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Payments General

LianLian to use Ripple blockchain solution to process instant payments in China

Thursday 8 February 2018 | 11:01 AM CET

LianLian International, a money service company, will use xCurrent, Ripple`s blockchain solution, to process real-time cross-border payments in China on behalf of merchants and consumers.

The processing will aslo include invoice payments and ecommerce payments.The production agreement will see LianLian International use RippleNet to process payments into China instantly.

LianLian International will accept payments from overseas financial institutions using RippleNet, and disburse these payments to Chinese recipients.

In addition, LianLian International will provide a connection service into China for other RippleNet members, supporting transaction flows between merchants and consumers in China and other markets – driving payment volumes higher.

Cross-border payments related to China’s ecommerce market reached USD 1.07 trillion in 2017.

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