During the CoViD-19 period, transactions quickly shifted to digital from traditional cash-based regions. This will evolve to become a trend even after the pandemic ends. Well-established companies and startups are suffering from the situation.
Ripple Tweeted: “Families shouldn’t have to wait to receive payments from abroad. By establishing new connections and expanding payment capabilities, #RippleNet customers like @Azimo and @scb_thailand are changing the status quo. “
Navin Gupta, managing director for South Asia and the MENA region at Ripple, said many people are learning to use digital payment methods. He also recognized that these processes took a little time.
Asked why Ripple was particularly interested in India and the MENA region to develop their business, he replied, “We will go wherever customers go – it’s that simple.”
Ripple seems to be focusing on the “receiver market”. The problem is that many receivers are unbanked or underbanked. Last mile connectivity, the company says, is extremely important. Ripple strives to bring together the chains of multiple customers to ensure last-mile distribution capacity, which secondary customers are after.
They work to ensure that they have customers in every receiving market around the world.
Sydney Ifergan, the Crypto expert, tweeted: “Ripple XRP makes it easier to send money, 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. “
Cross-border transaction (XRP), sending money to your home
Camille Jeong, Coinone Transfer business development manager, said: “#RippleNet put us in touch with financial institutions in Thailand, the Philippines and Sri Lanka so that we can quickly open these payment lanes. This keeps our integration and operating costs low. “
When banks have a monopoly on the remittance process, migrants will have no option but to use the already slow and expensive process.
Jeong recalled how difficult global transfers were for foreign workers. In particular, for those working in rural areas, it even took seven days for the money to reach the family. And the costs were also high. When it came to sending a lower amount, things were even difficult.
Saving time, paying lower costs and reducing risk in cross-border transactions help to better serve customers in the payment process.