- Euronet inked an agreement with Ripple to use RippleNet
- Ria’s over 200 customers to use Ripple
- Euronet joined Ripple in 3 weeks
The documentation of Euronet Q1 2019 conference centered on the company’s earnings in the first quarter revealed that the US electronic payment services provider has joined the RippleNet network to begin using Ripple blockchain technology for money transfer.
Released on April 30th in a transcript, Euronet worldwide Inc. disclosed that Ripple is part of the 5 new integrations it added into its Digital Integrated Payments Cloud in the first quarter. Others include Alipay, Remitly, Poland and ING Bank.
Thanks to XRPArcade for the initial update, the transcript made known that Euronet subsidiary company, Ria, is also involved the collaboration. For Ria, the agreement is a win-win scenario. While Ripple gets access to Ria’s physical and digital impression around the world, the latter’s over 200 clients (financial institutions) will also be handed Ripple’s throughput technology in executing transactions.
Ria is a cross boarder remittance company with a number of network partners in Europe, Asia-Pacific, North America, Latin America and Africa. Ria services customers across the world in 149 countries and 369,000 locations.
When asked about the relationship between Euronet with Ripple, the CEO and President of the company, Michael J. Brown, said he sees the collaboration as one which will help Euronet drive long-term growth. He disclosed that the introduction of Ripple and Alipay is sure a substantial development for the company as they both allow easy selling of their products.
He said the two companies will help them disrupt the competitive industry.
While Eulogizing Ripple’s potency in the industry, the Vice President at Euronet, Rick L. Weller, said Ripple has got connection with myriad of top banks around the world, making bank delivery payment a piece of cake.
In a concluding statement, Brown said the easy in initiating connection is always a driving force for people. Instead of the three to four months rumored duration it takes to certify connection with Ripple, Euronet was able to connect Ripple in 3 weeks with the use of older technology.
Why Euronet’s Deal Would Be A Booster For Ripple Blockchain Technology
No doubt, Euronet is one of the leading payment service provide in the world. However, Euronet claims that in 2018, it processed 4 billion transactions which is equivalent to $115 billion in payments. Also, the company operates 43,711 ATMs, manages 369 money transfer locations in 165 countries of the world. Euronet also has 1 million PoS terminals.
In the first quarter of the year, according to the report released, Euronet recorded an adjusted EBITDA of $87 million, adjusted Earnings per Share of $0.85 and 16% year-over-year increase.
Within a space of 3 years, Euronet’s Epay grew by 31% in Europe.
While Euronet will be using Ripple blockchain technology to offer its customers a revitalized service, Ripple will also be opened to the millions of clients which the service provider possess.