Ripple is definitely planning to target China’s billion-dollar payments market as confirmed by its executive. Now, with Mercury FX planning to test payments into China and Mexico with Ripple, the company seems all set to transform the international payments space.
Mercury FX to test payments in China & Mexico with Ripple
According to the Market News section of the Mercury FX, an international payments specialist is planning to test payments into China and Mexico with Ripple sharing,
“Mercury will be testing payments into China and Mexico with Ripple and we’re most excited about the potential to bring currently unconnected markets into the fast lane of global finance. Allowing people access to the international markets will create new markets and allow those currently without access to begin to trade with the global financial community and monetize their goods and services.”
Mercury is planning to leverage the blockchain technology and “disrupt the traditional fiat payment networks.” The company is pursuing a “symbiosis of fiat and crypto payments to advance, accelerate and streamline international financial flows.”
The company is extremely crypto and blockchain favorable as it states,
“We believe that the more established blockchains will eventually replace the SWIFT network alongside other frankly clunky payments networks. Cryptos will be used as a conduit to replace fiat eventually.”
Mercury has been working with Ripple for quite some time as in April this year, it conducted a pilot with xRapid and have been planning further future developments.
Ripple executive: China is definitely a country and region of interest
Just yesterday, Jeremy Light, the Vice President of European Union strategic accounts at Ripple, shared that Ripple is interested in targeting Chinese market with its distributed ledger technology (DLT) in order to speed up the cross-border payments.
“China is definitely of interest, it is definitely a target. China is definitely a country and region of interest.”
The company behind World’s third largest cryptocurrency joined hands with Hong Kong-based LianLian International to power the cross-border transactions in China, Europe, and the US.
Given the fact that China is anti crypto, Ripple’s focus would be on cross-border payments only instead of advancing XRP adoption.
Ripple is constantly on the move, it has signed up over 100 financial institutions to its network and grown its presence worldwide.
Coming onto China, it is the largest populated country in the world with a billion dollar cross-border payments market. If Ripple enters this market and manages to acquire even a part of this huge share, it would mean the explosion of Ripple products’ integration while adding substantial long-term value.
Passionate about Blockchain and has been researching and writing about the Blockchain technology for over a year now. Also holds expertise in digital marketing. follow me on twitter at @sagar2803 or reach out to him at sagar[at]coingape.com