On 28th January 2020, Refundo announced that they had added Ripple’s XRP, Ethereum (ETH), and Bitcoin Cash (BCH) as payment options for federal and state tax refunds through their coinRT service in their continued effort to become champions for the low-income taxpayer.
As a leading provider of tax-related financial products, Refundo now has four cryptocurrency payment options after adding support for Bitcoin (BTC) last year. In the announcement, Refundo’s CEO Roger Chinchilla stated that cryptocurrencies like XRP are cheaper, faster, lower cost and fit the need of the unbanked.
Users with an XRP wallet will now be able to receive their tax refunds directly from Refundo through the coinRT service after signing up for an account.
The news adds to the exciting list of strategic partnerships that Ripple is forming all the word with financial institutions to introduce and offer the lowest cost option for sourcing liquidity in cross-border payments.
Ripple’s XRP and the Other Crypto-Payments Options Will Enable Tax Refunds Seamlessly
In the announcement, chinchilla states that acquiring financial services is costly, tedious, and sometimes confusing to many low-income taxpayers. By signing up for any payment option in cryptocurrency and a flat fee of $34.95, taxpayers will be able to:
“Avoid waiting weeks for a tax refund, check in the mail, paying check-cashing fees, or dealing with banks.”
Roger Chinchilla also added:
“We love new technology, and we’re looking for opportunities to help our customers get access to their tax refund in a seamless manner and however they see fit.”
Ripple Continues to Partner With Financial Services Providers around the World
Ripple has become a favorite investment option for my financial institutions around the world, for its unique centralization and permissioned blockchain that fosters, cheap and instant transactions across borders.
Ripple recently set up offices in Brazil in an effort to expand to South America and in agreement with financial institutions like Bradesco, Santener, and Redimento. Ripple’s General Director in Brazil Luiz Antonio Sacco said:
“With the successive advances in Brazilian banking regulation to facilitate financial transactions, including international ones, the opportunities here will grow considerably in the coming years.”
Ripple Labs partnered up with Tranglo fintech Company from Asia and US-based Bottomline Technologies, a payment processing and consulting company with a user base in more than 90 countries.
Ripple also became the major shareholder in MoneyGram, one of the prominent money transfer services in the world, in a two-year strategic partnership aimed at fostering cross-border payments and foreign exchange settlements using digital assets.
In Africa, Ripple recently partnered with Suez Canal Bank through MoneyGram to allow customers from all over the world to send money directly to account owners in Egypt.