Payment fintechs are increasingly using cryptocurrency trading to build account balances, which can then be converted to traditional currency for e-commerce payments or P2P transfers. Block and PayPal both provide this mix of services, while cryptocurrency exchange Circle is also building a similar set of offerings. And the large U.S. card brands are exploring ways to pair their international merchant networks with cryptocurrency services, mostly likely through the use of stablecoins, which pin their value to that of a government-issued currency. Young, a former digital payments and fintech specialist at Mastercard, joined Ripple in June 2021 to expand the company’s reach among European financial institutions. A year later, the San Francisco company’s international payments rail, RippleNet, has become a platform to combine crypto with other financial services.
And, any Mastercard issued outside of the country will not work at Russian merchants or ATMs,” the Mastercard statement said. While speculations arise whether locals will turn to cryptocurrencies, given the skyrocketing trading volume since the war started, Russia’s central bank outlined another solution. Specify an amount of exchange at the top of the table to see a calculated data for exchangers. Place the cursor at the numbers highlighted in red to see a reason for their highlighting. You can mark your favorite or untrusted exchangers by adding them to the ‘Favorites’ or ‘Blacklisted’ by clicking the right mouse button on the exchanger, after which the exchanger will be highlighted and placed on the appropriate tab.
On Saturday , Mastercard and Visa — the two largest credit card and digital payment processors — both suspended operations in Russia, forcing Russian banks to consider alternate systems. Tinkoff, Alfa Bank and Sberbank, the biggest lender in Russia, are all looking to switch to the UnionPay system. Visa and Mastercard joined the growing list of western financial companies that announced plans to withdraw from Russia. Looking for alternatives, the nation’s central bank said it has turned to China’s UnionPay system. The list below shows exchangers where you can exchange Ripple to UnionPay Card. Every exchanger present on our website has been thoroughly checked before listing, and BestChange team constantly monitors their due performance.
Обмен Ripple (XRP) на Карта UnionPay
All exchangers specified in the list provide the service of exchanging Ripple to UnionPay CNY automatically. You can use our instructions in the FAQ section if you have never exchanged electronic money at our site before and you come across any difficulties with the exchange process. Keep in mind that change rates UnionPay Ripple can be better when you go to an exchange site from the BestChange.com monitor than when you visit exchangers in a regular way. All exchangers specified in the list provide the service of exchanging UnionPay CNY to Ripple automatically. Ripple has been improving its product lineup through partnerships to create a platform that serves both cryptocurrency transactions and traditional payments. The latest addition is a partnership with Modulr, a London-based fintech that provides connections to payment messaging protocols in different countries, such as Faster Payments, Bacs, Chaps, Swift and SEPA.
This increases safety of financial transactions in exchangers listed in the monitor. When choosing an exchanger, please pay attention to the reviews left by other users, the condition of the exchanger’s website, reserves, and the current status of the exchanger on our monitor. The list below shows exchangers where you can exchange UnionPay Card to Ripple .
Ripple in late 2021 updated RippleNet by adding a Liquidity Hub, a product that supports buying, selling and holding digital assets, aimed at enterprise partners in Ripple’s blockchain network. “Our enterprise and banking customers have direct access to local payment rails, which allows our sending customers to experience a faster and more simplified payment experience,” Young said. The Modulr integration supports business-to-business, peer-to-peer and business-to-consumer payments across borders, with an initial focus on attracting partners in the Asia/Pacific, Middle East and Latin America regions. It’s also worth noting that the organization said UnionPay could work together with Russia’s own payments system – Mir. The institution said that local lenders will be able to use China’s UnionPay system. Founded 20 years ago and headquartered in Shanghai, China, UnionPay operates in over 180 countries, according to Russia’s central bank.
“The feasibility of the concept of peer-to-peer payments running across multiple payments infrastructures must be clearly explained.” Russia has also largely been blocked from moving money internationally through SWIFT. PYMNTS wrote recently about Mastercard and Visa’s decisions to get out of Russia, with both of the processors releasing statements Saturday that they would suspend operations within Russia over its invasion of Ukraine. It feels like more and more news just keeps seeping out about XRP and Ripple and it’s applications to ‘every day banking.’ I wish I had more money to dump into it. To change the exchange direction, use the left sidebar and do not forget to select currency type in the drop-down list. Ripple’s primary focus has been to initiate partnerships across the spectrum, and the partners themselves have ensured they keep the tradition alive.
