China’s taste for online shopping has grown into an insatiable appetite lately. In fact, with more than a hundred million users and a value of $670 billion dollars as at last year, online shopping has established itself as one mammoth of a business industry in the country. Stats show that most of the largest e-commerce markets have their target market to be the Chinese, all because the people’s spending just keeps growing. Well, if you leave in a country with one of the best economies you will definitely be anyone’s target market for business. Now, with trading comes buying and selling, and with these comes payment systems – the exact place Ripple fits into this whole picture. Everyone always seeks for the most convenient means when making payments for goods, and Ripple seeks to provide that for the Chinese e-market through the forming partnerships in the Asian country.
Ripple’s blog yesterday announced that it was into negotiations that will enable it enter into a partnership with Lianlian. The San-Francisco blockchain firm that also manages the world’s third largest cryptocurrency (XRP) by market cap, is looking forward to a partnership with the Chinese money service company based in Hong Kong. Lianlian has over 150million users in its region in the East.
The XCurrent Cross-border Transaction
In the partnership, Lianlian will join RippleNet in order to receive real-time trans-border e-commerce and invoice payments, and remittances. This it will be operating with the Ripple XCurrent which enables end to end tracking which enables over-the-border transactions between the United States of America, China and Europe. With this, Lianlian adds up to the list of over one hundred financial firms who have or are adopting Ripple’s network to enable faster and cheaper and much more convenient trans border payments.
Lianlian processes billions of payments every year between firms like EBay, and Amazon and consumers in the Chinese region, making it one of the largest money service firms feeding the ever-growing Chinese economy. Per China Daily’s report, retailing on the web would hit about $1.3 trillion in 2018 alone. The CEO of the firm, Arthur Zhu, proved to be very much supportive of the partnership venture.
“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.”
What should be noted however is that the Ripple XRP will not be involved in this partnership in any way, at least per the reports that we have and the announcement on the official blog of Ripple.
Exploring The Market More
The XCurrent is an enterprise software that is designed to be a solution for banks, enabling them to instantly process trans border payments with end-to-end tracking. This partnership is a move by the Ripple network is expanding the reach of the XCurrent to other countries in the east, adding up to the list of Japan, India, South Korea and Thailand.
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