Spanish Bank Santander Designes Ripple Payment App One Pay FX

The Biggest Spanish Bank Santander by total asset and market capitalization, designed a Ripple enabled payment app called Pay FX offering a borderless blockchain-based payment channel, as we are reading further in the latest Ripple price news.

The Spanish Bank Santander just added 19 geopolitical regions to the One Pay FX international Payments app offering in collaboration with the blockchain and crypto payment service Ripple. The blockchain payment app was available in Poland, Brazil, Spain, and the United Kingdom. Now, Pay FX enables users from the world’s biggest economy which is the United States and the emerging markets that include Chile, reaching a total number of 22 countries, making it the most widely-dispersed blockchain payment system in the world.

Ripple plays a huge role as a payment platform and a currency because it is an open-source platform that was created to allow quick transactions as well as cheap ones. Unlike Bitcoin that was never intended to be a simple payment system, Ripple gained a lot of attention from major central banks across the world such as Barclays and Standard Chartered. Ed Metzger, the CTO of One Pay FX said:

 “Customers told us that the international payments process could be better so we partnered with Ripple to explore how BTC could make transactions faster, cheaper and more transparent.”

Metzger explained the feedback he got from customers, noting difficulties with the transaction exchange rate, the timing confusion, and clarity:

 “Ripple helps us directly address the issues raised by our customers […] Whether they are putting down a deposit on a holiday rental or paying a foreign supplier, they see exactly how much will arrive when they’re making the payment and have certainty about when it will get there.”

“Being part of #RippleNet has helped us forge sustainable and scalable relationships with other financial institutions around the world.” – One Pay FX, @bancosantander CTO Ed Metzger. https://t.co/iol8ooG4fe

— Ripple (@Ripple) July 9, 2020

This means that Ripple can now be used in a new app that will allow customers to see how much will arrive when they are making international payments and how low-cost transactions happen. Also as recently reported, The online marketplace named Uquid Digital has recently highlighted the benefits of Ripple and its technology in helping its business grow. As it stands, the Ripple XRP token helps Uquid Digital to grow its list of users. Released by Uquid Digital, the post discusses the speed and scalability of Ripple’s XRP token and how it made shopping much more convenient for its customers.