LianLian International, an international money service company licensed in Hong Kong, says it will use an enterprise blockchain solution from Ripple to process real-time cross-border payments on behalf of merchants and consumers, including invoice payments and e-commerce payments, into China.
The production agreement will see LianLian International use RippleNet’s , xCurrent solution to process payments into China instantly, efficiently and at low cost.
LianLian will accept payments from overseas financial institutions using RippleNet, and disburse these payments to Chinese recipients. In addition, LianLian will provide a connection into China for other RippleNet members, supporting transaction flows between merchants and consumers in China and other markets — driving payment volumes higher, said Emi Yoshikawa, director of joint venture partnerships at Ripple.
“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 Yoshikawa. “With RippleNet, LianLian will now be able to provide merchants and consumers with on-demand payments, which they weren’t able to before.”
Arthur Zhu, chairman of the board at LianLian International, said the company will leverage RippleNet to increase its market share “by offering customers instant, blockchain-powered payments across the 19 currencies that we currently support.”