Santander Releases OnePay FX App

On April 10, Santander released OnePay FX Application, which allows the users to make regular international payments
10 April 2018   1333

In February we have reported about Banco Santander announcing the launch of a mobile payment application based on the technology developed by Ripple.

On April 10, Santander released OnePay FX Application, which allows the users to make regular international payments of up to £10,000 a day in euros to all nineteen Eurozone countries; and US dollars to the USA.

OnePay FX AppOnePay FX App Screenshots

OnePay FX allows the users to:

• Either enter the amount in Pounds to send or the amount of Euros or Dollars to be received
• Always see the final amount that will be received
• Store the details of payments so it’s easier to pay them again 
• See all the payments made using the app
• Send payments to individuals rather than companies 

We will not charge you a transaction fee for using OnePay FX. However, the payment may be subject to receiving bank fees if you send a payment in Euros or Dollars to an account which uses a different currency. If we introduce a transaction fee in the future, we’ll inform you of the fee before you complete the transaction. 
 

OnePay FX Description

The users who would like to use OnePay FX will need the Santander Online or Mobile Banking log on credentials and a Santander debit card registered with Apple Pay.

It was indicated previously that the payment application developed by Santander and Ripple will appear in the first quarter of 2018, and OnePay FX is likely to be that very app. Nevertheless, the App Store description of OnePay FX app does not include any mentions of Ripple technology.

Crypto Won't Replace Fiat, XRP CEO Says

But head of Ripple believes that cross-border payments are the sphere in which cryptocurrencies can be an ideal solution
05 September 2018   432

Ripple's CEO Brad Garlinghouse is convinced that the fiat currency will not lose relevance in the near future and called "senseless" the possible replacement of traditional currencies with digital assets. The future of crypto currency lies in cross-border transactions, Garlinghouse said in the Stanford Legal podcast. This is reported by CoinSpeaker.

I don’t think we’re going to be buying coffee at Starbucks with Bitcoin or XRP anytime soon. I think we’ve got to ask ourselves: What problem is that solving? You were talking about paying for the day spa bill and how you do that, but I think in some ways the friction – fiat currency, the US dollar in this case works pretty well, and so we need to make sure it’s better than that before we talk about it as a currency…
 

Brad Garlinghouse

CEO, Ripple

According to Garlinghouse, cryptocurrencies can be used in the st way in international payments and as a means of preserving value. This is especially true of crisis and weak economies, with a high level of inflation. He noted that the average annual inflation of the currencies of countries outside the G20 is about 6%.

There are economies where the fiat currency is at best a weak currency. And in those contexts, if I were a consumer experiencing hyperinflation – would you rather hold a cryptocurrency or your fiat currency? And in a lot of those cases, you’re seeing people take their dollars, or not dollars, pesos of various sorts, and saying, ‘I’d rather hold this because it’s a better asset to hold in terms of its potential appreciation and lack of inflation.
 

Brad Garlinghouse

CEO, Ripple

The head of Ripple stressed that cross-border payments are the sphere in which cryptocurrencies can be an ideal solution. He also noted the Ripple, which allows to conduct international transactions "almost in real time". This will help many companies save time and resources.

We had one of the largest banks in Australia, the CEO told me that 40% of all of their consumer wire transfers result in a customer service phone call. The frustrating thing for the bank is not only do they have to absorb the cost of taking a customer service phone call, they also deliver the news that they don’t know wait a couple more days it’ll probably be there.
 

Brad Garlinghouse

CEO, Ripple

Earlier, the Northern District Court of California rejected a class action lawsuit filed by investor Ryan Coffey against Ripple Labs Inc. on behalf of everyone who bought XRP tokens after January 1, 2013. The company was accused of illegally manipulating the price of XRP.