Chinese payment provider LianLian International joins RippleNet, an instant cross-border payment network that uses Ripple blockchain technology.
Ripple announced the partnership on Wednesday, Feb 7.
LianLian will be implementing Ripple’s xCurrent payment solution to offer an instant cross-border transactions system to its customers.
“With RippleNet, we will further enhance that experience by offering customers instant, blockchain-powered payments across the 19 currencies that we currently support,” said Arthur Zhu, CEO of LianLian.
Ripple’s xCurrent product differs from its xRapid solution that is being widely utilized by a number of other partners and which unlike xCurrent, uses Ripple’s cryptocurrency XRP for transactions.
Licensed in Hong Kong, LianLian processes millions in transactions between customers and merchants including some of the biggest e-commerce sites like Amazon, Ali Express and eBay.
Using RippleNet, the Chinese money service company will support the influx of payments sent to Chinese retailers from RippleNet member banks across Europe, U.S and Asia. This flow of payments from within China as well as from outside markets will result in an increased volume of payment transactions on RippleNet, thus adding value to Ripple.
Ripple’s blockchain technology will power cross-border transactions at a much faster rate and at a much lower cost as compared to traditional money transferring services.
“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,” said Emi Yoshikawa, Ripple’s Director of Joint Venture Partnerships.
Ripple is one of the most active and operational blockchain participants as it has partnered with a lot of financial institutes and created a wide range of applications for its technology.
In January, Ripple signed a deal with MoneyGram that helped XRP’s price to recover from a slump caused by the South Korean government’s cryptocurrency trading ban threats.