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Ripple has just announced a new partnership with Mobile Money.
Through #RippleNet, Mobile Money has connected to @bKash_ltd powering seamless wallet-to-wallet #payments serving the remittance corridor between Malaysia & Bangladesh. Read more about the new partnership. https://t.co/MKhvXWGMeK
— Ripple (@Ripple) January 14, 2021
Through RippleNet, Mobile Money has been able to connect with bKash, the largest mobile financial services (MFS) provider in Bangladesh, which boasts 45 million users across the country.
Considering the size of bKash, which ranks 11th in the world in the industry, it is a challenge to serve all of its users, and this is where the partnership with Ripple came in to provide a service to directly facilitate payments.
We are talking about a wallet-to-wallet service, as all users who are part of the network will be able to use RippleNet to make transactions at a very low cost and high speed.
bKash has also been supported by the Mutual Trust Bank, which has enabled it to lower its transaction costs, as mentioned by the CEO of bKash, Kamal Quadir:
”We are constantly exploring innovative ways to give simple solutions to our customers. bKash is happy to have partnered with Ripple in collaboration with Mutual Trust Bank of Bangladesh to deliver a cost effective, fast, transparent and reliable remittance sending experience to more than 10 million non-resident Bangladeshis all over the world. This partnership will bring great convenience to both the recipients and senders, and contribute further to our national economy by encouraging inward foreign remittance flow through legal channels”.
Mobile Money grows its users with Ripple
This partnership indirectly allows Mobile Money to acquire an incredible amount of users and, despite the volume of users, provide an adequate service to each of them, as transactions will be at least double the user base.
This has only been made possible by the partnership made with Ripple and Mobile Money, as explained by Mobile Money founder Lee Eng Sia:
“Our focus has always been on providing simple, cost-effective and convenient e-payment solutions to our customers. More than ever, the pandemic has demonstrated that there is a strong need for remittance solutions that enable people to transfer money anytime and anywhere. Our partnership with Ripple makes us one of the first few e-wallet companies to offer such digital remittance solutions to Bangladeshi workers, and we’re confident that it will enable us to stay ahead of the competition, while expanding our user base”.
Certainly a technological success that bodes well for Ripple in terms of the adoption of its technology, which is highly regarded in both the banking and payment transfer sectors, although this is not enough to get it out of trouble with the SEC.