E-Cheque Wallet Application
Hong Kong Case Study
In 2015, the E-Cheque wallet application was launched by The Hong Kong Monetary Authority. This technology was designed to streamline payment processes by negating the need for the physical delivery and presentation of paper cheques, simultaneously propagating the circulation of credit transfer activities.
The E-Cheque Wallet application developed in Hong Kong by LSCM provides a more convenient and efficient platform for e-Cheque transactions. This system carries all the features and benefits of paper cheques, while adding some additional perks: The online format carries enhanced security features to protect sensitive data and reduces the cost of manually processing paper cheques.
Enhanced Security and Additional Features
In contrast to most e-Wallets that use a traditional centralized ledger, LSCM E-Cheque Wallet utilizes Blockchain technology. Blockchain technology has been described as an incorruptible digital ledger of economic transactions, which can be used for recording any valuable data. This provides a safe, reliable system to eradicate replicated and counterfeit cheques and protect vital data. These measures serve to strengthen corporate’s confidence in the e-Cheque wallet application system.
With the help of file encryption and digital signature techniques, authenticity of the digital assets is guaranteed. Each digital asset is uniquely identified on the Blockchain, so the owner cannot resend the same digital asset to more than one recipient. It offers a trustworthy and speedy delivery of e-cheques. Issuers may issue digital assets and have them delivered to thousands of recipients in real-time.
In 2017, the E-Cheque Wallet application won the silver medal at the Geneva International Exhibition of Inventions.
If you have any questions about how E-Cheque Wallet applications can help your business or how LSCM can foster your sector’s innovation, feel free to contact us.