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  • Coinone Transfer partnered with Ripple to launch the cross border payments and remittance app “Cross” in 2018.
  • Using Ripple’s blockchain technology, Cross offers increased payment transparency and reliability.

Coinone Transfer, a cross border payments platform, has noted that its blockchain-powered remittance app Cross has helped the firm dominate the remittance market in South Korea. In 2018, the firm joined forces with SBI Ripple Asia to launch the application. By leveraging Ripple’s cutting-edge blockchain technology, the Cross app helps users to facilitate real-time, cost-efficient and secure cross-border payments. 

Coinone Transfer started operations in South Korea by taking advantage of the lenient remittance regulations of 2017. This allows non-bank companies to offer payment services. However, Camille Jeong, Business Development Manager at Coinone Transfer, said that gaining the trust of Koreans was not easy as they were already used to the traditional banking system.

We are not a bank, so we had to work hard to gain the trust of customers. The unique Ripple-powered benefits of our service and innovative marketing brought people in. Our superior customer experience kept them coming back and our retention rate is now more than 80 percent.

The Coinone Transfer team says that their payment solution has helped foreign workers in both the rural and urban areas of South Korea. They no do not have to depend on the slow and expensive cross-border payments system of traditional banks to send money home anymore.

Jeong said:

The payment could take as long as seven days to reach their family back home and the costs were really high, especially for the smaller value amounts typically sent by migrants.