Borqs Technologies, embedded software and products provider for the Internet of Things (IoT), has signed an agreement with Zippie, a blockchain application and payment platform company. The partners will jointly develop and promote blockchain IoT autonomous payment solutions, where Borqs will focus on the IoT device and Zippie will be responsible for the backend payment gateway. The companies plan to launch the first reference platform solution based on Android digital watch and with mobile wearable payment connecting to various banks in the U.S., Europe and Africa.
Zippie enables businesses to send and receive programmable payments with money and other digital assets, such as airtime, loyalty points, tokens, and gift cards. Since 2017 Zippie has been developing money-system-connected blockchain platform for the real world.
According to Zippie, the key aspect of IoT payments is security – how payment credentials are stored securely on a device, how access to the device is controlled (to prevent hacking), and how users on the device will authenticate themselves. Blockchain provides the needed technology to manage and execute IoT autonomous payment transactions. The essentials of using blockchain technology are the inalterability of data, no single point of failure, identity managed by public/private key pair (authentication), cryptographic primitives that deny data access to unauthorised users, and the requirement that all transactions be signed and auditable.
The company is obtaining e-money license in Europe and other selected strategic regions. By the end of 2021, its expects payment system to be connected to 1.3 billion mobile wallets and 3 billion bank accounts globally.