UK-based foreign exchange company Mercury-fx has completed an international payment to the Philippines using Ripple’s xRapid network. The transaction, made by an individual customer, was to cover the cost of a honeymoon at The Edgewater Dive & Spa Resort in Puerto Galera, Mimaropa.
Mercury FX announced the payment with the following message on Twitter:
“Mercury has just made history and completed the first-ever commercial payment using xRapid to the Philippines.”
xRapid is one of Ripple’s most promising products and forms the backbone of its international remittance services. It provides a method by which banks and businesses can transfer funds internationally without the high costs and delays associated with traditional bank transfers.
Utilizing blockchain technology and the XRP digital asset for liquidity, xRapid offers a way for companies to hold a store of value without the need to physically transfer foreign currency. XRP can be transferred instantly across borders and provide a guarantee of funds to the receiving partner.
The method works in a similar fashion to other international payment platforms that utilize liquidity pools in various countries, but the addition of blockchain technology makes it faster, cheaper and more secure.
Alastair Constance, Ripple partner and CEO of Mercury FX, recently spoke at the Ripple Regionals 2019 in London of the firm’s plans to expand into the Middle East and Canada.
“We have plans for the Middle East. We have plans for Canada, imminently. But I think the really exciting thing that xRapid and Ripple brings is it actually brings access to new markets that perhaps aren’t actually accessible now,” he said.
He went on to explain how the company plans to implement payment channels to potentially ten new countries by the third quarter of 2019. If the technology is highly adopted it poses a strong challenge to the slow and out-dated Swift method of cross-border payments that banks have been using for decades.
The XRP cryptocurrency is up 3 percent today, trading at $0.31.