Uquid, a digital commerce platform, has started accepting XRP as payment. Users holding Ripple's native token can now shop for items including digital gift cards, video games, coupon codes and mobile
Uquid, a digital commerce platform, has started accepting XRP as payment. Users holding Ripple's native token can now shop for items including digital gift cards, video games, coupon codes and mobile prepaid services. The company is offering a 70 percent discount across more than 30,000 products for XRP transactions.
Merchants on Uquid report increased activity. Many customers came to the platform because they couldn't access international transactions through conventional banking. Others were already shopping but now do so more often. The platform benefits from XRP's technical foundation: the token settles in three to five seconds, carries no transaction fees and handles up to 1,500 transactions per second.
Global cross-border payments move through slow, expensive systems. "Too often, global payments are costly, unreliable, and slow. The underlying systems are fragmented and complex," Uquid said in a blog post. "RippleNet offers the most advanced blockchain technology for global payments — making it easy for financial institutions to reach a trusted, growing network of 300+ providers across 40+ countries and six continents."
In Indonesia, consumers now purchase insurance packages on Uquid using XRP, circumventing the friction in traditional banking channels.
Startups and small to medium-sized enterprises see an opening. Creating an international payment system once demanded navigating complex regulations and legacy banking infrastructure. XRP's scalability lets SMEs build these systems without those obstacles.
More retailers may accept XRP. If shopping portals and exchanges continue expanding their support, corporations and financial institutions could see an opportunity to follow. Some may build systems around XRP itself, while others create similar infrastructure using their own tokens.
Uquid currently accepts XRP, Bitcoin Cash, its native Uquid token, Neo, Gas and Tether.
