The modern money transfer and payments methods emerge every day depending on the technologies that are launched by various companies. FinTech payments
The modern money transfer and payments methods emerge every day depending on the technologies that are launched by various companies. FinTech payments firm Ripple from San Francisco has introduced banks to the blockchain system technology to promote instant money transfers globally. It is now opening an office in Mumbai India to invest in the fast growing economy through introducing Blockchain money transfers taking into consideration India is becoming a digital society.
Ripple made an announcement confirming the details that it’s expanding to India while the former banking CEO Navin Gupta will b heading the new offices and operations as he has several decade experiences and knowledge about the global banking operations in the region.
Gupta noted that India had been the largest recipient of retail and corporate remittances all over the world with a total nearly $71 billion Ripples in an instant, efficient blockchain payments which can turn India’s economy to a huge transformation if effectively implemented. This will help many people who don’t have effective payments services.
Currently, India is undergoing a financial digital process after a ban of cash notes was effected in late last year. More than 90% of the banknotes are going to be obsolete within this year. The authority decided against banning hard cash to encourage its population to embrace digital payments in banking and all financial processes.
Targeting international opportunities was a prior decision as Ripple had already developed the Ripple Consensus Ledger (RCL) which is an enterprise public blockchain which was specifically made for helping financial institutions and banks process cross-border payments. Its original XRP token powers the RCL and currently values around $8.5 billion market cap which is a massive investment program. Ripple has also promised to launch a $55 billion XRP in escrow by the end this year to improve its security, efficiency, more decentralized than the Bitcoin and also to improve the XRP tokens liquidity.
Most of these changes have already been implemented in some Indian banks such as Yes Bank and Axis Bank to test the operations. Axis enrolled this Ripples blockchain for money transfers in the late last year while axis confirmed that it’s already using the system and working on incorporating the technology to cross-border remittances.
Ripple CEO Brad Garlinghouse acknowledged that India is one of the fastest developing economies in the world and a top remittance market making it a ready market for new inventions in payment methods.