Although Ripple is battling United States regulators, its global influence continues to grow. After RippleNet joined United Kingdom-based payment company Paydek, the blockchain company became famous today. This was first announced by Sendi Young, Ripple’s head of European development. This transaction will help payment companies bring real-time payments to Latin America and Africa.
RippleNet Partners With Localpayment
The former MasterCard manager pointed out in a blog post that Paydek originally used RippleNet to connect to Africa as it is seen as a growing centre for on-demand work. Since then, the company has also partnered with Localpayment to expand into Latin America, where RippleNet has a place on the continent.
However, paying freelancers and contractors who work remotely is a growing problem, especially after COVID-19. The industry is valued at $455 billion, and combining these two technologies can help solve payment processing problems.
Paydek will be able to use RippleNet customers in the region and offer the opportunity to create additional payment channels in the new region. Paydek CEO Terry Hopkinson said:
“With the addition of Localpayment’s expertise and support, Paydek is better positioned to offer an enhanced service to our clientele with local bank transfers into the Latin America market, where we are seeing significant growth for our customers.”
This will also lead Ripple to promote digital remittances in Africa and Latin America. With the booming gig economy, the demand for faster, safer and more reliable payment processors is higher than ever and will increase in the years to come.
As Ripple positions itself to expand its influence in these economies, it will also integrate into the broader crypto community, not just XRP.