Coinone has launched a blockchain powered payment app – Cross. The new payment app will use the RippleNet, the blockchain network of Ripple. It will not use the traditional banking system. It is the first blockchain based remittance payment service in South Korea.
Blockchain based Remittance Payment App – Cross to Support Cross-Border Transactions
The newly introduced payment app ? Cross allows people to send money to Philippines and Thailand. The South Korean platform for the Cryptocurrency, Coinone is launching the app through its subsidiary Coinone Transfer. The new payment app allows people to transfer money without using the bank accounts at very low charges. It offers faster remittance services.
Coinone has links with the Philippines based Cebuana Lhuillier and Thailand based Siam Commercial Bank via RippleNet. The customers in Thailand can receive money almost instantly since Coinone has collaboration with Siam Commercial Bank.
According to a release by Coinone, two million immigrant workers in South Korea are likely to benefit from Payment App. The immigrant workers in the nation are estimated at 3.4% of the total population.
Growing Trend for Remittance Payments
The Filipino immigrant workers are estimated at 58,000 in South Korea. The Thai immigrants are estimated at 153,000. Thai immigrants are the third largest in the nation. The demand for remittance payments is increasing rapidly. According to the estimates of the world bank, the remittance payments are reported at $17 billion in 2017.
To facilitate remittance payments, the South Korean Government has started issuing international remittance licenses in July 2017. The government is issuing licenses to the non-banking businesses to operate remittance payment services.
The use of blockchain network of Ripple allows legitimate use of the remittance payment services. To form an association for the interests of blockchain based European businesses and cryptocurrency, Ripple entered into pacts with Fetch.Ai. It has also entered into an alliance with EMURGO/Cardano and NEM to this effect. The group is known as Blockchain Europe. It focuses on understanding blockchain technology and the immense potential.
Dan Morgan, The Head (regulatory relations) of Ripple, said Ripple is pleased to become a member in the Blockchain Europe. It is time to frame the regulatory measures to fully utilize the benefits of blockchain technology and digital assets.