Ripple Expands Into Africa After Launches New Payment Platform

In the latest development, cryptocurrency payment platform Ripple has debuted a new platform for settlements called Ripple Payments. According to the fintech company, the settlement platform which will be armed with Ripple’s cross-border payments capability, is focused on attracting a new breed of corporate clients in the United States. 

In addition, Ripple is expanding its offering to Africa with a recent partnership with payments fintech Onafriq which was previously known as MFS Africa. All of these developments were announced at the annual Ripple Swell conference in Dubai.

Ripple Payments Targets Unlicensed Corporate Clients

Precisely, the crypto payment firm is utilizing Ripple Payments to target corporate clients who do not have their money transmitter licenses and those who lack extensive knowledge of the crypto sector. On its own, Ripple has acquired several money transmitter licenses including up to 30 in America. With these acquisitions, the payment firm is sure to run the recent settlement initiative with ease.

Brendan Berry, Ripple’s Head of Payment Products explained that the updated platform Ripple Payments is hinged on simplicity. Brendan went on to clarify what the fintech firm has tried to do with Ripple Payments. “We abstract all the complexity of interacting with digital assets and any knowledge or know-how associated with blockchain and provide customers with an elegant solution so they can immediately start sending payments.”

New Payment Corridors Opened

Ultimately, Ripple is trying to broaden its cross-border payment solution to reach different regions around the globe including Africa.

The alliance with Onafriq indicates the launch of a new blockchain-based payment corridor. Moving on, Onafriq users get to connect with customers of PayAngel in the U.K., Pyypl in the Gulf Cooperation Council (GCC), and Zazi Transfer in Australia.

“We are excited about this because it also contributes to Ripple payments being able to cover 90% of FX markets,” Monica Long, president at Ripple, said.

Ripple’s Technology Enjoys Massive Adoption 

Ripple’s technology is fast gaining traction and has seen a reasonable rate of adoption since Judge Analisa Torres ruled that XRP, which is closely related to the firm is not a security. As part of this adoption, the National Bank of Georgia (NBG) inked a strategic partnership with Ripple over its CBDC. 

In terms of expansion, Ripple received a Major Payments Institution (MPI) license from the Monetary Authority of Singapore (MAS) last month.