WeChat Eyes Blockchain for Faster Refunds of Company Expenses
Technology giant Tencent is trialing a new blockchain-based feature on its popular WeChat messaging app that is aimed to speed up the reimbursement of expenses for company employees. According to a blog post published on Friday, Tencent has piloted the application at a local restaurant in Shenzhen, China, where a user paid the bill through its existing payments service WeChat Pay. By feeding the payment data over its blockchain platform to the user’s employer, the restaurant and Shenzhen’s local taxation authority, Tencent said delays normally encountered via the standard manual claims process are eliminated. As such, the company hopes its system will eventually find use in streamlining and hastening the expense reimbursement process, while also reducing the prevalence of falsified receipts. Currently, China employs a somewhat complex system whereby merchants issue different payment receipts for individuals and firms. When staff need to be reimbursed for dining expenses, for instance, they
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