Ripple Partner QNB Launches Payment Solution Using RippleNet• March 31, 2022 3:16 pm • Comments
QNB Group is a cross-border payments solution provider that acted as the official bank sponsor of the Smart City Expo Doha 2022.
As part of the expo, the company revealed the launch of a new payment solution that is part of its existing payment ecosystem which will utilize RippleNet for cross-border payments.
As a result of this new launch, the company hopes this will increase its payment networks to more regions in the world by being one of the first to utilize RippleNet.
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This was not the first time that QNB group had partnered with Ripple as there have been past collaborations where the company launched a corridor that also utilized RippleNet.
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QNB boosts cross-border payments and expands its remittance service across various countries by being the first to market with RippleNet.
As previously reported by U.Today, QNB successfully launched a corridor on Ripple’s global financial network technology, RippleNet, between QNB Qatar and QNB Finansbank (Turkey), thus expanding Ripple’s operations in the Middle East.
The banks also confirm plans to expand to other key remittance corridors in other large countries soon.
The partnership with RippleNet aims to give QNB customers a unique experience by delivering near-real-time payments.
Launching corridors between major financial banks is not the only area of interest these days that is getting more attention from institutions.
A recent Ripple report shows that many financial executives believe that the rise of central bank digital currencies (CDBCs) will allow for greater financial inclusion and will change the financial landscape.
As a result of this, many local governments are starting to explore the possibilities and study how this would impact through the extensive use of trials.
To help facilitate growth in this direction, Ripple is playing a key role here by collaborating with central banks to pilot central bank digital currencies.
For example, Ripple had worked with the central bank of Bhutan last year, Royal Monetary Authority (RMA), to do a pilot that will use Ripple’s CDBC solution.
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QNB’s display at the Expo centered around using its digital innovations to solve the organic issues affecting customers and merchants. Furthermore, the largest bank of its kind in the Middle East and Africa showcased the latest banking solutions spurred because of the effects of COVID.
These include safe contactless ATMs transactions, self-service bankcard issuance capabilities, and enhanced mobile and internet banking capabilities WhatsApp services.
In addition, the prominent Doha-headquartered financial institution also touched on its WeChat Pay and Simplify payment acceptance scheme.
According to previous media reports, QNB successfully launched a gateway between QNB Qatar and QNB Finansbank based in Turkey.
The launch took place on RippleNet, which essentially expands Ripple’s services in the Middle East.
If the trend continues, Ripple will have a critical role to play in the future development of CDBCs with many possibly directly using Ripple’s solution.
Largest Financial Institute in the Middle East and Africa QNB Group unveils new payment services using Ripple/XRPhttps://t.co/RalPh0ZUFb
— XRP World (@XperienceIS) March 30, 2022
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