Ripple decacorn has spread the word about its new recent partnership deal with the Mojaloop Foundation.
The latter works to expand the scale of interoperability between global payment systems and offer the unbanked population a chance to be included in the global financial system—thus giving them equal opportunities with the rest of the world and a chance to get out of poverty.
India's top-tier platform for digital payments, PhonePe, has joined Mojaloop along with Ripple.
Ripple and Mojaloop are after economic fairness
As reported by Businesswire, PhonePe and Ripple have joined forces with the Mojaloop Foundation and become its sponsor members.
This means executives from these top-tier companies will join Mojaloop's board of directors and will offer ideas and solutions to improve the strategic vision of the company, governance and technical guidance.
Targeting 1.7 bln of the unbanked population
The goals of Mojaloop and Ripple have coincided here as both global companies strive to create equal terms of financial inclusion for all people in the world, including 1.7 bln unbanked people in certain regions of the developing world such as Africa, Asia and Latin America.
Mojaloop's goal is to begin creating conditions for interoperability between all global payment networks and ensure clients can cheaply wire money between global regions.
Such big-name companies as Giori Digital SA and Sybrin have also joined Mojaloop as promoter members. They both deal with digital payment solutions and provide financial services globally.
Promoter members ensure further advancement of Mojaloop and will enable more payment service providers to join in and use Mojaloop's open source software to bring down costs for payments and solve technical issues. At the same time, they are creating ways for various payment operators to become interoperable.
The ultimate goal is to unite all payment providers, including small and large banks, and their customers within the new global digital economy.
As part of the collaboration, Ripple's Ken Weber (Head of Social Impact) and CEO of PhonePe Sameer Nigam will join the Mojaloop Foundation's board of directors as new members.