Ripple, the San Francisco-based blockchain company, has expanded its Ripple Payments network to over 70 markets to improve cross-border payment efficiency.
This move aligns with a trend where over 80% of businesses are exploring digital asset integration within three years. Ripple Payments offers blockchain solutions for streamlined cross-border transactions.
The company has obtained regulatory approvals and partnered with Onafriq to create remittance corridors between Africa and various regions, addressing issues like delays and high costs in cross-border payments.
Onafriq will leverage Ripple’s technology to enhance remittances and business payments to 27 countries in its network, which includes over 500 million mobile wallets in Africa.
This announcement, made during Ripple’s Swell conference, underlines the company’s dedication to addressing the payment requirements of businesses spanning different regions and currencies.
Ripple has obtained the necessary regulatory approvals, including money transmitter licenses in various U.S. jurisdictions and the green light from the Monetary Authority of Singapore, enabling it to operate in these areas.
As a result, customers can now access global payout coverage across more than 70 markets through a streamlined onboarding process.
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