DeeMoney (Ripple Partner) Works With Visa To Launch Global Payment Solution• January 31, 2023 1:23 pm • Comments
Ripple partner DeeMoney just made an announcement that it has partnered with Visa in order to launch a global payment solution that will specifically target the country of Thailand.
Per this partnership, Visa Direct will essentially be integrated with DeeMoney’s payment platform which means that its payment solution will work everywhere that Visa is accepted.
As of right now, Visa is accepted in over 170 countries and over 160 currencies which means that this Ripple partner company is now able to truly able to expand globally and is accessible to everyone.
By extension, this will also be a huge milestone for Ripple and the XRP ledger itself as it will increase the number of transactions on the blockchain and adds additional use cases to the Ripple ecosystem.
Ultimately, the increased volume will make the native token XRP more valuable as the asset is used to facilitate transactions on the blockchain.
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The time-saving attribute of this partnership makes it very appealing. Visa claims that 30 minutes is more than enough for recipients to receive funds after the transaction. Unlike the days involved with traditional cross-border payment solutions.
The chief executive officer of DeeMoney, Aswin Phlaphongphanich, explains the value that Visa offers. He mentioned that Visa’s speed and security make it ideal for real-time payments.
This partnership allows our customers to send funds directly to their friends’ or family’s debit card accounts in real-time to more than 170 countries in over 160 transaction currencies. It also enables real-time payments 24/7, including weekends and holidays, which are not feasible with traditional bank
DeeMoney’s partnership with Visa rides on the back of its earlier partnership with Ripple. The partnership was intended to provide instant settlement for their customers on affordable cross-border payments in Thailand.
The partnership’s major benefit for customers is that it will provide real-time settlements which is typically a very slow process for cross-border transactions.
Currently, existing financial systems can take a few days in order for a user to receive funds, but the use of blockchain and Ripple in this case removes that issue and also reduces transaction costs to nearly zero.
As leading fintech companies like DeeMoney continue to take advantage of the benefits that Ripple provides, it may only be a matter of time before other fintech companies decide to do so as well.
Investors and speculators believe that Ripple will be able to continue to get more partnerships with fintech companies that are interested in using XRPL in order to support their payment solutions.
This will likely continue despite the ongoing lawsuit that Ripple has against the SEC in the United States.
Ripple’s partner DeeMoney joins forces with Visa for global payments in Thailand.
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Recent reports show that Ripple partner DeeMoney has entered a… https://t.co/b2i4v2uN8t
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“Upon its launch, DeeMoney’s Visa- licensed near real-time payment solution will be one of the fastest ways to send funds to the rest of the world.”
DeeMoney entered a partnership with Ripple in March 2020. The partnership allowed the Thai FinTech giant to utilize RippleNet to provide same-day settlement of cross-border payments into and outside Thailand at a low cost.
It is the second time in the last seven days that a Ripple partner has entered into a partnership with a major global payments giant. Last Tuesday, MoneyGram launched its online remittance platform in Brazil in partnership with Frente Corretora, a Ripple partner.
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