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Ripple It is once again taking giant steps with their goal in providing uninterrupted money transfer through blockchain technology and thereby revolutionizing the global financial system.
.@coinone_info launches Cross in South Korea, the first country #blockchainenhanced repatriation service offering customers new access to Thailand and the Philippines. https://t.co/Z2y6eBeyqZ pic.twitter.com/2m3ciI1lLC
– Ripple (@Ripple) 11 December 2018
Coinone Transfer, a payment company and subsidiary of the South Korean crypt exchange, Coinone, has officially launched the country's first blockchain remittance mobile app.
The newly launched app is called Cross and uses Ripple's cross-border payment technology xCurrent facilitate the transfer of money to Thailand and the Philippines. The app uses Ripple's xCurrent technology because of the low cost and the speed of money transfer compared to traditional legacy systems.
While this is great news for Ripple fans and XRP owners, the payment app does not use the digital XRP resource. xCurrent is a blockchain-based software that allows banks to settle payments with end-to-end tracking and a real-time messaging system, no XRP is needed.
x Current attention is growing in Asia
The first bank in Asia to adopt Ripples' leading network blockchain solution was Siam Commercial Bank (SCB). As SCB is one of the largest banks in Thailand, more and more payment service providers can integrate Ripple's xCurrent technology.
In addition to the SCB partnership with Ripple, the giant blockchain of remittances has also formed a partnership 120 other banks and financial institutions all over the world. Therefore, we can expect more cross-payment services to implement Ripple's blockchain technology.
According to a recent blog Post by Ripple, Coinone Transfer plans to soon extend its service throughout Southeast Asia:
With plans for aggressive expansion across the region in the coming months, Coinone Transfer has quickly implemented the service through new financial institutions RippleNet – links with Siam Commercial Bank (SCB) in Thailand and Cebuana Lhuillier in the Philippines. The Coinone Transfer partnership with SCB will soon offer Cross customers a direct link to PromptPay, which allows any recipient with a bank account in Thailand to receive a payment directly and instantly.
Increasing opportunities for ripple in South Korea
Another point worth mentioning on the cross-payment app powered by Ripple is that it could only be launched because South Korea has changed its remittance laws. Now, companies other than banks can offer cross-border payment services in the country. This opens up a wide range of opportunities for payment services other than banks to integrate Ripples' xCurrent technology.
According to Ripple, there are about 2 million immigrants working in South Korea, or 3.4% of the entire population. Of these 2 million people, most have ties to their country of origin and need better remittance services like Cross more than ever before.
For example, the World Bank has estimated that approximately $ 17 billion remittances inside and outside the country happened last year alone. Therefore, Ripple is able to acquire a significant number of these transactions if more and more payment apps like Cross's xCurrent technology implement Ripple.
Do you think that Ripple will capture a significant share of cross-border remittances in South Korea and Asia? Let us know in the comments section below.
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