During the time of CoViD-19, transactions are quickly moving to digital from traditional cash-based regions. This will evolve to become a trend even after the pandemic ends. Well established companies and startups alike are suffering due to the situation.
Ripple Tweeted: “Families shouldn’t have to wait to receive payments from overseas. By making new connections and expanding remittance capabilities, #RippleNet customers like @Azimo and @scb_thailand are changing the status quo.”
Navin Gupta, Managing Director of South Asia and MENA at Ripple opined that a lot of people are getting educated about using digital payment methods. He also acknowledged that these processes take a little time.
When questioned about why Ripple has taken a particular interest in India and the MENA region to develop their business in, he replied, “We will go wherever the customers go–it’s as simple as that.”
Ripple seems to be exerting its focus on the “Receiver market.” The concern is that many of the receivers are unbanked or underbanked. The last-mile connectivity, the company states, is extremely important. Ripple is working to ensure that they put the strings of multiple customers together to ensure last-mile distribution capacity, which the side-send customers are looking for.
They are working to ensure that they have customers in every single receive market from across the world.
Sydney Ifergan, the Crypto Expert, tweeted: “Ripple XRP making remittances easy is good, but the challenge is to convince people to adapt to the new process of sending money home. If they understand the experience once, the rest should be easy.”
Ripple (XRP) Cross Border Transactions Sending Home Money
Camille Jeong, Coinone Transfer’s Business Development Manager, expressed, “#RippleNet connected us to financial institutions in Thailand, Philippines, and Sri Lanka so we could open these payment corridors quickly. This keeps our integration and operational costs low.”
When banks have a monopoly in the process of remittances, the migrants will not have any other option than to make use of the already existing slow and expensive process.
Jeong recalled how global transfers were difficult for foreign workers. Particularly, for those who were working in rural areas, it used to take even seven days for the money to reach the family back home. And the costs were also high. When it was about sending a smaller value amount, things were even difficult.
Saving time, paying lower costs, and reducing the risks in cross border transactions help serve customers better in remittance processes.