At the same time, the companies announced Tuesday (Dec. 2), RedotPay is introducing its “Send Crypto, Receive NGN” feature, while also expanding multi-market payouts via its integration with Ripple Payments, the company’s cross-border payment solution.
The feature streamlines conversion from digital assets to NGN — the Nigerian naira — for verified users with local bank accounts, allowing for faster and more affordable payouts, the companies said in a news release.
“Delivering near‑instant, cost‑effective NGN payouts is a significant milestone,” RedotPay Co-founder and CEO Michael Gao said in the release. “RedotPay is building stablecoin‑powered payments that make digital assets as easy to use as local currency, where users can send XRP or stablecoins securely and receive NGN within minutes.”
Gao added that integrating Ripple Payments will expand his company’s tech and serve the needs of its users as it remains focused “on making digital finance accessible, secure, and efficient for everyone.”
The companies say their collaboration is designed to alleviate global remittance pain points, with the average fee for remittances at 6.49% and settlement times often taking one to five business days.
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“Amidst this inefficiency, the demand for digital alternatives has accelerated,” the release said. “Chainalysis reported that Asia Pacific was the fastest-growing region globally for on-chain stablecoin activity, driven primarily by adoption in trading and remittances. RedotPay is capitalizing on this shift.”
News of this partnership comes one day after Ripple announced it was expanding its payments services in Singapore after the Monetary Authority of Singapore (MAS) approved an expansion of the company’s major payment institution (MPI) license.
This approval, Ripple added, makes the company one of the world’s only blockchain-enabled firms with an MPI license.
In related news, PYMNTS wrote recently about the use of cryptocurrency as a retail payments tool, saying the infrastructure for these transactions has matured much faster than consumer adoption.
“Ecommerce integrations have expanded sharply, especially across Shopify, BigCommerce, and WooCommerce shops,” that report said.
“For many smaller retailers, adding crypto is now as easy as installing a plugin, something that was unthinkable just a few years ago. Instead of chasing speculative features, companies are focusing on checkout experience, compliance and interoperability.”
