Santander is launching a new app that lets customers make international payments using blockchain technology. That blockchain technology is powered by Ripple, which Santander’s investment arm (Santander Innoventures) backed toward then end of last year. Ripple, formerly known as Ripple Labs, is based in San Francisco and offers financial settlements using distributed ledger technology blockchain.
Currently being tested in a staff pilot, the bank says payments can be made between £10 and £10,000. Once users have set up a profile, the app then connects to Apple Pay and they can confirm payments using TouchID finger print recognition verification. Payments made in Euros can be sent to 21 countries, but US dollar payments can only be made domestically in the US.
It claims it is the first UK bank to use blockchain tech for “live” international payments transfers – though then goes on to say payments will be deposited next day.
The news follows UK bank Barclays’ decision to become the banking partner of Goldman Sachs-backed bitcoin payments app Circle for its European launch.
Loot, the smartphone banking app aimed at helping millennials stay on top of their finances, has finally launched this week and started to open accounts of the 25,000 people on its waiting list.
Amazon have recently launched their new in-store innovation service, Amazon Go.
Google's Android Pay is getting into the festive spirit in the UK by introducing some Christmas rewards on its payment app. It also announces better interaction with Transport for London and Uber.
Mastercard partners with Apple on Apple Pay’s Spain launch and rolls out selfie payments in Latin America
The American tech giant has launched its mobile payment service, Apple Pay, in Spain, partnering with Mastercard, Carrefour and American Express.