XRP has been bullish since Ripple’s Chief Legal Officer Stuart Alderoty broke down the latest ruling of the US SEC on its lawsuit against Ripple, underscored by Coinbase’s CLO Paul Grewal on the largest exchange in the US relisting XRP. Only recently, investment products with exposure to Solana recorded inflows of $400,000, while those with exposure to XRP saw inflows worth $300,000. Notably, Polygon investment products also witnessed inflows totaling $100,00 during a week where crypto products recorded a striking $255 million net outflows. This website is using a security service to protect itself from online attacks. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. The top five banks and thrifts in our ranking have combined assets of more than $12.6 trillion as of December 31, 2022.
Russian Banks Look to China’s UnionPay to Issue Cards
Numerous Russian banks have said they plan to begin issuing cards using the Chinese UnionPay card operator system, combined with the Mir network from Russia, Reuters reported Sunday . Bitcoin price has managed to pull itself away from the narrative of being correlated to the United States stock market and macroeconomic conditions. The biggest cryptocurrency in the world has been rallying for more than a week now despite the ongoing banking crisis in the country, which is close to bringing down another bank.
Ripple partners continue tie-ups as Finablr sings MoU with UnionPay
Ripple built a brand by using cryptocurrency technology to speed international payments. As that concept becomes less novel, the firm is implementing ways to adapt its technology for everyday payments. Both companies’ actions follow a growing wave of global outrage and financial sanctions against Russia. President Joe Biden, in his State of the Union address, announced plans to “cripple the Russian economy” after the central banks moved to freeze hundreds of billions in foreign reserves globally. “With this action, cards issued by Russian banks will no longer be supported by the Mastercard network.
“This is a significant change to the correspondent banking system which was built before the internet to process cross-border payments. It’s a model that no longer works for the modern world.” The tie-up will address the areas of cross-border payments digital wallets, VAT refunds, digital shopping and gifting, and ATM networks. One of Ripple’s primary focus has always been cross border transactions and with the Money Express linkage facilitating large cross transactions into mainland China from several international markets.
This year’s Most Influential Women in Payments honorees are uniquely positioned to make the most of disruptive factors such as the advancement of artificial intelligence, central bank digital currencies and real-time payments. Young also discussed Ripple’s work on digitizing government currencies, an area of heavy competition. The card brands are positioning themselves as enablers of central bank digital currencies, pitching partnerships with central banks and developing technology that can connect central banks with commercial banks and consumers.
Stablecoins have long been considered the safer option for bringing crypto to the world. However, the recent few instances of stablecoin collapses have raised concerns regarding the same as well. Even so, Mastercard is attempting to widen its reach in the Asia-Pacific region. Notably, institutional cryptocurrency investors have been raising their bets on crypto investment products, focusing on the ones offering them exposure to Solana and Ripple . The shutdowns of Silvergate Capital and Signature Bank are likely to send crypto-related businesses and digital asset innovation offshore. “That makes it easier to create, issue and manage assets including CBDCs,” Young said.
Russia Turns to China’s UnionPay System Amid Visa and Mastercard Departures
In a new announcement, Finablr, one of Ripple’s famous partner, revealed that they would be signing a Memorandum of Understanding with UnionPay International for a global payments technology partnership. Your feedback helps us create a better experience for you and all our users.
Inside Ripple’s plans for mainstream crypto payments
Ripple connects banks, payment providers and digital asset exchanges via RippleNet to provide one frictionless experience to send money globally. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets. Customers in China will be able to conduct cashless payments using Finablr’s Swych, which will enable trade across a global network of retailers. Finablr’s sight on the cross border transaction department has been evident for some time as the company had also partnered with Samsung to help its cause. Samsung’s Money Transfer will use Finablr’s Travelex to let users transfer money across countries. “Blockchain-based solutions are decentralized, which allows banks and other financial institutions to communicate payment information to each other, bi-directionally in real time,” Young said.
During this weekend, it became known that some of the largest western financial companies will also halt servicing Russians, including Visa, Mastercard, and PayPal. If you cannot find how to exchange the money after you go to the site, contact the exchanger operator . It is quite possible that no automatic exchange Ripple to UnionPay Card is available at the moment and your exchange will be processed manually. It is quite possible that no automatic exchange UnionPay Card to Ripple is available at the moment and your exchange will be processed manually. US bank runs sent shockwaves through market participants, traders turned to Bitcoin and the “safe haven” narrative made a comeback. Binance’s $1 billion acquisition of bankrupt crypto lender Voyager is back on track with a ruling from a New York bankruptcy judge.
“We’re working in response to increasing central bank interest globally,” Young said. Ripple’s work on payments technology comes as the firm is still battling the Securities and Exchange Commission over how the XRP token should be regulated. The SEC contends XRP should be regulated as a security, and the government has sued Ripple for selling unregulated securities. For example, there will need to be upgrades to make the mix of blockchain and traditional payment processing truly interoperable, Camerinelli sayd.