New Ripple Insights Shares How Banks Can Access New Markets With Blockchain

Banks Can Access New Markets With Blockchain

Cash transfers that are conducted cross-border can have hefty fees. Some transfers can be as costly as 9 percent of the amount that one sends, thus making it more challenging for customers to conduct the transfers. To resolve the issue, blockchain technology companies are developing a technology that can disrupt the existing remittance process.

One such platform is Beam Wallet, a mobile payments service that is based in the UAE. To date, the company has processed over $250 million small value payments for groceries, cups of coffee, and car fuel. Beam is able to absorb the customers that banks are uninterested in serving. Their service allows for transition from cash-based economy to a user-friendly mobile-payment system. Another service is the cross-border remittances.

Banks can also take advantage of remittances with low fees. To maximize their potential and to gain more customers, banks may want to consider tapping into developing countries, where there is an even stronger need for such technology. Banks that maintain a forward-thinking mentality concerning such a process will be able to provide their customers with accessibility, and a cheap, fast, and transparent experience. In addition, they’ll also be able to gain a foothold in new markets.