The online retail business is huge in China and it is only getting bigger. In fact, the Chinese e-commerce market totaled [$ $ 672 billion in 2017 – the largest contributor to the $ 4 trillion global e-commerce market – and cross-border e-commerce transactions in the country should reach $ 1.32 trillion in 2018 .
In order to support the influx of global payments sent to the Chinese e-commerce market and provide a superior customer experience, LianLian International – a leading Chinese money services company licensed in Hong Kong with 150 million registered users in the region – has joined RippleNet to receive real-time cross-border payments, bill payments and e-commerce payments.
LianLian will use xCurrent – the Ripple settlement solution that offers end-to-end tracking – to fuel cross-border transactions between China, the United States and Europe.
LianLian joins Ripple's existing network, more than 100 financial institutions to provide its customers with faster, cheaper and frictionless cross-border payment solutions.
xCurrent of cheaper, more efficient transactions
Each year, LianLian processes billions of payments between merchants and consumers, including major online retail sites, such as Amazon Ali Express, and eBay . It is one of the largest money services companies serving the vast e-commerce market in China.
"LianLian International is a leader in payment experience both in and out of China, as evidenced by the large number of our merchants and partners," said LianLian CEO Arthur Zhu. "
"With RippleNet, we will further enhance this experience and increase our market share by offering instant blockchain payments to our customers in the 19 currencies we currently support, and look forward to working with Ripple to power payment flows between China and RippleNet members into new markets. "
xCurrent is Ripple's enterprise software solution that allows banks to instantly adjust cross-border payments with end-to-end tracking. xCurrent will greatly increase efficiency, opening the door to greater transaction volume between merchants and consumers in China and other markets.
LianLian International Connection to China for RippleNet Members
The addition of LianLian also serves as a major gateway to China for other RippleNet members. With financial institutions already present in Japan, South Korea, Thailand and India on RippleNet, the volume of transactions between members can be more efficient and profitable.
"China's e-commerce cross-border payments reached $ 1.07 trillion in 2017. There is a huge opportunity to make these payments faster and more profitable," said Emi Yoshikawa, director Ripple.
"With RippleNet, LianLian International will now be able to offer merchants and consumers faster and more profitable payments in China, which they have not been able to do before. are also looking forward to connecting other RippleNet members to LianLian. "
The addition of LianLian is one more step in Ripple's mission to promote Internet of Value . By connecting and fueling cross-border payments between financial institutions such as LianLian and their customers around the world, Ripple thinks that it can help money move in the same way as digital information. moves – instantly.