Ripple, an American blockchain technology company, has partnered with a South Korean payments business to facilitate remittance in the Asian region.
Ripple announced on its blog that Coinone Transfer, who’s the subsidiary of Coinone, has introduced a remittance mobile app and web service called Cross. The new platform will facilitate faster, lower cost payments to Thailand and the Philippines. Moreover, the first blockchain-powered platform in South Korea to offer such.
The uniqueness of Cross is that it gives those with or without bank accounts access to use the platform while also providing payment transparency and reliability.
Partnership with Ripple
Moreover, Coinone Transfer’s Cross is built on Ripple’s technology. Coinone Transfer has also rolled out this service through financial institutions already signed on to the RippleNet — Siam Commercial Bank (SCB) in Thailand and Cebuana Lhuillier in the Philippines.
With Coinone Transfer leveraging the partnership with SCB, it can offer also offer its customers on Cross a direct link to PromptPay. That will allow any recipient with a bank account in Thailand to receive payment directly and instantly.
RippleNet is the main Ripple platform that enables traditional banks and payment providers to collaborate and provide a better experience for all their end users.
Family remittances to entire Asia and the Pacific region in 2017 totaled US$256 billion, according to RemitSCOPE, a data company that profiles the remittance markets and opportunities in Asia.
There’s an enormous scale of immigrant workers too, with an estimated two million immigrant workers living in South Korea alone. Thereafter, that has caused the rate of remittances in and out of South Korea to skyrocket.
Payments Businesses Addressing Pain Points in Asia
The rise in cross-border transactions and mobile-based payment platforms have come to make remittance cheaper and reduced transfer time.
However, a new sense of awareness has helped the remittance industry too. In July 2017, the South Korean government started giving Global Remittance Licenses to non-bank businesses operating remittance services in the country.
Also, continuous technological innovations in digital remittance industry, especially with the emergence of the blockchain technology. Meanwhile, there’s also the rise in internet and mobile penetration. Some of the major players in the remittance industry in Asia include:
– Remitly Inc.
– SingX Pte Ltd.
– Azimo Ltd.
– WorldRemit Ltd.
– TransferWise Ltd.
– TNG Wallet
Though, Coinone Transfer’s Cross will be offering a new way for tracing payment history. Moreover, a better way to send money abroad — options that are less costly, faster and more reliable than traditional options.
Moreover, this year, RippleNet has signed on payment businesses like InstaReM and RationalFX. These are two major digital cross-border payments companies in the Asian market. InstaReM would open up cheaper and faster alternatives to transfer money from the United Kingdom to Malaysia, Vietnam, Indonesia, Sri Lanka, and Bangladesh. The market opportunity for these industry innovators in the Asian region is tremendous.
Also, XRP, the digital asset on the Ripple protocol, hasn’t done too badly this year either. It has managed to secure the second position from Ethereum based on its market capitalization.
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