Ripple Adoption: Payments Giant Plans To Reach 15 Million People And 1.5 Million Merchants
Ripple has been bagging a lot of partnerships this year and the company also made considerable efforts to promote the adoption of XRP and boost the XRP ecosystem as well.
SBI brings Money Tap to millions of users
Now, the Japanese financial giant SBI said that they are bringing Ripple-powered payments app MoneyTap to millions of users and merchants with the mobile payments company PayPay.
MoneyTap was launched at the beginning of last month.
According to the official announcement, the partnership will build on the money transfer app using Ripple’s DLT in order to deliver next-gen financial infrastructure.
In the official announcement, SBI stated that:
“In this business alliance, when the user charges the PayPay balance from the bank account, it does not go through the existing infrastructure such as CAFIS by going through the MoneyTap infrastructure provided by MoneyTap.”
SBI continued and explained that “You can charge directly from your bank account. This will reduce the burden of connection with individual financial institutions at PayPay, and will enable connection with operators at a lower cost than existing infrastructure at financial institutions.”
MoneyGram has an expansion strategy with Ripple and XRP
Ripple made headlines recently again in relation to MoneyGram.
In a new report on the company’s performance and strategies, SBI said that SBI Remit, which is the remittance platform will be using Ripple’s XRP-powered former xRapid, which is now known as On-Demand Liquidity (ODL).
Noe too long ago, it’s been revealed that MoneyGram seems to be planning to expand its partnership with Ripple, using the XRP-based cross-border payments solution in order to enter new corridors by the end of 2019.
Asheesh Birla, senior vice president of product at Ripple, said that:
“In today’s MoneyGram earnings call, CEO Alex Holmes announced plans to expand the use of Ripple’s on-demand liquidity to new corridors.”
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.