Published On: Thu, Feb 8th, 2018

Ripple to Provide Faster Payments into China with New Partnership

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Online shopping is an immense industry in China, with hundreds of millions of users and worth over $670 billion last year. Some of the largest e-commerce markets on the planet are targeted at Chinese consumers, and their spending power is growing. Payment convenience is a key component of the success of online marketplaces, and Ripple intends to facilitate that with new partnerships in the country.
In an announcement on the Ripple company blog yesterday, the San Francisco-based blockchain firm stated that it was entering into partnership with a leading Chinese money service company. Lianlian International is a Hong Kong licensed operation with 150 million users in the region.

xCurrent Cross-Border Transactions
The company has joined RippleNet to receive real-time cross-border remittances, invoice payments, and e-commerce payments. It will be using Ripple’s settlement solution, xCurrent, that offers end-to-end tracking, powering cross-border transactions between China, the US, and Europe.
Lianlian joins Ripple’s existing network of over 100 financial institutions to reap the benefits of faster, cheaper, and more convenient cross-border payments. The company processes billions in payments each year between merchants and consumers, such as Amazon, Ali Express, and eBay. This makes it one of the largest …

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