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mm34505

Question on the usage

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Can someone answer this:

 

Say Uber wants to pay out there drivers right away, they would obvi utilize one of Ripples system I am assuming Xrapid to pay out each driver instantly

 

Now here is the question:

Say John's bank does not use Ripples software can they still get paid out instantly if Ubers uses Xrpaid......or do both parties have to be using a Ripple system?

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Posted (edited)
3 minutes ago, automatic said:

xrapid would be needed on both ends I believe.

Yes, but I could see where Uber sets up a sort of PayPal, Amazon, EBay system where the person links their bank account to Uber and then Uber uses xRapid to convert their earnings portion to USD, or the payer’s currency to the local fiat currency, while sending the rest to the person’s Uber account in the local fiat. Then that person initiates a withdrawal to their local bank from their Uber account.

Edited by Raz

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Posted (edited)

You wouldn't need xRapid on both ends. You will only need it for the sending bank. Sending bank will buy XRP with USD, transfer it to Bisto for say MXN and convert XRP to MXN and deposit to John's bank.

Edited by lll_lll

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3 minutes ago, Raz said:

Yes, but I could see where Uber sets up a sort of PayPal, Amazon, EBay system where the person links their bank account to Uber and then Uber uses xRapid to convert their earnings portion to USD, or the payer’s currency to the local fiat currency, while sending the rest to the person’s Uber account in the local fiat. Then that person initiates a withdrawal to their local bank from their Uber account.

So if this was the case and we look at Amazon how the sellers have there bank accounts linked so amazon can send a direct deposit every 2 weeks

would the seller's bank have to be on a ripples system in order to get the payout? 

 

Doesnt make sense?  How would Amazon uses Ripples system?  Seems as if both parties would have to be on Ripple Net for Amazon to take the funds send XRP and have the Bank cash them out

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Just now, lll_lll said:

You wouldn't need xRapid on both ends. You will only need it for the sending back. Sending bank will buy XRP with USD, transfer it to Bisto for say MXN and convert XRP to MXN and deposit to John's bank.

So this would only work for Internation payments not within the USA right?

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Posted (edited)
11 minutes ago, mm34505 said:

So if this was the case and we look at Amazon how the sellers have there bank accounts linked so amazon can send a direct deposit every 2 weeks

would the seller's bank have to be on a ripples system in order to get the payout? 

 

Doesnt make sense?  How would Amazon uses Ripples system?  Seems as if both parties would have to be on Ripple Net for Amazon to take the funds send XRP and have the Bank cash them out

I think, and correct me if I’m wrong, you are assuming the seller is paid in XRP. What I’m saying is that XRP is used to convert currencies that then end up in a company wallet ready to be withdrawn in the preferred fiat to the bank. The bank never experienced the ripple net or XRP. 

Ex. I’m vacationing in Italy and I use USD and send it to Uber to pay for my ride in Italy. Uber uses xRapid to change my USD to Euro and then sends the Euro’s to the driver’s Uber wallet. The driver then initiates a withdrawal to their Uber linked bank account. Presto, everyone gets paid at the best exchange rate possible and in under 3 seconds.

Ex 2. Uber wants to collect in USD on foreign services not in the US. An Italian person pays Uber in Euro for a ride from another Italian. Uber uses xRapid to initiate an exchange of their profit from Euro to USD and at the same time send the funds from Italy to the US Uber HQ. This happens almost instantly and they don’t have to pay crazy fees to use the legacy system or forex market to do it. The Italian person gets their profit deposited in their Uber account in Euro which they can then send to their bank account they have linked to Uber.

Edited by Raz

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1 minute ago, mm34505 said:

So this would only work for Internation payments not within the USA right?

Correct. The current use case they are after is cross-border payment.

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12 minutes ago, Raz said:

I think, and correct me if I’m wrong, you are assuming the seller is paid in XRP. What I’m saying is that XRP is used to convert currencies that then end up in a company wallet ready to be withdrawn in the preferred fiat to the bank. The bank never experienced the ripple net or XRP. 

Ex. I use USD and send it to Uber to pay for my ride in Italy. Uber uses xRapid to change my USD to Euro and then sends the Euro’s to the driver’s Uber wallet. The driver then initiates a withdrawal to their Uber linked bank account. Presto, everyone gets paid at the best exchange rate possible and in under 3 seconds.

Ex 2. Uber wants to collect in USD on foreign services not in the US. An Italian person pays Uber in Euro for a ride from another Italian. Uber uses xRapid to initiate an exchange from Euro to USD and at the same time send the funds from Italy to the US Uber HQ. it happens almost instantly and they don’t have to pay crazy fees to use the legacy system or forex market to do it.

That summed it  up

 

So basically Uber's "bank" uses Xrapid to do all the conversions and settles the payment in the drivers fiat 

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Just now, mm34505 said:

That summed it  up

 

So basically Uber's "bank" uses Xrapid to do all the conversions and settles the payment in the drivers fiat 

You got it my man, brilliant eh?

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1 minute ago, Raz said:

You got it my man, brilliant eh?

Brillant nah Genius! And Amazon would be the same thing they would use Xrpaid with "the bank of Amazon" to transfer the money

 

now how would this work or maybe it wont for Amazon in the US?

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Strange thing- I took an Uber last Thursday.  I actually asked the driver how long it took for him to get paid. He told me the story of how long it used to be- saying he used to wait for two weeks before being paid, and what a hassle that was.  I asked how long it takes today.  He says since 6 months they pay him right away (and he glanced down on this phone).  I said right away?  He said yeah right after the ride I get paid.  It was a very short ride, and I asked no more questions.  I was sort of stunned, and didn't quite get it. Maybe I should take another Uber soon to find out more.

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1 hour ago, mm34505 said:

Brillant nah Genius! And Amazon would be the same thing they would use Xrpaid with "the bank of Amazon" to transfer the money

 

now how would this work or maybe it wont for Amazon in the US?

They would  just use USD since no conversions are taking place.

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