Vietnamese Payment Service Provider to Implement HC Remit to Channel-in Overseas Payments

By Heath Fellows.
Updated Apr 5, 2022

PALO ALTO, Calif. (PRWEB) April 05, 2022 - International blockchain development firm HashCash Consultants gladly announces the deployment of its remittance product HC Remit in an upcoming project by a Vietnamese Payment Service Provider. The project mainly involves inward-bound payments and remittances in cryptocurrency.

Vietnam features in the list of the top 10 countries by volume of receipt of remittances ($18.06 billion in 2021). The figure amounts to 6 percent of Vietnams annual GDP. In a separate instance, Vietnam exported a total of 3.6 million tons of crude oil and received payments worth $1.9 billion, in 2019.

Research reveals that the major remittance corridors are topped by the US home to around 2.2 million immigrants. Cambodia shelters 600,000, while Japan hosts 371,000, France 350,000, Australia 300,000, Canada 250,000, Taiwan 200,000, Germany 170,000, and South Korea is home to 170,000. This set comprises the main source of remittances to Vietnam.

Had blockchain remittance solutions been around to save the overseas Vietnamese workers 6-9% in fees, then in 2019 the net additional remittance received in Vietnam would have amounted to $1-1.5 billion based on the same amount remitted, wrote Raj Chowdhury, HashCash Founder, and CEO, over an email.

Seamless onramps and offramps which is crucial for mass adoption and can be afforded through private payment service solutions, adds Chowdhury pointing to an opportunity for investors. Ensuring a secure, instant, borderless payment.

HashCash Consultants have made a significant contribution to the crypto growth in UAE with back-to-back projects involving the deployment of their crypto exchange and payment processor solutions. The company has lately announced its preparedness to work on a Metaverse development project. HashCash has also worked on building a consortium for a digital media brand.

Optimism should power and guide the path to accomplishment of such projects as regulations are still uncertain in the jurisdiction of operation. No major roadblocks appear for blockchain-oriented remittance companies to provide a channel for inward remittances. However, the legal framework is neither stable nor is complete. Existing laws do not explicitly prohibit DLT powered remittances from operating in Vietnam, as long as funds received as cryptocurrency are not spent as cryptocurrency.

HashCash is a global software company. HashCash Blockchain products enable enterprises to move assets and settle payments across borders in real-time for Remittances, Trade Finance, Payment Processing, and more. HashCash runs US-based digital asset exchange, PayBito & digital asset payment processor, BillBitcoins. HashCash offers exchange and payment processor software solutions, ICO services, and customized use cases. HashCash propels advancement in technology through Blockchain1o1 programs and its investment arm, Satoshi Angels. HashCash offers solutions in AI, Big Data, and IoT through its platforms, products & services. HashCash solves the toughest challenges by executing innovative digital transformation strategies for clients around the world.