Chinese payment provider adopts Ripple's blockchain network | finder.com

Chinese payment provider adopts Ripple’s blockchain network

Peter Terlato 7 February 2018 NEWS

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.

What is Ripple? The ultimate guide to XRP

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.

Interested in discovering more about cryptocurrencies? Check out our A-Z list of the most popular altcoins.

This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Latest cryptocurrency news

Picture: Shutterstock

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.
Go to site