Ripple seemed to broaden its horizons by providing payment solutions to major Thai Banks such as Kasikorn and SCB, helping in the mainstream adoption of cryptocurrency. The joint venture of MoneyNetint and RippleNet back in October 2018 proved to be in the best interest of the MoneyNetint in order to provide a global payment solution with reduced costs and encourage the new businesses.
As reported by Ripple Insights, MoneyNetint since its inception, intended to explore the blockchain technology for cross-border payment purposes and improve the customer service with a major focus on redefining the payment solutions. The business development director of MoneyNetint, Raphael Golan, stated that MoneyNetint offered customers cross-border transactions for a lower transaction commission as compared to the traditional cross-border payment. He said:
“We knew that if we could cut transaction time from a few days to less than a day, while still reducing costs, It would allow clients to invest more time and money in developing their business. We saw that blockchain technology could disrupt the traditional cross-border payments industry but couldn’t find a partner who could provide a professional and reliable platform until we met the Ripple team.”
MoneyNetint, in its latest partnership with another Ripple-backed Brazilian payment provider BeeTech, attracted more than 100 transactions in the first month after the launch. This has helped the Brazilian business grow in Europe and get in touch with other payment firms.
MoneyNetint looks forward to set up local payments for certain countries. As reported by Ripple insights, Golan said:
“We’re now working on providing local payments in countries such as the US and the Philippines, both of which have large expat flows. We’re also seeing increased demand for instant payments and are looking forward to the day when using a digital asset such as XRP to source on-demand liquidity during transactions on RippleNet, will be as simple as using credit cards nowadays.”
The partnership with RippleNet has opened up opportunities for MoneyNetint and earned the tagline ‘Runs on Ripple’.
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