Ripple’s global payments network just made massive strides in adoption as Ria Money Transfer, a subsidiary of Euronet Worldwide joined RippleNet to enable instant, blockchain-powered global payments.
The partnership was announced in a Ripple blog post on May 1, which confirmed that Ria will leverage Ripple’s xCurrent blockchain technology to connect and transact globally with Ripple’s 200+ financial institutions worldwide.
RippleNet Is Now Majorly Expanded
Ria Money Transfer is one of the largest money transfer businesses in the world with customers in over 155 countries, more than 377,000 locations worldwide, and $40 billion in money transfer volume per year.
By joining RippleNet, the entire network will be vastly expanded, opening up new opportunities for Ripple to expand their reach and provide solutions for their existing 200+ banking and financial institution partners.
As put by Marcus Treacher, SVP of Customer Success at Ripple:
“By joining RippleNet, Ria not only enhances our value chain for our partners but will continue to improve remittance times and costs for both their customer and enterprise clients.”
Additionally, through Euronet’s state-of-the art Digital Integrated Payments Cloud, the Ria partnership enables existing RippleNet customers to gain new access to Ria’s global fintech ecosystem, enabling cross-border payments both ways.
Expanding on the importance of this use case is Juan Bianchi, CEO of Euronet’s Money Transfer Segment, who said:
“Ria’s integration with Ripple serves to build rails for an innovative payment infrastructure that seeks to provide easier access to potential partners, while delivering faster and cleaner payments to its users. Time is a vital currency for our customers and partners, so we always keep it at the center of our innovation efforts.”
But… Ria Is Not Using XRP
While the Ria partnership is excellent news for Ripple and the expansion of RippleNet, unfortunately, it doesn’t directly affect the use and adoption of XRP.
The majority of RippleNet partners use Ripple’s enterprise software solution xCurrent, which enables financial institutions to instantly settle cross-border payments with end-to-end tracking through a real-time messaging system, not with the XRP digital asset.
Therefore, until Ripple is able to convince all of their big-time partners to use their xRapid payments system, which is a liquidity solution that actually uses Ripple’s XRP, the XRP digital asset will remain stagnant in price with no use case.
When do you think Ripple will push for and achieve more adoption of the XRP digital asset? Is the Ria partnership still good news for XRP? Let us know what you think in the comment section below.
