Ripple has significantly expanded its reach all over the world this year as it fights against the US regulators. It has now partnered with U.K.-based company Paydek, which provides international money transfer solutions, to deliver real-time payments in Latin America and Africa.
According to an announcement made on Thursday, Paydek will use Ripple’s solutions to cater to gig-economy workers to send and receive payments from all over the world.
Africa and Latin America have become hubs for on-demand work and the partnership will allow both companies to reap from the $455 billion markets.
In its press release, Ripple stated that while the labor market for freelancing and on-demand workers is expected to grow, they are limited by the means of receiving immediate compensation.
While the traditional banking system takes a few days to process the payments, Ripple has claimed it will offer instant payouts to those using its services.
While PayDek first collaborated with Ripple to connect to Africa, it has now expanded to Latin America after partnering with ‘Localpayment’.
Terry Hopkinson, Managing Director at Paydek said:
“At Paydek, our goal is to deliver the most efficient and cost-effective payment products and methods to our customers. Our two new connections with Ripple in Africa and Latin America marks another milestone in building additional local payment rails and the payment technology infrastructure for our clients and partners. “
PayyDek offers users a variety of payment methods, including prepaid cards, debit cards, bank account payments, and wire transfers.
RippleNet is increasingly expanding its presence in several countries after enabling multiple companies to offer cross-border payments and remittance corridors using its services.
In April, Australia’s major payment company Novatti began using Ripple’s solutions for remittance transfers from Australia to Southeast Asia, mainly the Philippines.
Additionally, in August, South Korean remittance company Global Money Express announced that it would join RippleNet to meet the demand for remittances between South Korea and Thailand.