Ripple and Fomo Pay announce major partnership
Ripple, a prominent provider of enterprise blockchain and cryptocurrency solutions has partnered with Singapore-based FOMO Pay, one of the world's top payment providers. Ripple's On-Demand Liquidity (ODL) technology will be utilized by FOMO Pay to improve the effectiveness of payments through this agreement.
The agreement will enable FOMO Pay to enhance its international treasury payments by using On-Demand Liquidity (ODL) crypto-enabled platform of Ripple and getting continuous access to liquidity for the euro and dollar. Prior to working with Ripple, the business had to rely on inefficient payment methods, which might cause cash to take several days to arrive at its destinations. FOMO Pay CEO Louis Liu claims that Ripple's ODL solution would enable it to carry out speedy, inexpensive, and practically immediate payments with the help of XRP. The blockchain company's ODL solution is being used by several businesses all around the world to streamline payments. With its most recent agreement with Ripple, Fomo Pay promises to make cross-border settlements in EUR and USD quick and economical.
Over the past two years, Ripple has seen a significant increase in the demand for its services in Asia. The business teamed up with pyypl in October 2021 to launch its ODL services in the Middle East. Ripple established a relationship with cross tower earlier this month. The blockchain business purchased a 40% share in Tranglo, one of the biggest Asian cross-border payment firms, in March 2021. According to Brooks Entwistle, SVP and Managing Director at Ripple, there are numerous chances to address problems with ineffective payment channels in the Asia-Pacific area.
About FOMO Pay :
As a one-stop payment aggregator for businesses and merchants across the e-commerce, telecom, retail, and tourism industries, FOMO Pay was established in 2015. One of Singapore's fastest-growing suppliers of digital payment and banking solutions providers in Singapore. In order to increase the scope of its regulated activities, the company obtained new licenses from the Monetary Authority of Singapore (MAS) last year.
CBW - External Analyst