Yesterday, Indian software company Tech Mahindra announced a partnership with Dutch blockchain firm
Quantoz. Under the agreement, Tech Mahindra will offer its clients a blockchain-as-a-service (BaaS) for digital payments.
The firms will be working on the blockchain-based Quasar app, which facilitates digital cash payments. The Quasar network is based on the
Stellar open-source protocol. It allows integration of fiat currency such as the US Dollar or the Euro, avoiding the need for tokens for payments. Users can send or receive electronic cash by creating a mobile wallet on Quasar.
The solution also enables automatic payments between connected devices for internet of things (IoT) applications. For example, micro-payments by cars are possible without the need for any intermediaries. Wallets can be assigned to a vehicle and a service provider to securely complete a transaction without the need for payment processors or credit card companies.
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