Ripple opens gateway to Chinese e-commerce market with LianLian
Chinese payment processor LianLian is to join RippleNet, providing a gateway to the region to other members of Ripple’s far-flung 100-strong instant payments network.
Under the agreement, LianLian will use Ripple’s xCurrent settlement platform to support the influx of global payments sent to the Chinese e-commerce market from other RippleNet member banks across Asia, the US and Europe.
“Cross-border payments related to China’s e-commerce market reached $1.07 trillion in 2017. There is a huge opportunity to make these payments quicker and more cost-efficient,” says Emi Yoshikawa, director of joint venture partnerships at Ripple. “With RippleNet, LianLian International will now be able to give merchants and consumers quicker, more cost-efficient payments into China, which they weren’t able to before. We also look forward to connecting other RippleNet members to LianLian.”
