LianLian International joins RippleNet to deliver faster payments to China
Online retail sales are quite large in China and continue to grow. According to the data, the Chinese e-commerce market reached a value of 672 billion dollars in 2017. – Making the biggest contribution to the 4 trillion dollar global e-commerce market -. It is predicted that cross-border e-commerce transactions will reach $1.32 trillion in 2018. In order to support global payments sent to the Chinese e-commerce market and to provide quality customer service, LianLian International made a new agreement with RippleNet.
LianLian , as it is known, is Hong Kong’s leading licensed Chinese money service company with 150 million registered users in the region.. According to the agreement, instant cross-border shipments, bill payments and e-commerce payments can be made via RippleNet.. LianLian will use xCurrent – Ripple payment solution, which offers end-to-end tracking for cross-border transactions between China, USA and Europe. It joins an existing network of over 100 financial institutions.
xCurrent-powered transactions are cheaper, more efficient
LianLian mediates payments between billions of merchants and consumers every year. -including major online retail sites like Amazon, Ali Express, and eBay-. With this activity, it is one of the largest money services companies serving China’s huge e-commerce market.
LianLian CEO Arthur Zhu’s statement is as follows:
“LianLian International is a leader in payment processing both in and outside of China, as evidenced by our many merchants and partners. With RippleNet, we will further enhance this experience by offering customers instant, Blockchain-powered payments in the 19 currencies we currently support.. And we will increase our market share. We look forward to strengthening payment flows in new markets between Ripple and China and RippleNet members.”
xCurrent is Ripple’s enterprise software solution that enables banks to instantly resolve cross-border payments with end-to-end monitoring. xCurrent will significantly improve efficiency by opening the door for higher volume transactions between merchants and consumers in China and other markets.
LianLian International will be a link to China for RippleNet members
With the addition of LianLian, it can provide an important gateway service to China for other members of RippleNet.. Emi Yoshikawa, Ripple’s joint venture partnership director, evaluated the partnership with the following words:
“Cross-border payments related to the Chinese e-commerce market reached $1.07 trillion in 2017. “There is a great opportunity to make these payments faster and more cost-effectively,” he said.. With RippleNet, LianLian International can now offer merchants and buyers faster and more cost-effective money transfer services than they could before in China.. We also hope to connect other RippleNet members to LianLian.”
The agreement with LianLian is an important step forward in Ripple’s mission to advance the Internet of Value.. By connecting and empowering cross-border payments between financial institutions like LianLian and customers around the world, Ripple believes it can help money move in sync with digital information.
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