LianLian International, an international money service company licensed in Hong Kong, will use Ripple’s leading enterprise blockchain solution, xCurrent, to process real-time cross-border payments on behalf of merchants and consumers, including invoice payments and e-commerce payments, into China. The production agreement, signed today, will see LianLian International use RippleNet to process payments into China instantly, efficiently and at a low cost.
LianLian International will accept payments from overseas financial institutions using RippleNet, and disburse these payments to Chinese recipients. In addition, LianLian International will provide a connection service into China for other RippleNet members, supporting transaction flows between merchants and consumers in China and other markets — driving payment volumes higher.
“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,” said Emi Yoshikawa, Director of Joint Venture Partnerships, Ripple. “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.”
Arthur Zhu, Chairman of the Board, LianLian International, said: “LianLian International is a leader in the payout experience both into and out of China, as evidenced by the large number of our merchants and partners. With RippleNet, we will further enhance that experience and increase our market share by offering customers instant, blockchain-powered payments across the 19 currencies that we currently support. We look forward to working with Ripple to power payment flows between China and RippleNet members in new markets.”