Mixin Limited announced its collaboration with global payment service provider City. The two enterprises intend to work together to create an instant messaging payment system, which will be used as a means of resolving problems with electronic currency processes in Nepal.
Mixin COO Danni Li stated that the company will work with the venture, which belongs to an integrated financial group in Nepal, to build a system based on the distributed ledger technology Mixin specialises in.
The director of City, Mahesh Kumar Shrestha, explains:
“Nepal is a famous overseas employment country. The nominal GDP of the country is about 19.47 billion US dollars, of which the cross-border payment of overseas workers is about 28.2 percent. In addition, 64 percent of the labour force in Nepal is still concentrated in agriculture, forestry, and fisheries. The payment and exchange of cash is inconvenient, and the mobile payment industry needs to be upgraded.”
Mixin Network is itself a sophisticated distributed ledger, giving it the potential to solve the many electronic currency issues tied to the Nepal rupee exchange rate. It’s hoped that its work will help to improve everything from account dealings to KYC, anti-money laundering technology, and more.
In addition to the many solutions it might provide, Mixin Messenger will incorporate a number of new and exciting features too, including live chat and e-cash QR code payment, as well as performing a vital role in instant mobile payments for both retail and remittance.
Recharging and withdrawal services for Messenger will be made available in over 5,000 City branches.
Mixin will also be working closely with ANEX Corporation - a global technology consulting firm - as part of a wider discussion with City around finding a window into the Tokyo market.