UK-based cross-border payment service Xendpay is expanding in Southeast Asia using Ripple’s technology to settle payments in minutes instead of days.
The company’s partnership with Ripple will allow the London-headquartered firm to launch new payment corridors, via RippleNet, to Bangladesh, Malaysia, the Philippines, Vietnam and Indonesia, according to a recent announcement. The initiative will also aim to open real-time payment channels to Thailand.
Says Bhavin Vaghela, Xendpay’s head of product innovation,
“Most of our customers are migrants who are sending money back home. This money is vital to support their families: to pay rent or mortgage, electricity bills, medical fees and education costs. Being an online service allows us to reduce our overheads and pass the savings on to these clients, for whom every penny counts.”
Xendpay joined RippleNet, a decentralized network for making international money transfers, earlier this year. So far, it is utilizing Ripple’s payment messaging system xCurrent and has not revealed whether it plans to use Ripple’s XRP-powered xRapid.
We’ve partnered with #Ripple, to make your money transfers to friends and family back home in Thailand faster, with 90% of all transactions arriving within 10 minutes!
— xendpay (@xendpay) June 4, 2019
Xendpay is widely used in areas with growing communities of migrant workers such as the UK, Canada and South Africa. Students looking to pay tuition fees and receive money to cover living expenses as well as online startups that need to buy and sell products and services from abroad have been using Xendpay.
Vaghela notes that Xendpay has a flexible fee structure.