PayPal/XOOM, XRP, and Instant Payments via Cryptocurrency
There has been a lot of hype and speculation regarding Paypal and whether or not they will use XRP and/or even team up with Ripple and utilize XRP for cross-border payments. The savings possible from the use of XRP and other effective cryptocurrencies is remarkable.
PayPal states that they are going to utilize Ripples Technology: HyperWallet and Xoom. HyperWallet (a paypal service) has teamed up with Earthport to enhance Cross-Border payment services. We have covered over and over again about how Eathport is going to play a massive role in getting the world powered by Ripple. Xoom (a paypal service) has teamed up with Earthport (Recently acquired by VISA for approximately 250.6M USD) for as well to power their electronic remittance channels.
Taken Directly from Earthport Payments Service for Money Transfer Companies PDF
Look at the clients that Earthport servers. Do any of these names look familiar? Viamericas we know is a Ripple partner and will be using XRP. Xoom is a paypal service which will be powered by Earthport through the ILP which uses XRP. Western Union…hmm did WU say they didn’t find any kind of cost savings using Xrapid? Azimo is an online remittance service based out of Londo leverage the IPL to power cross border payments into Africa.
Xoom has been an Earthport partner for quite some time now. Xoom CEO talked about what as achieved from the Earthpport partnership and he said: “Earthport presents a big opportunity to the industry to provide customers with better, alternative payment products.” “Earthport presents a big opportunity to the industry to provide customers with better, alternative payment products.”
Now let’s take a look at HyperWallet, another Paypal Service. Hyperwallet teamed up with Earthport in 2013. Hyperwallet leverages Earthport’s international payments infrastructure to deliver more competitive cross-border payments services to corporate customers. The CEO of hyperwallt states: “Adopting Earthport enables hyperWALLET to route cross-border payments more efficiently resulting in faster payment processing and improved customer service. Corporate customers will be able to benefit from a more cost-efficient, predictable and transparent service, with advance disclosure of payment settlement dates and all fees involved. Since the launch of the new service, hyperWALLET has already started to expand its payments network, unveiling new country routes to customers as part of a phased plan.”