helping everyone to live life on their own terms, our solution is enabling people to embrace their entrepreneurial spirit and find new ways to enhance their lives.
GCash is a Philippine mobile wallet, mobile payment, and branchless banking service. Introduced in 2004. A micropayment service that transforms the mobile phone into a virtual wallet for secure, fast, and convenient money transfers. GCash is an internationally-acclaimed micropayment service that transforms the mobile phone into a virtual wallet for secure, fast, and convenient money transfers. GCash can be used to buy prepaid loads, pay bills, send money, make donations, shop online, and even purchase goods without the need for any cash.
Tassat Group Inc. is a NY-based technology company that is the leading provider of private, permissioned blockchain-based solutions for commercial banks including TassatPay, which enables banks to provide their customers with instantaneous, secure, real-time payments 24/7/365. Tassat has added Smart Contracts and Fedwire functionality to make TassatPay a one-stop-shop for B2B Payments.
BloomX is a Manila-based financial technology startup providing modern blockchain solutions to money transfer businesses around the world.
5. Diem Association
Diem Association is a global, digitally native, reserve-backed cryptocurrency built on the foundation of blockchain technology. People will be able to send, receive, spend, and secure their money, enabling a more inclusive global financial system. The unit of currency is called Libra. The aim is to make Libra as widely accepted and as easy to use as possible to create a currency that people can use with confidence and convenience in their everyday lives. Unlike the majority of cryptocurrencies, Libra is fully backed by a reserve of real assets.
InstaReM is a Singapore-headquartered cross-border payments company and is licensed as a Money Services Business (MSB) in Singapore, Australia, Hong Kong, Malaysia, India, and Canada. InstaReM has created a unique payment mesh in Asia, which is being leveraged by financial institutions, SMEs, and individuals to make fast and low-cost cross-border payments to more than 60 countries across the globe.
Xapo combines the convenience of an everyday wallet with the security of a cold-storage Vault. The company’s experienced financial services and security are dedicated to building products to manage all bitcoin needs. The Xapo Vault offers fully insured storage for long-term savings, while the Xapo Wallet gives easy, immediate access to day-to-day purchases.
8. Diamante Blockchain
Diamante Blockchain is a global, decentralized finance platform that successfully implements and develops a competitive blockchain-enabled ecosystem for trade, payments, and financing.
SatoshiPay offers solutions for B2B cross-border money transfer and frictionless micropayment processing through its blockchain-based instant payments platform. The company was founded in 2014 and is headquartered in London, with development led through its Berlin office. SatoshiPay is backed by Europe’s largest digital publishing house Axel Springer and San Francisco-based Stellar Development Foundation.
PlasmaPay is a global payment and remittance platform for people and digital businesses. Here you can securely store crypto and fiat currency, buy and exchange popular digital assets, make and receive payments, and build your own payment network with zero-fee transactions.
Wirex is a digital payment platform with a mission – to make crypto and traditional currencies equal and accessible to everyone. They are making fintech simple. Their innovative mobile app and next-gen Wirex card let you buy, store, exchange and spend a wide variety of conventional and digital currencies quickly and securely, with no hidden fees and zero fuss.
Decentralized Vision is the blockchain-based FinTech company behind the PumaPay PullPayment Protocol. Through its innovative solution, PumaPay has redefined the boundaries of everyday crypto payments with a payment platform that is not only truly comprehensive but benefits both the merchant and the customer. It believes that blockchain technology can disrupt online platforms whilst also enabling companies to allocate their revenue in a fair and equal way.
13. Lightnet Group
Lightnet is a Singapore headquartered fintech company dedicated to improving the lives of the unbanked and underbanked by building an inclusive international remittance ecosystem that increases the efficiency of existing money transfer operators, financial institutions, and other cross-border payment providers.
ChangeNOW is a non-custodial service created for simple and fast cryptocurrency exchanges. We strive for maximum safety, simplicity, and convenience. ChangeNOW has more than 170 coins available for exchange and does not hold any limits; you can exchange as much as you want – account-free, worry-free, and faster than light. The fiat option is also available – you can buy cryptocurrency with Visa or MasterCard through a third-party partner.
15. Fnality International
Fnality International is a Utility Settlement Coin (USC) platform that aims to facilitate the issuance of blockchain-based currencies in the commercial and central banking sector worldwide.
Cashaa is a gateway to consumer-centric and affordable financial products aimed at consumer adoption of Blockchain without having to understand the technical details of Blockchain technology.
Coinone developed by Devign Lab, is a web-based home trading system (HTS) that enables users to trade bitcoin and ethereum. Their one-click payment system, Coinpay, provides payment services with a 0% transaction fee.
Coins.ph is on a mission to create an open financial system by providing everyone easy access to Web3 and digital assets. Launched in 2014, Coins.ph is the most established crypto brand in the Philippines and has gained the trust of more than 16 million users. Through the easy-to-use mobile app, users can buy and sell a variety of cryptocurrencies and access a wide range of financial services.
Veem helps small businesses save time and optimize cash flow by simplifying the way they send and receive payments domestically and internationally. Trusted by more than 500,000 users in over 100 countries, Veem uncomplicates the end-to-end AP/AR process with seamless integrations to leading accounting software, real-time tracking of payments, and cost-effective, flexible payment options. Now businesses have the power to pay how they prefer and eliminate friction with customers to get paid faster.
Abra is the all-in-one digital asset custodian where consumers and institutions can buy, sell, trade, store and borrow cryptocurrency. Store your digital assets such as Bitcoin, Ether, and 75+ other altcoins.
Abra is on a mission to create a simple and honest platform that enables millions of cryptocurrency holders to maximize the potential of their assets. Abra’s vision is an open, global financial system that is easily accessible to everyone.
After reading through the post, it is clear that there are a number of good companies leveraging the power of blockchain technology to facilitate cross-border payments in a safe, secure, and transparent manner. In addition to the companies/applications mentioned above and the other already existing ones, it is expected that more will be coming up in the time to come.