Ripple Labs today introduced ZipZap and SnapSwap as a combined cash-in, cash-out network that enables users in the U.S. to fund a Ripple Wallet either in-person using cash or online via a bank account.
Through this network, it's easy to send money around the world, in any currency, in less than five seconds, and at virtually no cost. Ripple Labs expects similar models to appear in other key global markets.
"It's now possible for people in the U.S. to simply turn on their computer or walk into a local convenience store and send cash to the other side of the world in just seconds," said Ripple Labs founder and CEO Chris Larsen. "This innovation is one of many new applications for Ripple, and is the beginning of a fundamental change in the way money moves around the globe."
How It Works
Ripple makes sending money as easy as sending email using a protocol that builds direct pathways between parties for faster transactions with no added fees. As a decentralized currency exchange that can accommodate multiple currencies - including math-based currencies like Bitcoin - Ripple allows users to pay in one currency while the payee receives payment in another. The Ripple payment network enables a wide range of applications, including merchant payments, money transfers or remittances.
To begin using the U.S. cash-in, cash-out network, users create a Ripple Wallet and link it to a SnapSwap account and a ZipZap CashTab number. Users can then load money into Ripple directly from their bank accounts through SnapSwap or deposit cash by visiting one of ZipZap's thousands of Payment Centers across the U.S.
SnapSwap is currently available to U.S. customers only. ZipZap is a global network of 700,000 Payment Centers and will continue to integrate new regions with Ripple. Payments, transfers or remittances sent through Ripple using this new U.S. network can be cashed-out in other countries using local Ripple Gateways.
Ripple Labs will continue to help integrate Gateways with Ripple in other key markets. Bitstamp and RippleCN operate as Gateways in Europe and China, respectively.