- Ripple has teamed up with 50 Japanese financial institutions to create a brand new payment technology based on distributed ledgers.
- Ripple has positioned itself as the leading partner in this digitalization initiative. Japan is one nation that loves cash, which makes it a priority to digitize payments.
The 2020 COVID pandemic, which discouraged physical contact and emphasized digital payment methods, has fueled the global adoption of electronic payments. Digital payments are a major part of the payment system in developed countries, such as China and Norway. Japan, however, remains an anomaly, as cash dominates payments there. Ripple has partnered with over 50 banks to bring DLT-based payments to Japan.
As one would say study90 percent of Japanese prefer cash for payment, a staggering majority in a nation with the third largest economy. A study revealed that Japan’s financial assets worth $17 trillion were held in cash to the tune of 52%, which is much more than US (14%) and EU (33%). Cash is a favorite among Japanese citizens for many reasons. They cite reliability and security as two of them. But researchers also believe that it’s cultural.
It has achieved great success in pushing users towards digital payments. Security and reliability concerns still exist, as many Japanese residents continue to use cash. concerned Their information may leak out and they could lose their entire life savings.
Ripple has seized this opportunity to offer Japan a blockchain-based payment system.
Ripple Japan: Can Ripple convert cash?
Ripple Japan has existed for many years. The country is one of the Ripple’s most active marketsSBI and other partners are driving adoption of XRP Ledgers to millions.
According to an online video, California’s company has gone one step further and is building a payment system with the majority of the nation’s biggest banks.
WOW! 💥
The consortium is composed of 61 Japanese banks. Its goal is to develop a Ripple platform for domestic payments that will also enable cross-border payment! 🇯🇵
Each and every one of these banks is using #XRP By the year 2025. 💵💱💴 pic.twitter.com/zA3ltUcAhp
— 𝓐𝓶𝓮𝓵𝓲𝓮 (@_Crypto_Barbie) August 26, 2024
In Japan, we have created a consortium consisting of over 50 banks. This group will develop and implement a new payment infrastructure based on Ripple’s distributed ledger. It will eventually replace the Zenghin domestic payments system. The technology is also applicable to cross-border transactions.
CNF is a company that has been around for a while. reported Ripple is partnering with Japanese banks. Ripple’s partnership with Japanese banks reportSBI’s CEO revealed major companies that transfer funds in India had adopted XRP-based solutions for cost reduction and efficiency.
“… the use of “xRapid” using XRP is becoming more widespread, and the number of companies participating in RippleNet is increasing significantly,” It was he who said it.
XRP currently trades for $0.5588 and has seen a slight gain over the previous day.
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Source: www.crypto-news-flash.com
