Ripple ODL joins Amazon’s payment service provider program – Will it drive XRP price to $5?

  • Inter & Co., a Ripple ODL Client, has announced a partnership with Amazon’s PSP program.
  • Ripple’s ODL service has been seeing massive adoption globally.

Inter & Co. (formerly Banco Inter), the owners of leading Brazilian financial services super app Inter and a client of Ripple’s On-Demand Liquidity (ODL) services, has announced that it has joined Amazon’s Payment Service Provider (PSP) program.

A press release from the digital bank stated that with the partnership, Inter’s Brazilian clients who are sellers with Amazon US will now be able to receive and send cross-border payments directly to Inter accounts.

The partnership makes Inter one of only 28 providers registered under the Amazon PSP program worldwide. Amazon began the program back in 2021 as part of its ongoing efforts to be the most dependable e-commerce marketplace for customers and retailers around the world, protecting them from fraud and abuse.

Speaking on the partnership, Aloisio Matos, head of cross-border at Inter noted that being a partner with Amazon US is an important milestone for the company. He also remarked that to achieve the feat, Inter has had to implement significant technical and security developments that will bring “benefits and peace of mind to users.”

“Brazil is among the fastest-growing countries globally in terms of e-commerce and the rapid adoption of digital payments, creating a great market opportunity for Inter. Our presence in both US and Brazil uniquely positions us to serve Brazilian Amazon sellers with innovation and quality,” he surmised.

The company notably expanded to the U.S. earlier this year after Banco Inter acquired USEND, a client of Ripple ODL services since 2019, and restructured to become the Nasdaq-listed Inter & Co. The Inter super app offers a complete range of services in banking, investments, credit, insurance, shopping, and remittance-related services.

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Could Ripple ODL adoption drive XRP price to new highs?

Ripple’s ODL service, meanwhile, has also been recording its own massive expansion. In an update earlier this month, Ripple revealed that its ODL services now span the globe having added new markets including Africa, Argentina, Belgium, Israel, Australia, Brazil, Singapore, the UAE, and the UK, among other tier-one payment gateways.

The update added that the ODL service now also employs machine learning to streamline customer wallets to ensure optimum availability of liquidity at all times.

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Similarly, this week has seen massive XRP transactions conducted between BitGo, the largest crypto custody operator in the U.S., and the known Ripple ODL corridor, BitStamp exchange according to data from Bithomp.

On the day, the price of XRP has been surging. The token is changing hands at around $0.42, up 2.44 percent in the last 24 hours at the time of writing. The current represents a two-week high for XRP.

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Olivia Brooke has been writing about cryptocurrencies since 2018. She’s currently fascinated by NFTs, and she remains committed to learning and writing about the broader cryptocurrency industry.

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