HomeNewsAmazon Partners with Ripple, Will Use XRP for Payments

    Amazon Partners with Ripple, Will Use XRP for Payments

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    E-commerce giant Amazon joined forces with RippleNet to enable fast and cost-efficient transactions via the use of XRP.

    Ripple Is Now on the List of Amazon’s Partners

    On Monday, August 14, the world’s largest online retailer Amazon confirmed its strategic partnership with a prominent blockchain company RippleNet. According to the statement, Amazon will use Ripple’s native XRP token for digital payments to enable smooth, speedy, and reasonably-priced transactions.

    Amazon has highlighted three key Ripple’s products on the AWS Partner Profile. First of all, the page described xCurrent, Ripple’s software solution that allows to process cross-border real-time payments efficiently and at lower costs:

    “The solution is specifically designed to meet the needs of banks by fitting within their existing risk, compliance,and information security frameworks.”

    Secondly, Amazon emphasized xRapid, Ripple’s solution for sourcing on-demand liquidity and minimizing its costs:

    “xRapid uniquely uses a digital asset, XRP, to offer on-demand liquidity, which lowers costs while enabling real-time payments in emerging markets. Built for enterprise use, XRP offers banks and payment providers an efficient, scalable, reliable liquidity option to service cross-border payments.”

    Finally, the e-commerce titan endorsed Ripple’s xVia, API which enables global payments with just a single integration:

    “xVia’s simple API requires no software installation and enables users to send payments globally with transparency into the payment status and with rich information, like invoices, attached.”

    Additionally, Amazon’s announcement provided examples of Ripple’s commercial use cases for banks, payment providers, exchanges, and corporates:

    • “e-Invoicing

    • International supply chain payments

    • Global currency account

    • Real-time cashpooling

    • International bill pay

    • Real-time remittances and international P2P payments”

    What Does it Mean for Ripple and Crypto Industry In General? 

    The Ripple-Amazon collaboration is a groundbreaking move which marks the first time a cryptocurrency is integrated into a major retailer system. Undoubtedly, this partnership also signifies a step towards global crypto adoption and might potentially revolutionize the way global e-commerce works. If the collaboration is successful, Amazon could set an example for other retailers to follow suit and integrate cryptocurrencies into their systems as well.

    As for Ripple, becoming partners with Amazon definitely adds up to the blockchain company’s recognition and strengthens its position as one of the leading crypto platforms across the market. The new collaboration aligns with Ripple’s mission to “build breakthrough crypto solutions for a world without economic borders”.

    XRP Reacts to the News

    Following the announcement, the price of Ripple’s native token soared and briefly reached $0.637 before pulling back shortly after. At the moment of writing, XRP is hovering at $0.631.

    Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

    Source : Crypto Daily

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