Tuesday, December 6, 2022
HomeBusinessSingapore's Fomo Pay ties up with Ripple for overseas payments

Singapore’s Fomo Pay ties up with Ripple for overseas payments

Online payments firm Fomo Pay has added the crypto segment for payments abroad. For this, the Singapore-based firm will use Ripple’s On-Demand Liquidity (ODL) feature. Fomo Pay has chosen Dollar and Euro as common currencies for instant transactions abroad. The use of ODL feature for payments will give the firm access to liquidity throughout the year for Dollar and Euro.

Fomo Pay has around 10,000 customers. These include Changi Airport and Singapore Airlines. Ripple last month partnered with German-based cryptocurrency payments provider Lunu to help luxury retailers receive payments in cryptocurrencies. Ripple, which consumes less energy, is seen as an alternative to Bitcoin. Finder of one Report It has been reported that more than 15 percent of crypto investors in 27 countries hold Ripple’s native token XRP. These countries include Japan, Indonesia, Singapore and Malaysia.

Palau, an island nation near the Pacific Ocean, last year hired a crypto solutions provider to create its own digital currency. ripple Had a partnership with. In this, work will be done on creating a digital currency with the security of the US dollar. As part of the partnership, Ripple will provide technology, business, design and policy support to Palau. The government of Palau wants to provide an option to the people for bank currencies. The government of Palau will explore the possibility of expanding its use on the decentralized public blockchain XRP Ledger (XPRL). Palau has about 340 islands and its economy depends on remittances or remittances from its people employed abroad.

Countries that rely on remittances get more money from transactions using crypto technology. Cryptocurrencies are not regulated by any bank and as a result there are no service fees for financial transfers from abroad. International money transfer platforms charge a percentage of the remittance as a service fee when making financial transfers through normal currencies. In some countries these money transfer firms charge very high fees.

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