TransferGo Launches Ripple-Based Remittance Solution From Europe to India
Payment services and remittance firm TransferGo announced it will be serving the Indian market via Ripple's technology.
Payment service firm TransferGo has announced that it has launched a remittance corridor to India, with Ripple’s technology used as the firm aims to achieve near real-time transactions.
TransferGo announces support for Ripple
The London-based firm added that moving forward, they shall be supporting blockchain powered transfer solutions enabling same day and almost immediate movement of funds from Europe to India.
Even though the cross-border transfer would not always take place instantly, the settlement would be completed within 30 minutes.
The firm added that the service which is available anywhere in Europe. With the help of Ripple technology, TransferGo has been able to replace the multiple slow incumbent communications systems, most prominently Swift, where transfers can take up to 2–3 days.
In their press release, however, TransferGo did not specify which of the Ripple product it is using for the service.
Daumantas Dvilinskas, the founder and CEO of TransferGo described Ripple’s technology as revolutionary. He added that he is delighted that the company is one of the first to offer its customers real-time money transfers.
TransferGo added that the billions of dollars transferred between Europe and India is one of the reasons why chose India as its initial market. The high adoption rate of Ripple is another factor the firm considered before making its decision.
TransferGo to look into other remittance products
Even though this is a good start for the payment provider, it doesn’t look to stop there.
TransferGo hinted that they might be looking at more blockchain-based remittance services, as the integration has opened up new horizons for them to develop additional products and services.
In addition to that, TranferGo announced the launch of a slower but free service between Europe and India. According to their releases, the service which also uses Ripple’s technology offer users zero fees and a mid-market rate, payments will arrive in 2-3 business days.
A few weeks ago, the company launched a cryptocurrency trading service, allowing users to trade Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC) and Ripple (XRP).
Ripple India Plans
Even though India is Ripple’s largest market, the cryptocurrency is looking to expand even more over the coming years.
Recently, the Senior VP of Product at Ripple, Asheesh Birla revealed that Ripple is looking to board at least three major banks operating in the third largest economy in the world. This move will enable them effectively capture 80 percent of the Indian market share.
If Ripple succeeds in that aspect, then it would play a big role in helping them towards replacing SWIFT as a go-to transfer solution for bankers.