Amazon Worldpay has announced that its partnerships will provide Amazon Payments for Worldpay merchants.
But that's not the only explanation. It is also widely used outside of this online shopping platform, many retailers and online merchants around the world have chosen Amazon Pay to implement the payment method.
Amazon and WorldPay: New Partnership
However, with Amazon and Worldpay's recently announced partnership, opportunities are expected to expand for traders. This collaboration is a milestone for the whole industry because it makes Worldpay the first to fully activate Amazon Pay for merchants.
Under this collaboration, US-based Worldpay traders will have the opportunity to benefit from Amazon Pay to enhance their customers' online purchase experience.
According to Amazon Pay Vice President Patrick Gauthier, it is now a serious step towards payment services as it will apply to a much larger merchant pool.
The attempt to establish this partnership with Worldpay reflects Amazon's desire to offer payment as a step to the evolution of more large traders. Such a desire has become a serious ground for developing a relationship with a great buyer.
Gauthier also said it would be beneficial for traders, as this move will facilitate the interaction of Amazon Pay with buyers for them and that this partnership will be a starting point for further innovation in the field.
For FIS, this means an opportunity to expand its operations in digital payments. As for Worldpay, it is a new opportunity to open up new markets and increase its competitiveness.
However, in this context, the US fintech, which acquired Worldpay, has been acquired by Fidelity Ulusal Bilgi Hizmetleri A.Ş. It should be noted that (FIS) is a partner of Ripple. Given all these facts, we can conclude that Amazon and Worldpay's partnership is an indirect step towards Amazon's Ripple.
However, it is not the first indirect sign that Amazon is approaching Ripple. Earlier, it is known that Amazon cooperates with Axis, an Indian bank, a participant in the network of Ripple.
Amazon and Axis were working together to make a new payment application to work on Amazon. In this case, the XRP used in Ripple's products was also applied. So, we can say that the XRP is used for Amazon's needs.
Although there is no direct collaboration with Amazon and Ripple, there are many reasons to think that it might be in the future.
The Oldest Thai Bank Reduces Cross Border Processing Time From 2 Days to 1 Minute Using Ripple Technology
Using the technology of Ripple, Siam Trading Bank of Thailand (SCB) said that it reduced the processing time from 2 days to 1 minute, and that they are performing cross-border payment transfers with this technology.
In the official announcement,
In order to optimize operational efficiency, SCB and PTTEP, since mid-2018, launched a program of cooperation for a research and development study on adopting Blockchain technology for B2B payments beyond the border. Earlier this year, the project was able to make pilot payments through Blockchain reaching targets within one minute compared to one to two days with traditional methods.
Although Ripple is not named here, it has documented that SCB works with Ripple's technology to promote faster cross-border payments.
SCB and PPT Research and Production Public Limited Company (PTTEP) signed a co-operation agreement focusing on the establishment of a cross-border payment system to support the transfer of PTTEP's B2B funds between partners and service providers. B SCB invested in Ripple, a global and corporate block chain solution, Rip said Phimonpha Santichok, Executive Vice President responsible for Commercial Banking Solutions.
Ripple has published its own blog post about SCB's participation and said it would be the first financial partner to use the “multi-jump Rip feature.
Siam Trading Bank (SCB) will be the first financial institution to lead a key feature called kilit multi-hop ülük in RippleNet, which allows them to make payments on behalf of other financial institutions in the network. This will eliminate the need for one-to-one link (or bilateral relationship) between financial institutions to make payments. Using multi-hop, the SCB will be able to receive and transmit a payment without a bilateral relationship between the recipient and the beneficiary institutions.
Ripple Supported Venture Initiative
Ripple supported enterprise XRPL Labs has launched a new payment application designed to provide store owners with an easy way to accept the XRP. The app called XRPayments is now accessible on the iOS and Android, the App Store and the Google Play Store.
This application instantly converts any compatible device into a point-of-sale (PoS) system, allowing retailers to accept the XRP in place. Wietse Wind, the founder of XRPL Labs, says the application will be used at an XRP meeting in the Netherlands.
- Wietse Wind (@WietseWind) April 18, 2019
XRPayments has a built-in currency converter that allows practically any user in any country to instantly calculate their conversion from fiat to XRP.
XRPL Labs is also developing three additional XRP based platforms.
. Signing platform that allows users to access their funds on mobile devices and send and receive XRP
. XRP is a mobile cold storage system that provides a secure application to create and manage cold wallets to their owners
. A web-based decentralized exchange that allows users to trade XRP without a third-party agent
Ripple's fundraising and development arm, Xpring, recently supported XRPL Labs. The investment described in the XRP is expected to support the company's independent efforts for two to three years.
Ripple Announces Founding Member of the European Commission's Blockchain Association INATBA
Ripple (XRP) has announced that it is a founding member of a blockchain association called International Association of Reliable Blockchain Practices (INATBA), as well as many other crypto and block chain assets.
- Ripple (@Ripple) April 1, 2019
Association, IOTA, Cardano, Lisk, ConsenSys, Ledger and R3; and the rival payment system SWIFT, the consulting company Accenture and the British bank Barclays, such as non-rival companies, he said.
INATBA states that its purpose is to promote discussions with regulators, to create a global management model for technology and to develop interoperability standards and industry-specific guidelines. In the official statement of the association, he writes:
To unlock the full potential of transformation and to take advantage of the benefits of blockchain and DLT for businesses, the public sector and the community in general, INATBA encourages public and private sector cooperation, regulatory convergence, legal predictability and integrity of the system and transparency.
Fluctuation CEO CEO Brad Garlinghouse is excited about the possibilities of partnership,
It is an honor and a privilege for us to be one of the founding members of the International Union for Reliable Blockchain Applications. This is really a very important time for the distributed notebook technology industry. It is critical that we come together as an industry and connect globally with regulators and governments. The work we see with the European Commission is very important and can be a leader in these efforts. We look forward to participating and being a leading participant.
The INATBA was announced by the European Commission in March this year and is expected to be launched in Brussels on 3 April. The group has more than 70 members and includes other crypto projects other than those mentioned above.
Joseph Lubin, co-founder of the Ethereum and founder of ConsenSys, was hopeful about the initiative to help adopt the mainstream.
We would like to inform everyone that ConsenSys has passed behind the newly established INATBA-International Association of Reliable Block Chain Applications. This initiative is global, but it is supported by our good friends in the European Commission. It has been designed as a platform for large and small-blockchain ecosystem organizations to work together to make Blockchain and distributed general accounting technologies mainstream.
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