Ripple payment network already has over 200 clients using RippleNet which is one of the Ripple’s blockchain products. However, the latest announcement from Ripple reveals that a London based company; Xendpay will employ RippleNet to open new payment corridors.
Xendpay Joins RippleNet
Announced on August 20, Xendpay payment firm joined RippleNet to launch new corridors to Bangladesh, Malaysia, Philippines, Vietnam, Indonesia, and Thailand. It’s worth adding that Xendpay is an international money transfer company that enables people to send money to friends, families across 173 countries and with over 45 currencies. Xendpay claims that most of its customers are migrants, whose key purpose of using payment service is to send money back home. Counties like UK, Europe, Canada, South Africa, and India contains the major migrant customers/communities of Xendpay
Bhavin Vaghela, Xendpay’s Head of Product Innovation outlines his view;
“This money is vital to support their families: to pay rent or mortgage, electricity bills, medical fees, and education costs. Being an online service allows us to reduce our overheads and pass the savings on to these clients, for whom every penny counts.”
Although Xendpay already cost less transnational fees, difficulty of using other currencies than only U.S. dollar to send money to new countries is a significant barrier for Xendpay. It’s the fact that the firm has to sign a new partnership agreement with local banks if at all it aims at serving customers in small currencies. With RippleNet, companies like Xendpay can attempt to this problem quickly. Echoing the similar concern, Vaghela says;
“Previously we had to create a whole business case for each partner, RippleNet reduces that complication and friction.
He claims that the firm wasn’t able to offer currencies including Bangladeshi Taka, Malaysian Ringgit before – he says, with RippleNet it is “easier to connect with local partners” as it has a built-in trust factor. Moreover, recalling the worst scenarios Vaghela had ever experienced with cross-border payment system, he thanks RippleNet and explained;
“Thanks to RippleNet, a customer in Germany can log onto our platform at 3 AM on a Sunday morning and the money will be in their beneficiary’s bank account in Thailand within an hour. More than 90 percent of our recent payments to Thailand over RippleNet have been delivered within 10 minutes.”
Image source – Ripple
While Other Cryptos are Speculative, Ripple’s XRP has a Real User Case, Former US Treasurer
Upgrade your trading strategy using Cindicator
SEC has No Clear Framework for Crypto, States CEO Ripple Brad Garlinghouse
Over $400 Million Liquidated in the Crypto Market After China FUD News
Ripple Grants $2 Million to Developers, as the Firm Focuses Specifically on NFT Market
Recent Press Release
1xBit review: reasons to visit it
The biggest attraction of 1xBit is that its bets are exclusively in cryptocurrencies. Its possibilities are wide, since you can...
Leading crypto gambling sites that you need to know
Cryptocurrencies have become very popular among iGaming players. But, the industry is always growing. So, it can be hard to...
Tipsy pledges to revolutionize the entertainment industry by creating the world’s first blockchain-based entertainment ecosystem
Technology plays a vital role in today’s entertainment industry. As humans, we are all constantly improving, looking for ways to...
Cryptocurrencies: The Good and the Best of the Popular Digital Coins
It has become a critical debate for around the past few weeks regarding investment in digital coins. Due to their...
Can you Get Bitcoin for Free? Check some Options
When we see Bitcoin soaring high, we tend to get wilder and more significant in terms of its value and...