Ripple Partner TerraPay Inks Partnership With Visa To Further Digital Remittance
Quick Take
- Ripple partner TerraPay and payments giant Visa, partner to further digital remittance and financial inclusivity.
- Ripple boasts strong numbers for Q1 2020 despite the pandemic.
TerraPay and Visa have entered into a partnership to develop and further digital remittance solutions and financial inclusivity.
The TerraPay and Visa global partnership is aimed to develop and deliver solutions to drive repeat consumption of the mobile wallets and digital currency for digital payments and remittances.
Press Release
TerraPay is also a known Ripple partner, according to a press release dating back to March 2020. In the press release, Ripple is mentioned as one of the numerous companies TerraPay has built partnerships with.
TerraPay has built partnerships with global money transfer companies including Western Union, Visa, Xpress Money, MoneyTrans, Paga, Ria, Instant Cash, Ripple and MoneyGram.
Press Release
Ripple Stands Strong With Massive Growth in Q1 2020
Ripple’s flagship platform, RippleNet allows participating financial institutions the ability to streamline global remittance through a quick and cost-effective solution.
RippleNet saw substantial growth in Q1 2020 as the platform saw an approximately 85% increase in volume, according to Ripple CEO Brad Garlinghouse.
Interestingly, the platform’s On-Demand Liquidity offering saw an even greater increase in Q1 2020.
Specific to our On-Demand Liquidity, there’s a 190% increase from Q4 to Q1. So we saw some of our big customers, a player in Thailand, go live. That’s driving a lot of volume. We had forecasted 20 new contracts, and we ended up signing 28 new production contracts in the quarter. So despite the dynamics of the pandemic, we were able to finish the quarter on a strong note.
Brad Garlinghouse Ripple Q1 2020 Virtual All-Hands Meeting
In addition to the ODL volume, the company also signed eight more production contracts than previously anticipated. After boasting strong Q1 2020 numbers, it will be interesting to see how RippleNet is performing in Q2 2020 as the pandemic swings into full force.
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