Ripple-powered global platform for remittance payments, Finablr, runs on RippleNet. On November 27, it announced that it had partnered with Alipay, the payments branch of the Alibaba Group giant to set up a cross-border system of remittance that would work in various corners of the globe.
As one of the first global cross-border remittance partners for @Alipay, we look forward to providing faster and more convenient #payments to consumers around the world. #Finablr #crossborderpaymentshttps://t.co/FKOUqpyO6n pic.twitter.com/4DmVm7JHcWNovember 27, 2019
Finablr partners with Alipay
Alipay customers will be able to use Finablr’s network that is scattered around the world. It includes such companies as UAE Exchange, Xpress Money, Unimoney, etc.
Finablr CEO, Promoth Manghat says:
“We are delighted to welcome Alipay to our growing portfolio of partners. Together we seek to empower the financial aspirations of billions of consumers with enhanced access and convenience for their cross-border payments needs. We will continue to build on our complementary capabilities and look forward to collaborating with Alipay on additional opportunities.”
Users of Alipay will be able to utilize Finablr’s network in nearly 200 countries. Alipay has a massive user-base of over one billion people.
Head of global remittances in Alipay, Clara Shi, stated:
“We are excited to partner with Finablr for global remittances, as we continue to explore new ways to apply our technology in order to benefit more people around the world.”
Alipay to use Ripple’s ODL but it bashes Bitcoin
Since Finablr runs on Ripple’s On-Demand Liquidity technology that works on XRP, Alipay is likely to use this method of cheap and instant payments as well.
Curiously, that a while ago, Alipay laid a ban on any payments on its network to do with Bitcoin – crypto exchanges and OTC trading.
This goes in line with the recent China’s embracement of the ‘blockchain but not Bitcoin’ strategy.
Finablr reports 22% revenue growth
As reported by U.Today recently, the after it had begun to use RippleNet, Finablr soon after posted a rise in its YOY revenue by 22 percent.
Prior to partnering with Ripple, Finablr started collaborating with the Samsung heavyweight. Since then Finablr’s payments have been delivered to almost 50 countries by means of the crypto wallet embedded in the new range of Samsung phones.