Spain’s Banco Santander to Release Ripple Retail Payments App

Feb 06, 2018 at 7:54

Banco Santander, one of Spain’s biggest banks is set to roll-out a personal payments app for retail customers powered by Ripple’s blockchain technology in the first quarter of the year.

The bank is set to launch the app for international payments that could become the earliest major retail use cases of blockchain technology in the banking industry.

According to an earnings presentation released by Santander last week, the planned application will enable international payments in just “3 clicks and 40 seconds” for retail bank customers that will be made available in Spain, Brazil, the United Kingdom and Poland.

“We expect to be one of the first global banks to roll out Distributed Ledger Technology based payments for individuals,” the bank said, adding that the app will have complete transparency on bank fees and foreign exchange rates before initiating transactions.

The launching of the app follows an 18-month internal trail by Santander where the application was paired with Apple Pay for payments between £10 and £10,000 among bank staffers.

As reported by CCN in 2016, Santander began trialing the app with payments supported in British pound sterling, euro and US dollar. Euro payments is compatible with up to 21 countries whereas US dollar payments can be sent to the United States, signalling that in the future, implementation of Ripple-powered bank payments may also become available aside from the initial four countries mentioned by Santander.

Santander’s InnoVentures, the banking group’s FinTech venture capital fund, is an investor in Ripple after participating in a Series A funding round in September 2016.

On the other hand, Ripple chief executive Brad Garlingihouse already confirmed the news on social media that the app is slated for release this quarter.