Ripple Signs China Payment Giant LianLian To Its RippleNet Servicebr>
Ripple has struck a deal with Chinese payments giant LianLian International, which claims 150 million registered users in the region, to join its RippleNet payments service.
LianLian processes billions in payments between merchants and consumers, including major online retail sites such as Amazon, Ali Express, and eBay— making it one of the largest money service companies serving China’s massive e-commerce market.
LianLian will use xCurrent — Ripple’s settlement solution that offers end-to-end tracking — for its cross-border transactions between China, the U.S., and Europe. xCurrent is Ripple’s enterprise software solution that enables banks to instantly settle cross-border payments with end-to-end tracking.
The move opens a doorway into a massive e-commerce market for RippleNet and its partners. According to Shopify statistics, e-commerce in china totaled $672 billion last year, making it by far the largest market in the $4 trillion global e-commerce community. Shopify projects that e-commerce transactions in China will reach $1.32 trillion this year
LianLian International will receive real-time, cross-border remittances, invoice payments, and e-commerce payments as part of RippleNet.
Reports that the Chinese government will crack down on cryptocurrency issues outside of the country (matching its ban on in-country transacting) will not be affected by this news, as LianLian uses Ripple xCurrent product, not XRP or its xRapid.
“With RippleNet, we will further enhance the (shopping ) experience and increase our market share by offering customers instant, blockchain-powered payments across the 19 currencies that we currently support,” said LianLian CEO Arthur Zhu. “We look forward to working with Ripple to power payment flows between China and RippleNet members in new markets.”
“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.”