Amazon Pay - Simplify cross-border selling with multi-currency

[googie]

No mention of Ripple / XRP specifically (mods please move if in wrong forum) but it would be interesting to see what technology they're using to enable this:

https://pay.amazon.com/uk/blog/simplify-cross-border-selling-with-multi-currency?utm_medium=organic_social&utm_source=twitter&utm_campaign=blog&utm_term=product&utm_content=multicurrency&ref=tsm_1_tw_s__2144457008&linkId=63779675

[Guest]

I'm not going to go speculation nuts because I don't know what their using behind the scenes for this but rest assured Amazon is going to use whatever gives them the most bang for their buck.  Whatever is closer to 0 fee's and speeds up the process of money and product in hand.  Reading more on the link you presented I am in no doubt this does not have anything to do with ripple at this time.  The applications main function is currency conversion nothing to do with faster settlement, definitely room for opportunity with what ripple has to offer but I will leave that in the hands of ripples marketing and sales staff. Take into account that you can receive a package from Hong Kong via first class mail here in the states quicker than settlement occurs here and you can see there is room for tons of opportunity!!

Note: Generally, Amazon Pay first settles your account 14 days after the first business days on which the corresponding transactions were completed. If you set up (or change) your bank account any time, your disbursements will be suspended for three days for security reasons.

 

Edited February 19, 2019 by Guest

[borntohypetothemoon]

online merchants benefit from expanding their business into new geographical areas and offering a wider product portfolio to service new audiences

[Julian_Williams]

(Speculation ?): Amazon’s new initiative with Axis bank (Ripplenet member)

https://thexrpdaily.com/index.php/2019/02/19/amazon-is-now-leveraging-a-ripple-partner-for-india-based-transactions/

 

Quote

 

On February 14, 2019 WeForNews.com reported on Amazon’s new initiative with Axis bank, who is a RippleNet member and is the 8th largest bank in India. (Source)

This new initiative involves a new mobile application called ‘Amazon Pay UPI’ and was just launched for Android users in India so that they could use this app to shop on Amazon, make payments for daily purchases, and pay bills. This app essentially handles all of the financial transactions for citizens in India by just the use of a mobile app. This is a smart play by Amazon because many people in India have a mobile phone but no access to a bank account.

Amazon clearly saw this pain point. Seems like they want to branch out their business into payments, just like Apple and Google.

Now what is interesting is that they are doing this in partnership with Axis Bank who is a RippleNet member. This means that Axis Bank handles the settlement side for Amazon, and will leverage whatever they are currently using to settle Amazons transactions. It is definitely a possibility that Axis Bank is settling Amazons transactions using xCurrent considering the fact that Axis Bank went live on xCurrent in November 22, 2017. (Source)

xCurrent would be just fine for settling domestic transactions, but at the same time Indian residents will likely need to either send funds across borders for remittance purposes or ordering a product that is not readily available at their current location.

If Amazon does need to settle a cross border transaction for a consumer and the XRP/Fiat liquidity is there xCurrent could leverage XRP for that transaction because the latest version, xCurrent 4.0, has seamless integration with xRapid.

In the past there was massive amounts of speculation about Amazon and Ripple working together due to Ripple using Amazon as a perfect use case example for RippleNet on financial presentations.

Amazon could being leveraging the RippleNet without even knowing it. That is the true power of having a growing network of 200 financial institutions leveraging this blockchain technology

 

technology.

Edited February 20, 2019 by Julian_Williams

[Archbob]

17 hours ago, Julian_Williams said:

(Speculation ?): Amazon’s new initiative with Axis bank (Ripplenet member)

https://thexrpdaily.com/index.php/2019/02/19/amazon-is-now-leveraging-a-ripple-partner-for-india-based-transactions/

 

 

Some already stated this one his video about this:

 

Unified Payments Interface is operated by the National Payments Corporation of India which is a an initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA), a group of major Banks in India. It's yet another national real-time payments system which facilitates real-time payments across 134 member banks and payment service providers. There is no cross border service. Seeing how its India and how its initiated by the reserve bank of India, which forbids all its member banks to engage any business with cryptocurrency, I'm pretty sure there a 0% chance that it uses XRP.

[Trickery]

1 minute ago, Archbob said:

Seeing how its India and how its initiated by the reserve bank of India, which forbids all its member banks to engage any business with cryptocurrency, I'm pretty sure there a 0% chance that it uses XRP.

Luckily XRP is not a cryptocurrency, as any BTC maximalist will tell you.  

[Archbob]

2 minutes ago, Trickery said:

Luckily XRP is not a cryptocurrency, as any BTC maximalist will tell you.  

Well, I'm not a BTC maximalist so I consider it a crypto.