Ripple teamed up with FOMO Pay, a Singaporean tech company that aims to boost cross-border payments so let’s have a closer look at today’s latest Ripple news.
The blockchain company Ripple teamed up with FOMO Pay with the goal to improve cross-border payments. As a digital payment system for monetary transactions, one of the main goals of ripple is to leverage crypto and to provide cross-border settlements and its On-Demand Liqudity, it is meant to enable quick and efficent payments with multiple companies across the world facilitating transactions via this feature.
According to the latest agreement, FOMO Pay will utilize the technology to achieve low-cost and faster cross-border payments in the US dollar and the Euro. The founder of the Singaporean company Louis Liu added:
“As one of the leading payment institutions in Singapore, FOMO Pay aims to provide our clients with more efficient and cost-effective payment modes in different currencies. We are excited to partner with Ripple to leverage On-Demand Liquidity for treasury management, which allows us to achieve affordable and instant settlements in EUR and USD globally.”
The SVP and Managing Director at Ripple Brooks Entwistle outlined that the Asia Pacific as a region presents many opportunities and the area being connected to blockchain technology, makes ripple excited to launch the crypto-enabled treasury management use cases for ODL with innovative customers such as FOMO Pay. Launched in 2015, the company is among the leading payment processing platforms and has over 10,000 customers with some of them being Singapore Airlines, Marina Bay sands, and Changi airport.
Last month, Ripple joined forces with the LUNU Berlin-based crypto payment provider to enable luxury retailers to accept crypto as a payment method. Some of the Luna high-profile clients include the British Fashion brands Steven Stone and Fartech. These companies embraced digital asset payments in store but also on their online platforms after the partnership. The move was made possible due to Ripple’s Liquditiy Hub and the main goal was to boost cryptocurrency adoption in the long term but to also allow individuals and businesses to sell, buy and hold crypto for transactions. The Director of Product at LUNU Rajes Madhaiyan commented on the deal:
“Our partnership with Ripple has the potential to greatly impact retailers’ customer service offerings by expanding the variety of payment methods and by portraying retailers’ brands as more innovative and progressive.”
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