When Ripple meets China’s e-commerce!
February 9, 2018 5:15 am,
On 7th February 2018, Arthur Zhu, CEO of LianLian International, announced a joint venture partnership with Ripple and said in a statement that, “With RippleNet, we will further enhance that experience by offering customers instant, blockchain-powered payments across 19 currencies that we currently support.”
Licensed in Hong Kong with 150 million registered users in the region, LianLian processes billions in payments between merchants and consumers including major online retail sites, such as Amazon, Ali Express, and eBay.
With their partnership venture, in this case, they have agreed that LianLian will use Ripple’s xCurrent settlement platform to support the influx of global payments sent to the Chinese e-commerce market from other RippleNet member banks across Asia, the US and Europe.
On the other hand, Ripple’s Director of Joint Venture Partnerships, Emi Yoshikawa said that “Cross-border payments related to China’s e-commerce market reached $1.07 trillion in 2017. There is a huge opportunity to make these payments quicker and more cost-efficient. With RippleNet, LianLian will now be able to provide merchants and consumers with on-demand payments, which they weren’t able to before. We look forward to connecting other RippleNet members to LianLian.”
Because of this partnership, the more than 100 existing members of RippleNet, the company’s enterprise blockchain, will be able to connect to the Chinese market, making RippleNet even more attractive to prospective clients.
Read this for more information: https://cointelegraph.com/news/ripples-global-financial-network-partners-with-china-based-payment-provider
This partnership facilitates real-time cross-border e-commerce payments between China, the US, and Europe.
Ripple’s technology will enable the transfers to take place instantly, and at a much lower cost to users than previously available through traditional transfer methods.
Before a while, in January, two other international payment providers adopted xRapid, and Ripple CEO Brad Garlinghouse has suggested that more firms will join the network in 2018. One was when Ripple contracted with another high caliber partnership with MoneyGram, which intends to create a collaborative effort to enable real-time money transfers on a global scale. This partnership also sent XRP’s price on an upward trajectory.
This new partnership will further add value to Ripple, as LianLian will also facilitate the smooth flow of transactions between consumers and merchants in China as well as other markets. The end result is an expected rise in overall volumes of payment transactions on the Ripple network.
Let’s see how effective will Ripple-Lian Lian be.