Ripple: OnePay FX transaction volume rapidly increased by 230%

  • The Ripple-based banking app One Pay FX has recorded a transaction volume of $450 million since its official launch to date.
  • Europe’s largest bank, Santander, gained many new customers through the application.

As we reported, the US company Ripple and Europe’s largest bank, Santander, have already been cooperating since 2018, and both companies are pushing the development and piloting of blockchain technology. As part of the cooperation, the banking app One Pay FX was launched, which can process transactions in real time at low cost.

Transaction volume increases by more than 230% in 8 months

One Pay FX is based on Ripple’s blockchain technology and enables cross-border transactions to be processed at significantly lower costs than traditional bank transfers. Santander has now announced that since its launch, a transaction volume of more than $450 million has been processed to date.

According to the bank’s official figures, transaction volumes have increased by 230% in the last 8 months, thus meeting with a continuing increase in interest. Ana Patricia Botin, CEO of Banco Santander, said that the bank has attracted many new customers with One Pay FX, as the transfers are much cheaper and faster than those of its competitors.

The EVP Global Head of Payments at Banco Santander, Chirag Patel, said that the app offers greater transparency and thus shows customers exactly what costs are incurred and for what amount. At the same time, the app is much more user-friendly than many online banking accounts and is oriented towards the needs of its customers:

We have to work in many geographies understanding the nuances of different cultures and the way that the banks operate with different people. So, bringing that experience and adapting the costumer experience and making sure that our product fixes the costumers need in each geography has been equally of importance.

One Pay FX was launched a few weeks ago in Spain, Brazil, Poland and the UK. To date, the app is available in more than 19 countries around the world, but as demand grows, the app is set to expand into other payment corridors, with Mexico being the next. The Ripple-based app now handles more than 50% of the total transaction volume of the bank’s more than 140 million customers:

Being part of RippleNet has helped us to forge sustainable and scalable relationships with other financial institutions around the world. By offering more customers a better way of sending money abroad, we’re achieving our goal of helping people and companies prosper.

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Last updated on July 29, 2020

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