Connect with us

Top Stories

RIPPLE PARTNERS WITH LIANLIAN INTERNATIONAL TO POWER INSTANT PAYMENTS TO CHINA

RIPPLE PARTNERS WITH LIANLIAN INTERNATIONAL TO POWER INSTANT PAYMENTS TO CHINA

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.”

Editorial & Advertiser disclosure
Our website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.
Global Banking and Finance Review Awards Nominations 2021
2021 Awards now open. Click Here to Nominate

Recommended

Newsletters with Secrets & Analysis. Subscribe Now