Ripple launches blockchain payments in the UAE

Zand Bank and fintech Mamo will use Ripple Payments to offer faster, transparent cross-border transactions.

Ripple launches cross-border payments in the UAE, aiming to improve speed and reduce fees using blockchain technology.

Ripple has introduced cross-border blockchain payments in the United Arab Emirates, aiming to boost cryptocurrency adoption in the region. The new system will be used primarily by Zand Bank, the UAE’s first all-digital bank, and fintech firm Mamo.

Their platform, Ripple Payments, integrates stablecoins, cryptocurrency, and fiat currency to offer faster settlements and lower fees than traditional cross-border finance systems.

Ripple seeks to tackle the inefficiencies of conventional payment systems, such as high costs, slow processing, and limited transparency. According to Ripple, the licence allows the company to better serve one of the world’s largest hubs for cross-border payments.

The UAE ranks 56th out of 151 countries in crypto adoption, excelling in decentralised finance and stablecoin use. Recent regulatory steps, including the recognition of stablecoins like USDt, USDC, and EURC, reflect the country’s ambition to become a crypto hub.

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