With the increasing remittance inflows igniting the demand for faster low-cost global payment solutions over the last decade, Ripple has come to the forefront to address the gravity of the need for expanding global remittance market and growing SMEs in emerging economies. Ripple announced on Wednesday that RippleNet is now active in over 40 countries across 6 continents.
Source: ripple.com
The new payment corridors now link up clients across North America, Asia, Africa, Europe, and South America. With xRapid, Ripple’s new product currently in pre-release and expected to go live next month already stirring up crypto markets, much of the company’s progress is credited to its anticipation.
With global remittances expected to hit $642 billion this year, RippleNet plans to provide access to faster, more reliable and lower cost international payments services. Over $2 billion in inflows was brought in by Ripple’s newest corridors like InstaReM, RationalFX, Remitr, FlutterWave and more, as the combined potential market, over the last year.
Source: ripple.com
The official Ripple website read, “RippleNet provides financial institutions that handle remittances and SME transactions in emerging markets a unique advantage, by streamlining their payment flows (sic) making them faster, more transparent and cheaper. (…) Remitters and SMEs across the world, and particularly in emerging markets, are no longer hampered by an inefficient global payments infrastructure. Transactions on RippleNet are instant and tracked end-to-end, allowing money to move across borders and into new markets without impediment.”
This expansion of Ripple is expected to ease the operations in the remittance industry by providing a frictionless experience for both the users and the customers. As of now, American Express and Axis Bank are affiliated with RippleNet with others are expected to take advantage of the platform’s average 60% savings related to processing fees.
Ripple connects banks and payment providers via RippleNet to provide one frictionless experience for sending and receiving money globally.
To learn more, you can read the official announcement by Team Ripple here.
