Apple is one of the biggest companies on earth and every single product that it unveils, affects the commercial market. In the latest news, Apple has decided to introduce a Payment Request API for the Apple Pay system, that implements Ripple’s Interledger in Safari for iOS.
Apple Implements Interledger
Ripple is one of the most important cryptocurrencies in the market. At the moment it is the third cryptocurrency by market capitalization after Ethereum and Bitcoin. Several banks and financial institutions are implementing Ripple’s products in order to offer more efficient services to their clients.
With the announcement that Apple made, there is a possibility that the system could be using the Interledger technology that Ripple built. With this technology, some of the problems that the various card network can be solved, or at least improved.
The Interledger payment method is a protocol that can be used for sending payments among different ledgers. Its GitHub project reads as follows:
“This specification defines the ‘interledger’ payment method for use, for instance, with the Payment Request API. With it merchants can request a payment that follows the Interledger standards.”
Apple did not comment on whether they will be using the Interledger Protocol or not. If the information gets confirmed, Ripple could receive an important support in the markets and help the cryptocurrency to recover part of the market it lost since December 2018.
“The Interledger Protocol defines a number of standards that can be universally applied to all payments, irrespective of the network used to initiate or receive the payment,” explains the unofficial draft from February the 15th, 2018. “These include a universal addressing scheme for any destination account, a two-phase request/response orchestration for payment authorization, and a standard message “signature” scheme using simple SHA-256 has digests.”
Different banks like Santander Group and other Central Banks, are working with Ripple’s technology. The most important aspect of this, is that these financial institutions are able to process cross-border transactions in just a few moments and with very cheap fees. In the future, more participants in the financial market may adopt these products to increase their efficiency.