The payment company that recently became a Ripple partner and is now behind RippleNet, Finablr, has closed a new partnership with Alipay.
The announcement was made on November 27. Alipay is the payment arm of the giant Alibaba group. The partnership between the two companies is meant to set up a transnational system of remittance meant to work anywhere in the world.
Alipay Customers to Use the Finablr Network
Customers of Alipay will be given the ability to use the Finablr network, which is working in many places all over the globe and includes companies like Unimoney, UAE Exchange, Xpress Money and many others. This is what Promoth Manghat, CEO at Finablr, had to say about the new partnership:
“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.”
There will be 200 countries in which Alipay users will be able to use the Finablr network. The customer base at Alipay is comprised of more than 1 billion people. Clara Shi, who’s the head of global remittances at Alipat had this to say about Alipay partnering up with Finablr:
“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 has Banned Bitcoin Payments
Seeing that Finablr works on the On-Demand Liquidity technology provided by Ripple, which is XRP-based, Alipay will most likely continue to use this cheap instant payment method too, especially since a while back, it banned any Bitcoin payments, OTC trading and crypto exchanges on its network. This is perfect for the China’s strategy of embracing the blockchain and leaving out the Bitcoin.
A 22% Revenue Growth Reported by Finablr
As soon as it started to use RippleNet, Finablr posted an increase in growth revenue by 22%. Before starting to collaborate with Ripple, Finablr partnered up with Samsung. Ever since, about 50 countries in the world were being given the ability to make Finablr payments with crypto wallets for Samsung phones.