China’s popular WeChat, the messaging, social media and financial services app owned by Tencent Holdings, has launched a blockchain-based electronic invoice system for corporate employees dining at the Shenzhen Guomao Rotary Restaurant, making the city the first in China to issue invoices with the technology.
The idea, according to CCN, is to simplify the process of reimbursing company employee expenses. Any payment made through the WeChat self-checkout platform becomes a one-click reimbursement process.
Merchants save time because invoices are issued automatically at checkout. The employee’s company can easily verify the invoice. The employee can claim reimbursements online.
And the tax regulator can monitor the entire process, too. This blockchain system is the result of a partnership between Tencent and the Shenzhen Municipal Office of the State Administration of Taxation announced in May. Read more here.