Chinese payment processor LianLian is to join RippleNet, providing a gateway to the region to other members of Ripple's far-flung 100-strong instant payments network.
Licensed in Hong Kong with 150 million registered users in the region, LianLian processes billions in payments between merchants and consumers including major online retail sites, such as Amazon, Ali Express, and eBay.
Under the agreement, LianLian will use Ripple's xCurrent settlement platform to support the influx of global payments sent to the Chinese e-commerce market from other RippleNet member banks across Asia, the US and Europe.
“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,” says Emi Yoshikawa, director of joint venture partnerships at Ripple. “With RippleNet, LianLian International will now be able to give merchants and consumers quicker, more cost-efficient payments into China, which they weren’t able to before. We also look forward to connecting other RippleNet members to LianLian.”