Ripple Labs, the San Francisco-based payments company, has partnered with South African fintech company Onafriq to expand remittance payment capabilities in Africa and beyond its borders with the Gulf Cooperation Council (GCC), the United Kingdom and Australia.
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The collaboration will open three new blockchain-based payment channels between Onafriq users in Africa and three of its partner companies, namely UK-based fintech company PayAngel, Abu Dhabi-based digital wallet Pyypl which serves users from GCC countries and payments based in Australia. Zazi Transfert company.
The new payment channels will use Ripple Payments, an XRP-enabled payment technology, to eliminate the long transfer times and high costs associated with traditional remittance payments, Ripple said in a statement. Press release Tuesday.
“Connecting our partners PayAngel, Pyppl and Zazi Transfer with Onafriq through Ripple Payments will bring the benefits of faster, more cost-effective cross-border payments to people looking to send money to Africa from around the world,” said Aaron Sears, Vice President senior president. President of Global Customer Success at Ripple.
XRP fell 1.46% in the 24 hours to 5:15 p.m. in Hong Kong, to trade at US$0.68, according to CoinMarketCap.
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