untitled design

Paydek will use RippleNet to process payments in Latin America

British payments firm Paydek is leveraging RippleNet technology to make faster and more cost-effective international transfers in Latin America.

Ripple estimates that in the next two years, the freelancing market will reach $ 455 billion in cash as more people begin to realize the benefits of flexible hours and telecommuting. However, freelancers still face challenges such as delays in receiving wages. This is due to the fact that it is difficult for outdated payment systems to adapt to the requirements of the modern world, so the executors have to wait for the receipt of funds within a few days.

Payment firm Paydek will use the RippleNet solution to address this issue and enable fast, real-time cross-border transfers between customers and freelancers. Paydek already uses RippleNet for payments in Africa with nine local currencies: West African, Central African and Rwandan francs, Sierra Leonean leone, Kenyan, Tanzanian and Ugandan shilling, Ghanaian cedi and South African rand.

Now, in partnership with Localpayment, Paydek is ready to use RippleNet in the Latin American market, supporting payments in Mexican, Argentine, Colombian and Uruguayan pesos. Paydek Managing Director Terry Hopkinson said the use of RippleNet in Africa and Latin America will be an important milestone in improving the infrastructure for payment technologies. Prompt payments and multiple payment options have become critical to Paydek’s customers and partners, Hopkinson said.

“Paydek uses RippleNet technology to better serve its customers, and this proves that blockchain can significantly modernize international payments. Through the partnership with Paydek, Ripple will strengthen its presence in Africa and Latin America to drive innovation in these continents, ”said RippleNet Europe Managing Director Sendi Young.

Last year, the UAE-based retail bank RAKBank became a member of the RippleNet payment network. In addition, Malaysian payment system Mobile Money and Bangladeshi service bKash joined it earlier this year.

You may also like

Get the latest

Stay Informed: Get the Latest Updates and Insights

 

Most popular