Blockchain technology company BNC LedgerTech announced on Monday that it has partnered with OBL Company.
The deal between the two firms will allow OBL, which provides payments services, to access BNC’s blockchain technology.
According to a statement released by BNC, fees for payments made using the new service – be they domestic or international – will be capped at $0.10.
Those payments will also, the firm claims, be made instantaneously. Settlements will also be free for any client using the service.
“This partnership with BNC LedgerTech will give OBL’s current customer base the luxury of being one of the first to utilize the revolutionary advantages that blockchain technology has to offer,” said a BNC spokesperson.
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BNC’s partnership with OBL comes just a month after the blockchain technology company announced its deal with NetPay – another payments company.
Although the company plans on targeting businesses, the firm’s primary goal is to tackle the global remittances industry.
Though individual payments are small, the global remittances business is worth approximately $500 billion according to QZ.
Some technology companies have taken a stab at taking on incumbents, but blockchain technology could be poised to take over the industry.
That’s because payments are instant and could be much cheaper than banks and firms like Western Union charge.