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Ripple Labs Inc. is expanding the distribution of its digital currency and money-transfer software through an agreement with cash-transaction network ZipZap Inc., signaling the growth of alternative payment methods.
Ripple, a San Francisco-based startup, operates payments software and a digital currency that resides in a consumer’s account known as a Ripple Wallet. Under the agreement, Ripple will let consumers link those Wallets to ZipZap accounts. San Francisco-based ZipZap -- which has payment centers across the U.S. in locations such as CVS Caremark Corp. (CVS) pharmacies and hotels -- can then send a payment that someone makes through their Ripple Wallet to a recipient elsewhere who also has the software.
Ripple, a San Francisco-based startup, operates payments software and a digital currency that resides in a consumer’s account known as a Ripple Wallet. Under the agreement, Ripple will let consumers link those Wallets to ZipZap accounts. San Francisco-based ZipZap -- which has payment centers across the U.S. in locations such as CVS Caremark Corp. (CVS) pharmacies and hotels -- can then send a payment that someone makes through their Ripple Wallet to a recipient elsewhere who also has the software.
The media is going to have an uphill battle trying to explain the ripple network in one sentence or so. Example:
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Ripple issues a virtual currency known as Ripples, of which it holds a 25 percent slice. Each Ripple Wallet has to hold at least 50 Ripples -- which people pay for using currencies from U.S. dollars to Japanese yen to Bitcoins -- to function. The company’s virtual currency and payments software are intended to make it easy for people to exchange money, loyalty points or airline miles for another currency.
New user confused much?