Banking News

Tech Mahindra teams up with Qauntoz for blockchain payments

digital mobile payment

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.

“Our collaboration with Quantoz is a step in that direction, as it will enable our customers, for instance, automotive OEMs (Original Equipment Manufacturers) become a payment gateway, triggering new revenue streams through aftermarket ecosystem,” said Rajesh Dhuddu, Global Practice Leader, Blockchain, Tech Mahindra.

Tech Mahindra is offering the Quasar solution to clients through its Blockchain Design Studio, a cloud interface hosting 25 blockchain applications and six blockchain protocols. The company has already deployed Quasar Drive at its research and development arm, Makers Lab, in India and the United States. It is trying to create a pay-per-use model for connected devices.

The IT firm is participating in several blockchain initiatives. Recently, it announced a collaboration with Samsung SDS and Pega to develop a blockchain traceability solution. The company previously worked with Samsung on its Nexledger blockchain platform. It is also behind the UAE land registry blockchain.

Meanwhile, 2015-founded Quantoz has already trialed its solution. In April, carmaker Porsche announced a blockchain proof of concept with the firm for automating parking payments. It is not clear if Quasar was used for this trial.

The blockchain firm is also part of the smart container platform called We Are 42, which uses Quasar for automated payments. It assigns digital wallets to the shipping containers, enabling them to send or receive payments.

Quantoz has another product called Nexus for digital currency exchange. The platform tokenizes cryptocurrencies as well as fiat currencies for ease of trade for businesses.


Image Copyright: MicroOne \ BigStock Photo