Coinone Transfer, a South Korean cross-border payment and remittance platform that adopted Ripple’s blockchain solution in 2018 via SBI Ripple Asia, revealed that its user-friendly blockchain-based payment app, called Cross, allowed to become a force to be taken into account in the Korean financial ecosystem, according to a blog article of April 8, 2020.
Coinone Transfer Revolutionize payments with Blockchain
As stated in a Ripple blog Publish, since Coinone Transfer launched its crypto-friendly operations in South Korea taking advantage of the loosening of 2017 remittance regulations, which allows non-bank companies to offer payment services, the firm has grown.
Coinone Transfer has reportedly partnered with SBI Ripple Asia to launch the application of cross-border payments and remittances in 2018.
Powered by cutting edge blockchain technology from Ripple, the Cross app helps users facilitate real-time, profitable and secure cross-border payments.
However, despite the many advantages that the Cross solution offers users compared to banks, Camille Jeong, Business Development Manager at Coinone Transfer, revealed that gaining the trust of Koreans was not an easy task, because the Koreans were already used to it. at the traditional bank. system.
“We are not a bank, so we had to work hard to gain the trust of customers. The unique benefits of our innovative Ripple-based service and marketing have attracted people. Our superior customer experience has brought them back and our retention rate is now over 80%.“
Making migrant workers’ lives easier with blockchain
In particular, the Coinone Transfer team claims that their payment solution has really made life easier for foreign workers residing in both rural and urban areas of South Korea, because they no longer have to rely on the cross-border payment system. slow and expensive traditional banks. to send money home.
“The payment could take up to seven days to reach their families at home and the costs were really high, especially for the small amounts usually sent by migrants,” she added.
While Coinone Transfer currently only serves a handful of corridors, including Thailand, the Philippines and Sri Lanka via RippleNet, the company says its next goal is to expand its payment solution to allow parents of Korean students studying abroad easily send money to their children in the countries. such as the United States, the United Kingdom, Hong Kong and Singapore.
With more than 200 or more partners, RippleNet is rapidly changing the face of discounte and the cross-border payments industry for good.
At the time of publication, the price of XRP is trading at $ 0.199237, with a market capitalization of $ 8.76 billion, as seen on CoinMarketCap.
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