WeChat trials blockchain invoicing for faster refunds of company expenses

posted 4 months ago
Tech giant Tencent thinks blockchain can speed up reimbursement of expenses for company employees and it's trialing a feature on its WeChat app to do just that. 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. Notably, this reduces the prevalence of falsified receipts which are somewhat common in China as a means of tax evasion. Tencent said by putting the issuance process on a traceable blockchain, it would provide tax authorities with a paperless taxation system via which it can track the circulation of receipts.
Tags: blockchain, news