Through CashTabs, the cash payment network, ZipZap will allow paper preferring customers to use digital wallets, make digital currency exchanges, utilize prepaid card providers and take advantage of Ripple wallet services using cash.
A CashTab number, granted only after KYC (know your customer) validation, will be directly connected to the customer’s account at their wallet, prepaid card provider or currency exchange who can then deposit money into any one of these 700 000 ZipZap payment enter locations worldwide.
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It allows for purchases to be made without exposing sensitive financial information and incorporates added security by introducing full KYC compliance and velocity controls to the wallet loading process.
The first partner following the launch of CashTab is Ripple Wallet, an open-source protocol which allows for free, immediate payments to be made, in any currency and with no chargebacks. The result of this new partnership will make cash initiated charge-free wiring services possible through the Ripple Network.
“ZipZap brings important utility to the Ripple network by enabling in-person cash deposits for users that may not have a bank account,” said Chris Larsen, CEO of Ripple Labs. “Through ZipZap, Ripple users are able to load their wallets with cash in the U.S. today, with global expansion to the rest of the ZipZap network coming in the near future.”