San Francisco-based company Ripple has launched a new payment portal called Line of Credit. Through this, customers using its On-Demand Liquidity (ODL) services will be able to purchase XRP on credit with lower chargeback costs.
According to Ripple, the Line of Credit services is designed to reduce the cost for cross-border trading and convey a secure and convenient blockchain-based payment model. RippleNet customers can utilize these services everywhere, at all times.
This new platform comes with a proposed offering that intends to attract small to medium enterprises. With this service, these enterprises will have the capacity to compete together with larger companies.
On this, individual customers will be able to lend money by paying a near-zero fee. This is a result of Ripple approving faster than traditional means. Also, via the XRP ledger on the Ripples network, users can create seamless and speedy payment effortlessly.
Ripple described its Line of Credit as a way of using blockchain technology to do away with inefficiencies in payments as well as to facilitate financial solutions that are vital for businesses that were once only associated with central banks.
Meanwhile, this marks the first time that Ripple has expanded this type of innovation within the lending space. Ripple does not plan to stop here; it also intends to develop an advanced robust offering for future generations with its native cryptocurrency XRP and other services.