2018-9-23 19:13 |
In a world with an ever-growing number of digital currencies and blockchain projects, Ripple is unique as it came with a predefined and much-needed use case. The blockchain technology was to be used to help large institutions like banks easily transfer money globally without going through the hassles of foreign exchange rates and days of waiting and processing. This could be done with or without using the native cryptocurrency XRP. Despite the controversies over XRP being a security, Ripple is going strong.
In a recent blog post, it informed users about facilitating payments for remitters and small and medium-sized enterprises (SMEs) in over 40 countries across six continents.
What Did Ripple Say?Ripple is gaining consistently because of the increasing volume of global payments, especially remittances, and growing SMEs. The company had this to say:
“Ripple has been at the forefront of addressing this need for both the expanding global remittance market and growing SMEs in emerging economies.”
It has opened new payment corridors in South America, Europe, Africa, Asia, and North America. The rapid expansion of RippleNet is helpful in making international payment services more accessible, especially in emerging markets. The newest corridors added to RippleNet “have a combined potential market that totals over $2 Billion in inflows over the last year.”
RationalFX and InstaReM have opened new corridors in the UK, Bangladesh, Sri Lanka, Vietnam, Indonesia, and Malaysia. InstaReM also partnered with BeeTech to create new corridors that connect Brazil to Italy, Germany, Portugal, France, and Spain. FlutterWave and Remir have corridors that connect Nigeria to Canada. It is also the first connection for RippleNet in Africa.
What Drives RippleNet’s Growth?SMEs often need finances to purchase materials, equipment, etc., which could take days. The credit gap for this sector is estimated at $1.2 trillion, which is already hampering their growth. They need access to faster, lower cost and more reliable international payment services like that of Ripple. In addition, remittances worldwide could go as high as $642 billion this 2018. Agile payment systems like Ripple’s offerings could be helpful, especially in poor regions.
With RippleNet, financial institutions could handle remittances and SME transactions more easily by streamlining their payments, making faster and cheaper transfers. Ripple boasts:
“Transactions on RippleNet are instant and tracked end-to-end, allowing money to move across borders and into new markets without impediment.”
RippleNet Extends Its Reach to 40 Countries for Remittance and SME Transactions was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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