- Coinone Transfer has teamed up with Ripple to launch the cross-border payment and transfer application in 2018.
- Using Ripple’s blockchain technology, Cross offers increased transparency and reliability of payments.
Coinone Transfer, a cross-border payment platform, noted that its Cross blockchain-based money transfer app had helped the company dominate the money transfer market in South Korea. In 2018, the company partnered with SBI Ripple Asia to launch the application. By leveraging the cutting edge technology of Ripple’s blockchain, the Cross app helps users facilitate real-time, profitable and secure cross-border payments.
Coinone Transfer started operations in South Korea taking advantage of the lenient 2017 money transfer regulations. This allows non-bank companies to offer payment services. However, Camille Jeong, Business Development Manager at Coinone Transfer, said that gaining the trust of Koreans was not easy since they were already used to the traditional banking 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%.
The Coinone Transfer team says their payment solution has helped foreign workers in rural and urban areas of South Korea. They no longer have to depend on the slow and expensive cross-border payment system of 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.