Ripple's XRP to Be Used for Cross-Border Payments in Southeast Asia, Latin America, and Africa

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Tue, 11/26/2019 - 05:59
Alex Dovbnya
Ripple's XRP to be used for cross-border payments in different world regions by TransferGo
Cover image via 123rf.com
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Digital remittance company TransferGo, which inked a partnership with Ripple back in 2018, plans to expand its operations into Southeast Asia, Latin America, and Africa with RippleNet.  

“RippleNet is facilitating new relationships and helping us to expand to new geographies,” said TransferGo CEO Daumantas Dvilinskas

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Faster and cheaper 

Dvilinskas claims that Ripple's blockchain technology was a boon for their business, allowing their UK customers to send remittance payments to their relatives in India in just a couple of minutes. Thus, they were able to become a strong competitor for a multitude of similar companies in the crowded Indian market.

Ripple also allowed TransferGo to skirt the cumbersome process of integrating different banks. This made it possible for the company to slash fees for its customers by about 90 percent. 

“We’re helping people save up to 90% on traditional fees for cross-border transfers.”

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New standards

Dvilinskas says that TransferGo plans to use Ripple's On-Demand Liquidity product in order to ensure instant transactions since even a few might be "too slow." ODL uses Ripple's native token XRP as a bridge currency for pre-funding. 

"Ripple will continue to be a vital strategic partner in our mission to become a global real-time payments company.”

As reported by U.Today, Ripple recently completed its investment in MoneyGram with an additional $20 mln. The old-school payment company plans to expand into other markets such as Europe and Australia while leveraging ODL for payments.   

 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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