In a new episode of the Finance Magnates Blockchain Podcast, Ripple’s chief executive officer for Southeast Asia, the Middle East and North Africa, Navin Gupta, suggested that the current coronavirus pandemic has triggered a trend growth that caused the shift from traditional paper money to digital payments. .
According to Gupta, Ripple’s payment data shows that blockages around the world are forcing individuals and businesses to adapt and to look for other payment methods. Gupta believes that this new approach to payments will remain, even after the pandemic is over.
“There are two things where we can see a dramatic change. The first is that we are witnessing a great change from paper, or tactile, or physical, to digital. So if Rachel had a choice, she wouldn’t like going to a physical store if she could use an app to make the transfer possible. There is a change with regard to our customers who have a very strong digital footprint who are first digital, banks or payment companies, and what we see with their businesses on the rise, and clearly this change towards the digital definitely happens. And I think it was accelerated by this crisis …
Today, due to blockages in several countries around the world, we are also seeing payments in bank accounts – payments in wallets, payments in some sort of electronic means by which the beneficiary family can go from before and send it. “
Gupta says Ripple will continuously work towards mass adoption and is constantly looking for banks and financial institutions to implement its technologies in all available markets.
“Ripple is already in the second phase where the technology is already proven. It is very important for us to make sure that we are focusing on having customers in every reception market around the world. And we make sure to cover all types of products for the beneficiary who wishes to receive money. Some recipients want money in their wallets, some in their bank accounts, some in cash, some through a post office, and we need to make sure we offer a variety of options. “
As for XRP, the third largest cryptocurrency by market capitalization, Gupta says that Ripple is still looking to be compliant in every new corridor where it plans to use XRP.
“We personally believe that this is how we can integrate this technology to the general public. And this is the reason why you will see that even for our on-demand liquidity solution, which uses digital assets [XRP], we operate in markets where digital exchanges have a regulatory framework in places that allow them to operate. For example, in the Philippines, Mexico and a number of places around the world. “
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