Alipay, the China-based blockchain company announced on Thursday that it was all set to provide basic health plans to 300 million people in the next two years through its online mutual aid platform, Xiang Hu Bao.
The platform, has attracted a lot of traffic, despite launching in October 2018. In less than six months, it managed to attract 50 million participants, compared to Yu’e Bao, which was Alipay’s spare cash management platform. The latter took more than 6 months to gain 50 million participants.
Xiang Hu Bao uses blockchain to provide health plans to protect investors against 100 critical illnesses. A press release from the company said while Xiang Hu Bao is not a health insurance product, it complements other premium health insurance offerings in the market that have a wider range and depth of coverage. All participants share the risk of these critical illnesses and bear the related expenses as a collective. As of April 2019, approximately 47% of Xiang Hu Bao’s 50 million participants were migrant workers and 31% were from rural areas and county level regions.
The press release added, ” Xiang Hu Bao does not require any upfront payments or admission fees and is available for users who are between 30 days and 59 years old and meet basic health and risk criteria. When a participant makes a claim, supporting evidence must be submitted via the Alipay app and go through a review and approval process. If the claim is approved, the participant will receive a one-time payout of up to RMB 300,000 (US$44,600), the cost of which is shared equally by all other participants. Disputed claims are escalated to an online review board consisting of qualified volunteer participants.”
In the past, Alipay collaborated with the municipal government of Wuchang in Heilongjiang Province to improve the traceability of the locally-grown rice. How this was supposed to work: Every packet of the genuine Wuchang rice sold by an official flagship store on Alibaba’s Tmall platform would be tagged with a dedicated QR code. This code could then be scanned using the Alipay app to trace the origins of the package. Consumers would be able to access production and logistics information including where the rice was harvested, which type of seed was used, and other details associated with the harvesting, packaging and transportation of the rice.
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