Mastercard published news about ‘Payment on Delivery’ on October 20, a new payment option for business customers. To realize this product, the company will collaborate with PNC Bank, which in turn has a partnership with Ripple.
Payment On Delivery will use the RTP network of The Clearing House. With the new Mastercard product, transactions are processed faster and the risks of cash are also avoided. The vice president (and also head of Products & Operations) of PNC Bank said he was delighted with the deal. According to him, it will offer customers more options for real-time transactions, which is an advantage over other banks.
The Payment On Delivery system uses Mastercard Track. This allows users to send payment requests that are processed within seconds. Mastercard will initially promote the product within the United States.
PNC Financial Services Group, Inc. (stylized as PNC) is a bank holding company and financial services corporation based in Pittsburgh, Pennsylvania. Its banking subsidiary, PNC Bank, operates in 19 states and the District of Columbia with 2,459 branches and 9,051 ATMs. The company also provides financial services such as asset management, wealth management, estate planning, loan servicing, and information processing. PNC is ranked 9th on the list of largest banks in the United States by assets. It is the 5th largest bank by number of branches, 6th largest by deposits, and 4th largest in number of ATMs. The name “PNC” is derived from the initials of both of the bank’s two predecessor companies: Pittsburgh National Corporation and Provident National Corporation, which merged in 1983.
Benefit of Ripple
- Ripple is originally designed as a day to day payment system, so it is much more powersafe than Bitcoin. As the results, the transactions are much quicker and cheaper.
- Ripple has started as an official organization, as its main focus is to be used by banks. So it is not a subject of multiple regulation checks as many other cryptocurrencies.
- Ripple has the ability to be exchanged to any currency or valuable (like gold) with a unified minimal commission.
What is Ripple and How ripple work
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