Navin Gupta, Ripple’s chief executive officer for Southeast Asia, the Middle East and North Africa, said that the coronavirus pandemic has triggered a growing transition from the global paper-to-digital economy.
According to Gupta, Ripple’s payment data shows that blockages around the world are forcing people and businesses to see money differently and to change their habits.
In a new episode of the Blockchain Finance Magnates podcast, Gupta says he believes these changes will remain, leaving a lasting impact on the industry.
“[There are] two things where we can observe 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 in terms of 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 it is clear that this going digital is definitely happening. 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 that Ripple is firmly focused on adoption and is now looking to find 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 the company is carefully deploying its payment solution that uses assets. When seeking to open a new corridor, he confirms that the first step is to ensure that the use of XRP to move money across borders is fully compliant.
“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. “