Chinese payment provider adopts Ripple’s blockchain network
LianLian Pay will utilize Ripple’s xCurrent solution to support cross-border transaction settlements.
Ripple continues to expand its client base, announcing the addition of Chinese payment provider LianLian to its RippleNet blockchain network. LianLian aims to improve its ability to conduct international transactions.
LianLian Pay will employ Ripple’s xCurrent solution to process efficient, same-day cross-border transactions.
However, xCurrent does not utilize Ripple’s XRP token like the company’s on-demand liquidity solution, xRapid.
“With RippleNet, we will further enhance that experience by offering customers instant, blockchain-powered payments across the 19 currencies that we currently support,” LianLian chief executive Arthur Zhu said.
LianLian Pay is the fourth largest non-banking third-party payment service provider in China, with a registered capital of RMB 325 million ($51.8 million). Lianlian payments offers services for China’s major domestic banks.
The RippleNet network comprises more than 100 global financial institutions. In a post on its Insights Blog, Ripple says that the addition of LianLian expands members’ connection capabilities with China.
“With RippleNet, LianLian International will now be able to give merchants and consumers quicker, more cost-efficient payments into China, which they weren’t able to before. We also look forward to connecting other RippleNet members to LianLian,” Ripple director of joint venture partnerships Emi Yoshikawa said.
After teaming with international currency transfers firm MoneyGram in January, Ripple recently announced that IDT Corporation and MercuryFX will pilot xRapid to settle retail remittances and corporate transactions.
Additionally, French bank Crédit Agricole and its payment services will trial RippleNet to improve the efficiency of foreign exchange money transfers for regional banking customers who live near the Switzerland border.
Ripple said the growing institutional adoption of its XRP token through xRapid shows that progress is being made towards building the Internet of Value (IoV). IoV is Ripple’s long-term vision for moving money instantly.