Ripple’s ODL Service Partners With Amazon’s PsP Program• December 2, 2022 3:46 pm • Comments
A major Brazilian financial services super app called Inter is a current client of Ripple’s popular On-Demand Liquidity services.
The company that owns this app has just announced that it will be joining Amazon’s Payment Service Provider program.
This is an important milestone for the progress of Ripple’s ODL service because this means that anyone who is selling on Amazon can also use Inter’s services to receive cross-border transactions.
Any service that is able to join Amazon’s Payment Service Provider program will historically get a lot more usage as well due to Amazon’s tremendous marketplace.
So far, there are only 28 providers that are registered in this program which highlights that this could be a big deal for Ripple’s ODL solution.
#Ripple ODL (#xrp) customer Inter&Co joins Amazon's Payment Service Provider Program#XRPCommunity pic.twitter.com/N8kRYwJunD
— Tehol_Beddict_XRP (@TeholBeddictXRP) November 29, 2022
The partnership makes Inter one of only 28 providers registered under the Amazon PSP program worldwide. Amazon began the program back in 2021 as part of its ongoing efforts to be the most dependable e-commerce marketplace for customers and retailers around the world, protecting them from fraud and abuse.
Speaking on the partnership, Aloisio Matos, head of cross-border at Inter noted that being a partner with Amazon US is an important milestone for the company.
He also remarked that to achieve the feat, Inter has had to implement significant technical and security developments that will bring “benefits and peace of mind to users.”
“Brazil is among the fastest-growing countries globally in terms of e-commerce and the rapid adoption of digital payments, creating a great market opportunity for Inter. Our presence in both US and Brazil uniquely positions us to serve Brazilian Amazon sellers with innovation and quality,” he surmised.
As of now, Ripple’s ODL service continues to expand globally in multiple regions of the world such as Africa, Israel, Brazil, Singapore, and the United Kingdom.
Therefore, the continued adoption of the service may provide more value to the utility of the Ripple blockchain and its native token XRP.
Investors speculate that if the ODL service gains more traction and proves its ability with Amazon, the service may expand to other major markets in the future.
After all, other major e-commerce platforms may also see the potential and join in on this trend.
This then makes the ODL service a top choice for insitutions from many different industries and not just the financial industry.
Inter & Co., a Ripple ODL Client, has announced a partnership with Amazon’s PSP program.
Ripple’s ODL service has been seeing massive adoption globally.
Inter & Co. (formerly Banco Inter), the owners of leading Brazilian financial services super app In… https://t.co/u5RVED0Hh5
— Crypto-News (@criptikos) November 30, 2022
Ripple’s ODL service, meanwhile, has also been recording its own massive expansion.
In an update earlier this month, Ripple revealed that its ODL services now span the globe having added new markets including Africa, Argentina, Belgium, Israel, Australia, Brazil, Singapore, the UAE, and the UK, among other tier-one payment gateways.
The update added that the ODL service now also employs machine learning to streamline customer wallets to ensure optimum availability of liquidity at all times.
Similarly, this week has seen massive XRP transactions conducted between BitGo, the largest crypto custody operator in the U.S., and the known Ripple ODL corridor, BitStamp exchange according to data from Bithomp.
On the day, the price of XRP has been surging. The token is changing hands at around $0.42, up 2.44 percent in the last 24 hours at the time of writing. The current represents a two-week high for XRP.
A match made in heaven @amazon + @ripple #ODL ramping up getting close to #flippingthatswitch
"Ripple’s On-Demand Liquidity (ODL) services, has announced that it has joined Amazon’s Payment Service Provider (PSP) program." pic.twitter.com/MRyIEr6cA4
— Cozy (@_CozyCrypto) November 30, 2022
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