“Larger Consumer Tipping Point is Coming,” Ripple’s VP of EU on XRP’s Use as a Bridge in Cross-Border Payments
- Huge opportunity to capture the unbanked and underbanked, Jeremy Light
- XRP as a bridge currency will be a game changer
RippleNet is now active in more than 40 countries across 6 continents — from Asia, Africa, North America, South America to Europe — reports international Association of Money Transfers Networks (IAMTN).
A non profit organization, IAMTN works closely with regulators, governments, regional associations, and payments stakeholders to create a safe, reliable, and efficient cross border payments system.
In the article titled “Creating a wave: Is Ripple the future of international money transfers?” IAMTN talks with Jeremy Light, Ripple’s VP of EU Strategic Accounts, who will be giving the opening keynote at the 2019 IAMTN Global Summit in London on 2-3 October.
Huge Opportunity to Capture the Unbanked and Underbanked
The global remittance industry is growing at a fast pace — remittance flows to low- and middle-income countries reached a record high of $529 billion in 2018, an increase of about 10% from the previous year.
“A growing number of digital-first payment providers are entering the global remittance market,” said Light. “They’re serving a need from populations that banks have neglected or avoided in the past. This is a huge opportunity to capture the unbanked and underbanked, and connect them to the global economy.”
These payment providers, he says are both startups and long-established players and RippleNet provides them real time, low cost, and 24/7 availability to beneficiaries in different countries all over the world.
XRP as a Bridge Currency will be a Game Changer
XRP is a digital asset that provides on-demand liquidity and is useful for currency exchange, remittances, and bank transfers.
Light believes XRP and other digital assets will be increasingly adopted as a bridge currency in cross-border payments.
“The larger consumer tipping point is still to come,” he said. “As of now, you can’t easily use cryptocurrencies to pay for goods and services, but there is a clear and growing use case for crypto as a bridge currency. As a bridge between one fiat currency and another, it solves the liquidity issues in cross-border payments, and this will be a game changer.”
Pointing to Ripple’s recent partnership with MoneyGram, IAMTN wrote,
“Through such partnerships and innovative thinking, Ripple is well placed to revamp payments infrastructure and help to drive remittances into a new decade.”
“Ripple is well placed to revamp payments infrastructure” – IAMTN