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Ripple Helps UK-Based Paydek Expand Real-Time Payments to Latin America and Africa

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Thu, 09/16/2021 - 09:12
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Yuri Molchan
Paydek payments operator uses RippleNet to expand its digital payments to Africa and several Latin American countries
Ripple Helps UK-Based Paydek Expand Real-Time Payments to Latin America and Africa
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In her recent tweet, Ripple's head of European development of RippleNet and former Mastercard top executive, Sendi Young, wrote that Ripple now helps U.K.-based company Paydek to enable real-time payments to freelancers and on-demand workers in Africa and Latin America.

RippleNet helps Paydek stretch out to Africa and LATAM

Ripple's recent blog post states that freelance and on-demand workers in African and Latin American countries can now enjoy sending and receiving real-time payments via Paydek thanks to RippleNet.

Paydek is based in the U.K. and it helps to manage and improve payments for both businesses and individual customers. The company has joined RippleNet and is now using this network's opportunities to solve issues faced by its corporate and self-employed freelance customers in the on-demand market—which is expected to swell to $455 billion within the next two years.

Initially, Paydek collaborated with Ripple in Africa. But now, after partnering with Localpayment, it has expanded to Latin America as well, using RippleNet.

Using the opportunities provided by Ripple, the company plans to create additional payment rails in these regions, as well as new infrastructure for fast, cheap and secure payments, according to Paydek's managing director Terry Hopkinson.

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Strengthening Ripple's presence in LATAM and Africa

Ripple's Sendi Young stated that this partnership will help Ripple to expand its presence in Latin America and Africa and allow innovative solutions to be implemented in digital remittances.

In Africa, Paydek will now support the following local currencies: GHS, ZAR, XOF, SLL and others—nine in total. As for Latin America, the following fiat currencies will be supported: MXN, UYU, ARS and CLP.

Earlier this year, U.Today reported that Ripple had set up a new ODL payments corridor from Japan to the Philippines via its major partner in Japan: SBI Group.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.