Chinese e-commerce platforms are one of the largest in the world and Ripple plans of entering the market after they announced their recent partnership with a Hong-Kong based payment provider, LianLian.
The current issues related to quick and cheap payment processing would be solved by Ripple’s xCurrent system.
In an announcement yesterday, Ripple confirmed their partnership with the Chinese e-payments provider who already has more than 150 million users across China. Ripple’s xCurrent solution offers safe end to end tracking for banks.
In an Interview with the Director of joint venture partnerships at Ripple, Emi Yoshikawa, says,
“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. …..will now be able to give merchants and consumers quicker, more cost-efficient payments into China, which they weren’t able to before”
Arthur Zhu, CEO of LianLian says,
“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.”
What is Ripple?
Like Bitcoin, you send money globally but more instantly and cost-effectively. Payment providers from anywhere could integrate with the technology. Ripple currently has more than 100 customers around the world.
What is LianLian
LianLian International is a cross-border money service company based out of Hong Kong with aim to make payments instant and frictionless
We asked a few other e-commerce players on how they think blockchain solutions can help them.
Peter Wan, a Managing Partner at Cinque Payments, says,
“Blockchain solutions are essential for the e-commerce markets to work, recently we heard the shipping industry also plans to integrate their systems with blockchain solutions. RippleNet seems to be the answer right now but as technology evolves I’m sure the technology also evolves”
Yanfen Tang, Product Director of a Shanghai-based Payment corporation says,
“We are looking to evolve out of the primitive methods of settlement and integrating blockchain is becoming a priority in a lot of payment providers like us. We would love to explore blockchain solutions ourselves instead of integrating a third-party technology”
E-Commerce platforms in China have a net valuation of $700 billion in 2017 with big players like Ali Express, Amazon, and eBay.
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