bKash and Mobile Money use RippleNet to connect networks and create inter-wallet remittances
Ripple announced a new partnership with Mobile Money that includes the use of RippleNet. The new partnership will help Mobile Money connect to bKash. RippleNet will act as the network infrastructure for two financial companies. It shows the capacity of this network as a solution for cross-border payments. The new partnership will help Ripple find new customers in the Asian market by connecting Malaysian and Bangladeshi companies.
Decentralized cross-border infrastructure
Blockchain projects are also trying to find clients in traditional markets. They have demonstrated their capabilities in managing cryptocurrencies and decentralized systems. Now they want to demonstrate their ability to help conventional technology networks. Some blockchains like Ripple can work in this way by offering the infrastructure network for payments. Many other blockchains can have this kind of involvement in the tech world.
The new partnership between Mobile Money and Ripple has another player named bKash. bKash is the largest mobile financial services (MFS) provider in Bangladesh, with more than 45 million users. Connecting the Mobile Money and bKash systems over RippleNet means supporting a sizeable user base and important transaction logs.
Ripple will provide many RippleNet functions for Malaysian and Bangladeshi companies to connect with each other. Wallet-to-wallet transactions are a group of these features that are sure to help users of both companies to have faster cross-border payments.
Malaysia is one of the top five sources of remittances for the citizens of Bangladesh. bKash can support its huge user base by offering faster payments to and from Malaysia with the help of RippleNet. Kamal Quadir, CEO of bKash, said:
“We constantly explore innovative ways to provide simple solutions to our customers. bKash is pleased to have partnered with Ripple in collaboration with the Mutual Trust Bank of Bangladesh to bring a cost-effective, fast, transparent and reliable remittance experience to over 10 million non-resident Bangladeshis around the world. This association will provide great comfort to both recipients and senders, and will further contribute to our national economy by encouraging the flow of foreign remittances through legal channels.
The financial solutions that Ripple offers with RippleNet can play a vital role in promoting decentralized systems. Use the DLT to manage financial services. When RippleNet finds big clients like Mobile Money and bKash, the community will look forward to wider use cases and adoptions around the world. Navin Gupta, Managing Director of South Asia and MENA at Ripple, said:
"As Ripple strengthens our presence in South Asia, we are excited to contribute to the infrastructure of the region to transform the way cross-border payments are executed."
If you found this article interesting, here you can find more XRP News