Santander and Ripple to launch blockchain-based consumer payments
Santander to launch DLT-based consumer payments
Santander is planning to introduce blockchain-based mobile international payments for its retail clients in Q1 this year, according to the bank’s latest earnings presentation.
The bank’s innovation is mobile payments in “three clicks and 40 seconds” for consumers, using distributed ledger technology (DLT) developed by Ripple.
The offering is set to go live in four countries this quarter: Spain, Brazil, Poland and the UK, “with full transparency on fess and FX upfront”, Santander says.
The potential is vast, the bank notes, with €10 billion ($12.5 million) target market for international retail payments.
“We expect to be one of the first global banks to roll out DLT-based payments for individuals,” the bank states.
Santander made an initial investment into the project in September 2015, and has been working on a number of blockchain-based payment initiatives with Ripple since then.
