Blockchain technology in India has spread to almost all the sectors leaving behind the legacy of cryptocurrency. Indeed it was developed as an operating platform for crypto trade but blockchain has crept into various other domains and has actually proved to be more efficient in other roles as well. In the latest update, the encryption based technology has been now launched with a mobile app which will allow the users to make payments for various utilities.
According to Economic Times, a Singapore-based fintech company, LALA World, has launched a payment app iOS platform which uses blockchain for the processing payments. The artificial intelligence-based payment app is already active for the users of India and UAE. This app can be used to make payments for utilities like DTH, phone bills and electricity.
Everything To Know About App
To begin with, the app users need to create a LALA ID which will be saved in the network and is universally accepted. The Indian users will be able to access the facility of payment for phone bills (prepaid and postpaid), landline bills, data card top-ups, DTH and, online recharge for about 29 different services providers. This is one of the first kinds of payment providers operating on blockchain technology in India.
The account login on the app can also be done through social media accounts like Facebook. The users logging in for the first time will receive one time password after which the user will create a unique pin code which will be their password.
LALA World, CEO, Sankalp Shangari stated that the company launched the iOS module of the app for the iPhone customers in India and UAE, so that, they can get a hassle-free access to financial services. He also added that it is a very customer friendly app which is equally secure and efficient. Currently, the app can be used only for making payments but not for transfer of funds.
Stay tuned to find more updates on blockchain technology in India.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy the website. ]