Same day international mobile payments utilizing the cryptocurrency Ripple’s (XRP) distributed ledger technology are on the horizon.
Sending Ripples Through the Banking Industry
Spanish banking group Banco Santander—“the first UK bank to introduce Blockchain technology which facilitates international payments, through a new app”—plans on making the groundbreaking service available in Q1 2018.
Over the last 18 months, Santander has been putting the technology to the test with bank staffers, transferring payments worth between £10 and £10,000 with Apple Pay and using Touch ID for secure sign-ins:
Once the app is downloaded, users need to complete their profile details and can then start to make payments. It connects to Apple Pay, where users can confirm payments securely using Touch ID. It lets users transfer between £10 and £10,000 and payments can be made from GBP to EUR and USD. Currently, payments made in EUR can be sent to 21 countries and US Dollar payments to the USA only.
Big Plans for 2018
According to reports, Santander’s plans for a Q1 rollout of their app were revealed in its 2017 earnings presentation, located on a slide titled ‘Same day mobile international payments in 3 clicks and 40 seconds using distributed ledger technology.’
“We expect to be one of the first global banks to roll out distributed ledger technology based payments for individuals,” the bank has stated.
Santander is deeply invested in Ripple, claiming the cryptocurrency helps them achieve their goals of making their banking as simple and convenient for customers as possible. The bank notes:
The need for finance has evolved from providing a physical Pound in your pocket or card in your purse, where you pay at a till, to being seamlessly integrated into a new, always on, connected lifestyle. At Santander we work hard to ensure our banking is simple, personal and fair and believe new Blockchain technology will play a transformational role in the way we achieve our goals and better serve our customers, adding value by creating more choice and convenience.
The nearly-instantaneous payment service will first be launched in four select countries, and the company promises full transparency regarding fees.
What are your thoughts on the Ripple cryptocurrency? Would you like to send bank transactions using the real-time gross settlement system, currency exchange, and remittance network? Let us know in the comments below!
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