Ripple is expanding its payment services in the UAE after joining forces with Zand Bank and MamoPay. Through Ripple Payments, both institutions are now offering continuous cross-border money transfers using blockchain technology in one of the world’s top corridors for money remittances.
According to Ripple, the UAE rollout follows the company’s recent regulatory milestone of securing a license from the Dubai Financial Services Authority (DFSA). This regulatory backing strengthens Ripple’s presence in a region known for its growing appetite for digital finance innovation.
Grok, a prominent blockchain-focused outlet, confirmed that the goal of this partnership is to lower the cost and time it takes to complete international transfers. With Ripple’s blockchain, MamoPay and Zand Bank can help customers successfully and almost instantly send money abroad.
Simultaneously, many observers have pointed out that Ripple is gaining popularity with Gulf financial institutions. Many experts in the industry think that real-time settlement can greatly influence change in cross-border payments in the Middle East.
UAE’s Remittance Industry Sees Boost from Ripple’s Blockchain Integration
Ripple announced that the partnership will improve global payments for people and companies based in the UAE. Ripple’s technology supports Zand Bank and MamoPay by allowing transactions at any time of day with increased openness.
In addition, it is hoped that this integration will cut fees for remittances, which is very valuable in the UAE, where many remittances occur. With this change, millions who send money outside the country, like the country’s expats, may gain more advantages.
Moreover, both parties will experience better compliance and higher security because Ripple uses a blockchain for its ledger system. Using Ripple, exchanging funds across countries becomes safer as it secures the transaction and reduces the chances of fraud.
Grok believes that with the launch, there will be new opportunities, and even so, online safety and technology acceptance will still be critical issues. The rate at which Ripple, MamoPay, and Zand Bank are adopted will be influenced by how well they handle the barriers listed.
Ripple is bringing in more partners as part of its plan to grow the worldwide payment network. The fact that financial companies in the UAE are partnering with blockchain firms indicates a higher need for effective blockchain solutions in these industries.
Conclusion
By partnering with Ripple, this company has made another effort to improve how businesses conduct international payments using blockchain. As more regions, such as the UAE, embrace digital adoption, market participants pay close attention to how these integrations influence sending and receiving money.
