Ripple and Pyypl Partnership Debuts First-in-Market ODL Service in MENA

Ripple and Pyypl Partnership Debuts First-in-Market ODL Service in MENA

Ripple has become the first enterprise to leverage crypto to tackle the trillion-dollar challenges with cross-border payments. ODL leverages the digital asset XRP for instant and low-cost cross-border payments, eliminating the need for costly pre-funded accounts. By using ODL, MENA’s financial institutions and Small-and Medium-Sized Enterprises (SMEs) will be able to leverage previously trapped, pre-funded capital to grow and scale their business. The Middle East contains two of the world’s three largest remittance corridors with the UAE and Saudi Arabia handling a combined $78 billion in payments in 2020. The region has also experienced a rapid transition to digital in the last year making it a market that is primed for fintech innovation. Pyypl has already introduced ODL to the Filipino market, and has plans to expand to new territories; as well as the possibility of exploring additional use cases. XRP will not be held within the UAE and transactions will not involve the currency AED as part of the payment flow. Supported by the establishment of a new regional HQ in Dubai in 2020, Ripple itself already has a significant presence in MENA and is now witnessing 4-fold growth in transaction volume YTD compared to 2020. RippleNet continues to