One of China’s largest payment providers LianLian joins RippleNet
LianLian has just joined RippleNet and will use Ripple’s settle solution xCurrent to power cross-border transactions between China, the U.S., and Europe.
LianLian is one of the largest money service companies serving China’s massive e-commerce market. It processes billions in payments between merchants and consumers, including retail sites such as Amazon, Ali Express, and eBay.
E-commerce and online business have the same meaning, i.e., buying and selling things online.
According to Ripple, the Chinese e-commerce market totaled $672 billion in 2017, making it the largest contributor to the $4 trillion global e-commerce market.
Brad Garlinghouse, CEO of Ripple, tweeted that Ripple “just opened the door to the largest e-commerce market in the world”:
— Brad Garlinghouse (@bgarlinghouse) February 7, 2018
“Cross-border payments related to China’s e-commerce market reached $1.07 trillion in 2017. There is a huge opportunity to make these payments quicker and more cost-efficient,” said Emi Yoshikawa, director of joint venture partnerships at Ripple.
“With RippleNet, LianLian International will now be able to give merchants and consumers quicker, more cost-efficient payments into China, which they weren’t able to before. We also look forward to connecting other RippleNet members to LianLian.”
Arthur Zhu, Chaiman of LianLian International, said in a statement:
“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.”
A blockchain is a continuously-growing list of records. We refer to the records as blocks. The blocks are linked in chronological order. Blockchain technology is ultra-secure and very efficient.
LianLian joins a number of banks and payment providers around the world that have partnered with Ripple, including Santander, UBS, BBVA, Standard Chartered, and the Royal Bank of Canada (RBC).
What is RippleNet and xCurrent?
RippleNet is a decentralized global network of banks and payment providers using Ripple’s distributed financial technology, which provides real-time messaging, clearing and settlement of financial transactions.
xCurrent is the technology enabling the ability to message and settle transactions between parties – payment details are confirmed in real time before each transaction and after each delivery.