Ripple, Pyypl debut service in Middle East

Tuesday 26 October 2021 11:53 CET | News

Enterprise blockchain and crypto solutions for cross-border payments provider Ripple has launched  RippleNet’s On-Demand Liquidity (ODL) deployment in the Middle East, together with Pyypl.

Pyypl is an international blockchain-based financial services technology company in the Middle East and Africa. ODL leverages XRP, a digital asset for payments, for instant and low-cost cross-border payments, eliminating the need for pre-funded accounts. Ripple chose to leverage crypto to tackle the trillion-dollar challenges with cross-border payments. By using ODL, financial institutions and Small-and Medium-Sized Enterprises (SMEs) can now leverage pre-funded capital to grow and scale their business.

The Middle East contains two of the world’s three largest remittance corridors with the UAE and Saudi Arabia, handling a combined USD 78 billion in payments in 2020. The region has also experienced a rapid transition to digital in the last year making it a market that is primed for fintech innovation. Pyypl has started with ODL in the Philippines and has plans to expand to new markets as well as exploring additional use cases. XRP will not be held within the UAE and transactions will not involve the currency AED as part of the payment flow. Pyypl is licenced by ADGM’s Financial Services Regulatory Authority.

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Keywords: partnership, Ripple, XRP, blockchain, digital assets, remittance, cross-border payments
Categories: DeFi & Crypto & Web3
Countries: Middle East
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DeFi & Crypto & Web3

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