Algorand, the Boston-based blockchain network payments processor, has joined the WadzPay Atlytica engine, which was built on cryptocurrency technology, the companies announced Monday (April 11).
Under the terms of the deal, Algorand will develop blockchain-based solutions for the network’s partners, including financial institutions, issuers, processors and governments.
While blockchain solutions are becoming more common to solve payment challenges, implementation of tech solutions continues to be slow.
Singapore-based WadzPay, which brings more than 250 years of experience from among the biggest companies including Visa, Mastercard, Visa and GE Capital, said collaborating with Algorand to implement its blockchain technology on WadzPay’s projects will fuel its adoption in the payments sector.
The relationship aims to connect WadzPay’s digital wallet network with the Algorand blockchain; focus on real-time point-of-sale payments, wallet and eCommerce products for WadzPay and its customers; leverage Algorand for remittances; introduce tradable programs on blockchain networks; and use the Algorand network for gaming and non-fungible token projects.
Last week, PYMNTS launched a series on blockchains in cryptocurrency to help readers understand what they are, how they work, what they do, and what their pros and cons are.
In it, Algorand is described as an Ethereum-killer, a smart-contract platform that aims to provide a faster, cheaper, more secure and more scalable blockchain transaction. However, Algorand boasts a number of unique features, particularly for payments on traditional and decentralized finance projects.
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