UK’s Paydek expands to Latin America and Africa with Ripple’s help
- Ripple and Paydek deepened their partnership by bringing real-time payments to Latin America.
- For Ripple, this will mean that the company can expand its influence in South America even further.
- Meanwhile, Paydek will enjoy numerous opportunities that RippleNet can offer.
While Ripple continues its legal battle with the SEC in the United States, the company’s European branch is working on continuing its legacy. In fact, according to a recent announcement by Sendi Young — Ripple’s head of European development of RippleNet — the company has made a deal to help a UK-based firm expand its real-time payments.
Young, who is also a former Mastercard top executive, stated that Ripple is working with the UK’s Paydek, which wishes to bring its real-time payments to South American and African countries. According to Young, this will significantly help freelancers and on-demand workers in these countries with getting their payments quickly and seamlessly.
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The combination of Ripple’s RippleNet and Paydek’s payment services has already improved the conditions for the users in the UK, as it allows managing and improving payments for individual and business customers. The country’s corporate and self-employed freelance customers in the on-demand markets used to face a number of issues that the combination of the two firms’ technologies managed to resolve.
As a result, the on-demand market is swelling, and is expected to hit $455 billion in the next two years.
How will the companies benefit from this move?
As some may know, Ripple and Paydek already collaborated before, in Africa. Now, however, the partnership with Localpayment will allow them to reach Latin America as well, where RippleNet already has a certain presence.
In other words, Ripple has opened a major door to Paydek, and can provide numerous opportunities for the payment firm, such as creating additional payment rails in the new regions. More than that, Paydek can create a new infrastructure that will enable cheap, fast, secure payments.
As for Ripple, Young said that the company will allow it to further expand its presence in Latin America and Africa, and allow for innovative solutions to be implemented, as the company continues to pursue the digital remittance market.