Ripple cryptocurrency seems to have planned for taking over Bitcoin in the international market. The company is looking forward to making huge investments in India with the introduction of better cross-border remittance system. There are several collaborations done with Indian banks in order to improvise the cross-border transaction and making it cost effective. Their propagation of technology is quite simple which will indirectly explore the digital currency survival in the Asian continent.
According to Pymnts, Matt Oppenheimer, CEO of Remitly the digital remittance company stated that the remittance domain in India is going through a rapid shift. He also added that India is one of the top receivers of transfer of funds in the world. It received about $69 billion in remittances last year which is higher than any other country.
Indeed the market is too huge and there are many opportunities for both investors and the service-based companies. Ripple cryptocurrency is going to get additional benefit from this expansion and it might give a tough competition to the highly popular cryptocurrency Bitcoin.
Ripple’s Blockchain Based Cross-Border Remittance
Ripple is in the process of building a message-based superhighway with which money can travel via blockchain protocol. It can process both fiat and ripple through the same platform. The State Bank of India has already made an alliance with Ripple to begin instant cross-border payments. Apart from this, the government is also analyzing the adoption and execution policies for cryptocurrency which are banned in the payment system of India as of now.
Certainly, ripple cryptocurrency will embrace the Indian market very soon and might get additional benefit from the collaborations done in the banking sectors. Their cutting-edge cross-border solution has been termed as xRapid which is using their cryptocurrency XRP as liquidity for cross-border remittance. The company is already using this method as payment corridor between Mexico and the United States.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]