Ripple introduces cross-border payments solution in Brazil

Ripple (CRYPTO:XRP) has launched its digital payments service in Brazil, partnering with Mercado Bitcoin to offer faster and more cost-effective cross-border transactions.

The new service aims to improve efficiency in financial operations, initially focusing on treasury management between Brazil and Portugal.

Ripple Payments will help businesses streamline their transactions using blockchain technology.

Mercado Bitcoin will be the first to utilize the service, with plans to expand its international payment options for corporate and retail users in the future.

The system includes features like real-time fund transfers and direct payments in Brazilian reais, aimed at enhancing liquidity and reducing transaction time.

Silvio Pegado, Ripple’s Managing Director for Latin America, stated that the collaboration with Mercado Bitcoin will simplify cross-border transactions and optimize liquidity.

He highlighted that businesses can now move funds globally, settling payments within minutes, which minimizes the friction often associated with international transfers.

The first phase of Ripple Payments will involve institutional operations between Mercado Bitcoin and its Portuguese branch, with plans to gradually extend the service to more markets.

According to Ripple, the company has processed over $50 billion in global transactions.

Brazil's increasing role in the cryptocurrency market and its progressive approach to policy were noted by Ripple as key factors in choosing the country for the service's launch.

The product, however, is not yet available for public use, with initial operations focused solely on Mercado Bitcoin’s internal processes.

At the time of reporting, the XRP price was $0.5221.