WeChat Tests Blokchain For Automated Control Of Employees Expenses
WeChat, an online messaging service operated by the Chinese technology conglomerate Tencent, seeks to expand its ability to promote reimbursement of employees, and reports that the firm is already studying blockchain.
It is reported that Tencent pilots a function that uses WeChat payment data to inform employers about when and how an employee made a purchase. Employees who pay with WeChat Pay can automatically send these transaction data to their employers for reimbursement.
The company explained that the data will be transferred using Tencent’s blockchain-platform, and said that this option can eventually eliminate friction in the process of reimbursing corporate expenses and reduce fraud with costs.
According to reports, the current system of filing and reimbursement of employees in China requires sellers to issue various receipts for business or consumer purchases. Employees must ask the sellers for a special receipt with their employer’s taxpayer identification number, which they can file for reimbursement.
This process means that traders must manually enter the taxpayer identification number when creating the receipt.
The Tencent initiative would allow sellers to integrate the system to automatically send purchase data with the necessary information to employers. Several companies have already signed a contract for piloting a service program, including a car repair center, a restaurant owned by Tencent, and parking at the Bao’an Stadium.