TransferGo, a digital payments solutions firm headquartered in London has announced that it has extended its remittance services to India. Per a press release published on September 5, 2018, TransferGo will serve its customers in India, enabling swift real-time remittances from “anywhere in Europe” with aid from Ripple’s blockchain solutions.
Collaboration with Ripple
Although Ripple’s crypto token XRP seems to be engulfed in the current bearish market sentiment, Ripple continues to steamroll ahead in the blockchain race, evident from the coalition with TransferGo.
However, the release did not pinpoint Ripple’s remittance product TransferGo will use in this expansion.
The announcement projects Ripple as an ideal replacement for existing slow and incumbent communications systems “most prominently Swift” in which monetary transactions can take as long as 2-3 working days.
Daumantas Dvilinskas Founder and CEO of TransferGo said:
“By using Ripple’s revolutionary blockchain technology, we’re able to establish real-time communication between us and our banking partners in India, allowing TransferGo customers to send money to family and friends or make international payments immediately.”
The U.K.-based digital remittance company further stated that Ripple’s “high” adoption in India was one of the key factors that prompted TransferGo to join forces with the DLT-based payments solutions firm.
TransferGo views the Europe-India market as a “multi-billion dollar corridor” with strong possibilities of developing additional products and services in the future.
As an icing on the cake, TransferGo will also launch a free money transfer service between Europe and India, fueled by Ripple blockchain. However, the FREE service will take 2-3 days for transactions to execute with zero charges and mid-market rates.
Crypto Makes Inroads in Remittance Industry
Considering that the global remittance industry is worth billions of dollars, it only makes sense why companies worldwide have geared up to enter the lucrative industry.
BTCManager reported on March 18, 2018, that South Korean cryptocurrency exchange Bithumb and Bitpay had joined forces to facilitate rapid and secure remittances making use of the blockchain technology.
Ripple is one company that has been under the limelight for blockchain based cross-payments solutions. Although the company tends to be in the news for reasons unwanted, it is not deterred by any of the obstacles.
On January 18, 2018, global remittance giant Western Union made its intentions clear of using Ripple’s cost-effective cross-border payment solutions powered by the blockchain.