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Ripple’s XRP introduced cross-border blockchain payments in the United Arab Emirates (UAE) to boost XRP adoption in a nation receptive to digital assets.

 

According to a May 19 Ripple announcement, the primary users of the blockchain payments system will be Zand Bank, the first all-digital bank in the UAE, and Mamo, a fintech company that provides a digital payment platform for businesses.

Several adjustments made by the UAE could further elevate its ranking. Some emirates like Dubai and Abu Dhabi have worked to position themselves as cryptocurrency hubs. Zand Bank and Mamo will utilize “Ripple Payments” to enable cross-border blockchain payments.

Ripple Payments is a platform that integrates stablecoins, cryptocurrencies, and fiat, facilitating fast settlement, a feature that traditional cross-border finance systems often lack.

The Dubai Financial Services Authority (DFSA) granted Ripple a license to accept cryptocurrency payments. Acquiring this license “allows Ripple to better serve the demand for solutions to the inefficiencies of traditional cross-border payments, such as high fees, long settlement times, and lack of transparency, in one of the world’s largest cross-border payments hubs,” according to Reece Merrick, managing director for Ripple in the Middle East and Africa.

The nation is still working on plans to create a digital dirham, or digital currency issued by the central bank.