TransferGo, payment platform has launched a payment corridor for India, source of highest remittance globally, leveraging Ripple’s Blockchain Technology.
In the official press release, TransferGo made an announcement of their launch of ‘TransferGo Now’, a service which would be available “from anywhere in Europe” to “make instant money transfers to India” using the famous Ripple’s Blockchain Technology.
Daumantas Dvilinskas, TransferGo founder and CEO officially stated:
“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.”
While the firm hasn’t made the news public of which Ripple’s blockchain products would be used for TranferGo Now, speculations rises over Ripplenet. Ripplenet counts more than hundred financial institutions which includes payment providers, central banks and remittance operators as their constituent members.
The launch of this particular corridor to India is a strategical boost to its business attributing to ‘multi-billion dollar [Europe to India] corridor’ in addition to “high Ripple adoption in the Indian market.”
Ripple also has a registered office in Mumbai, financial capital of India. With major Indian banks like Kotak Mahindra and Axis Bank as existing members of Ripple’s Network.
The above mentioned two banks employs xCurrent, Ripple’s enterprise blockchain software for end-to-end tracking of payments and settlements. To be noted, this solution isn’t dependent upon XRP, the native cryptocurrency of Ripple. XRP on the other hand powers Xrapid– a different product used by FX brokerages and payment providers.
In the words of SVP of customer success, Marcus Treacher,“TransferGo is a great example of a forward-thinking payment provider that’s leaning in to new technology to facilitate real-time, cross-border money transfers for their customers. That’s a big step forward,”