The largest financial and credit group in Spain Banco Santander announced the launch of a mobile payment application based on the technology developed by Ripple called xCurrent. This is reported by Finextra.
The testing of the new application was conducted by employees of the financial institution for 18 months. It is integrated into Apple Pay's mobile payment system, allowing transactions ranging in size from £ 10 to £ 10,000 ($ 14-14,000), and in which Touch ID authentication technology is provided.
As indicated in the presentation, a new payment solution will appear in the first quarter of 2018 and will be available to residents of Spain, Brazil, Britain and Poland.
According to the developers, to make payment, the user will need "40 seconds and three clicks". Also, the app will include a digital wallet, an assistant to make transfers between users and provides the ability to manage personal finances.
We expect to be one of the first global banks to roll out distributed ledger technology based payments for individuals.
Banco Santander Representative
After a successful pilot, @santanderuk is rolling out its @Ripple-powered mobile app to customers this quarter, letting them send money internationally in seconds, with just a few clicks. https://t.co/nezn3GxA9r
— Brad Garlinghouse (@bgarlinghouse) February 2, 2018
Head of Ripple Brad Garlinghouse on his Twitter confirmed information that the new mobile application will be launched in the coming months.