xCurrent which is Ripple’s gateway to processing crossborder payments and remittances in a much lower cost and higher speed is becoming fast popular in many Banks around the world.
These banks include the very famous Latin Bank Itaú Unibanco, major Singapore-based remittance service provider InstaReM and Indian commercial bank IndusInd.
xRapid which is Ripple’s liquidity platform is also being used by banks in South Korea and Japan owned by SBI Holding. As for larger remittance markets, they are using xVia which is a payments solution developed by Ripple.
Patrick Griffin, Ripple’s head of business development commented-
"The payments problem is a global problem, but its negative impact disproportionally affects emerging markets. Whether it’s a teacher in the U.S. sending money home to his family in Brazil, or a small business owner in India trying to move money to open up a second store in another country, it’s imperative that we connect the world’s financial institutions into a payments system that works for their customers, not against them."
Ripple has partnered up with major payment solution companies such as Moneygram and InstaReM which means a worldwide scope of transactions from more than 60 countries like Australia, Canada, India and Singapore.
Google for example has Google Pay and should use Ripple to its benefits. Firstly with Ripples already famous partnerships, a partnership with Google will mean instant marketing. Secondly Google Pay needs Ripple, as it will make transactions much cheaper with only $0.0004 per transaction being eaten with a speed of 3.3 Seconds on the Ripple Network.
Cryptocurrencies is slowly taking over Netbanking, Debit/Credit Card and Cash payments, and so Ripple is the idea that will take cryptocurrency to the mainstream market.
