Ripple just announce a new partnership with Mobile money.
Through #RippleNet, Mobile Money has connected to @bKash_ltd powering seamless wallet-to-wallet #payments serving the remittance corridor between Malaysia & Bangladesh. Read more about the new partnership. https://t.co/MKhvXWGMeK
– Ripple (@Ripple) January 14, 2021
Through RippleNet, Mobile Money has been able to connect with bKash, Bangladesh's largest mobile financial services (MFS) provider, with 45 million users nationwide.
Considering the size of bKash, which is ranked 11th in the world in the industry, it is challenging to serve all of its users, and this is where the partnership with Ripple came in to provide a service that directly facilitates payments.
We are talking about a service wallet-to-walletSince all the users that are part of the network will be able to use RippleNet to carry out transactions at very low cost and high speed.
bKash has also been backed by Mutual Trust Bank, allowing it to lower its transaction costs, as mentioned by bKash CEO Kamal Quadir:
“We constantly explore innovative ways to provide simple solutions to our customers. bKash is pleased to have partnered with Ripple in collaboration with Mutual Trust Bank of Bangladesh to bring a cost-effective, fast, transparent and reliable remittance experience to more than 10 million non-resident Bangladeshis worldwide. This association will provide great comfort to both recipients and senders, and will further contribute to our national economy by encouraging the flow of foreign remittances through legal channels.
Mobile Money increases its users with Ripple
This association indirectly allows Mobile Money acquires an incredible number of users and, despite the volume of users, provide an adequate service to each one of them, since the transactions will be at least double the user base.
This has only been possible thanks to the partnership made with Ripple and Mobile Money, as explained by the founder of Mobile Money, Lee Eng Sia:
“Our focus has always been to provide simple, cost-effective and convenient electronic payment solutions to our customers. More than ever, the pandemic has shown that there is a great need for remittance solutions that allow people to transfer money anytime, anywhere. Our partnership with Ripple makes us one of the first e-wallet companies to offer this type of digital remittance solutions to Bangladeshi workers, and we are confident that it will allow us to stay ahead of the competition, while expanding our base. of users ”.
Undoubtedly, a technological success that augurs well for Ripple in terms of the adoption of its technology, which is highly appreciated in both the banking and payment transfer sectors, although this is not enough to get it out of trouble with the SEC.