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Ripple's vision of changing the payment landscape
In a "do-it-all" type session hosted by Ginger Baker of Ripple, Birla said the company was expanding its cross-border payments platform to more countries to worldwide. He said:
Cash on demand is available in Mexico and the Philippines. Until now, the positive reactions of our customers in these two countries have been overwhelming. But we are working on the next series of destinations, which we will announce shortly in the hope.
I know that our product teams and our marketing and engineering teams are working hard to light up these upcoming destinations so we can offer our customers a wider choice in terms of expanding World.
Ripple can partner with cryptocurrency exchanges around the world that can accept bank money. He then converts the fiduciary money into XRP and transmits it to the destination, where it is instantly converted into fiduciary money.
Ripple co-founder Chris Larsen is one of the richest people in the cryptocurrency industry. | Source: YouTube
Birla explained that the current cross-border payment system is inherited by nature because sending money from one country to another takes a lot of time.
If you have sent a bank transfer or if you have really tried to transfer money around the world, you know that it is probably faster to simply get that money, to take a plane and transport it to your destination. The crazy thing about today's payments in 2019 is that if you want to send money around the world, it has not really changed since the 1960s.
That's where xRapid intervenes by offering cash on demand.
But Ripple must make sure of its compliance with the regulations of the countries in which it plans to create a payment corridor.
Ripple Partnerships to Help xRapid Grow
Ripple strives to partner with payment service providers and cryptographic exchanges to launch xRapid.
Bitso in Mexico and Coins.ph in the Philippines allow xRapid transactions between the two countries. In the United States, Ripple has chosen Bittrex as a preferred partner for its cryptocurrency trades to facilitate real-time payments between banks globally.
Ripple reached an agreement with international payment providers Mercury FX and IDT Corporation last January to test the xRapid platform optimized by XRP. Last month, Mercury FX sent the first xRapid payment to the Philippines on behalf of a UK-based customer, as part of a transaction completed in seconds at a lower cost.
Money Gram, another major player in the payments industry, also uses xRapid with the Mexican bank Cuallix. American Express is another brand name that partners with Ripple's XRP compliant real-time payment platform.
Now that Ripple has already proven that xRapid based on XRP is able to change the landscape of cross-border payments due to low costs and faster turnaround, it is not surprising to see the service expand rapidly to other countries, as Birla suggests.
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