Ripple Is Striving To Make Global Payments “Stress Free” For Its Clients, Here’s How…
- According to data released by IFAD earlier this year, more than 800 million people are currently being supported by their loved ones who are based overseas.
- Many of today’s existing payment avenues are quite expensive to avail of, especially for workers hailing from African and Asian countries.
As per data released by the Philippines government recently, there currently exist a total of 2.3 million Filipinos who are working on offshore sites to provide for their families. Out of this number, the vast majority relies on traditional banking routes to send back a portion of their monthly salaries to their loved ones.
For example, Joyce de Guzman — a native of the Philippines who is currently working in Dubai — was recently interviewed by a trusted media outlet and asked as to how easy it was for her to send back money to her family. Her reply was quite bleak, with her pointing out that all of the payment avenues currently available to her were “either too time consuming or too expensive.”
In regards to the issue, Joyce was quoted as saying that every time she sends back money to her daughters, she “does not receive a confirmation” as to whether or not her payment has been delivered. As a result of this, she has started to make use of alternative payment solutions such as RippleNET that allow for international transfers to take place in an extremely streamlined and hassle free manner.
For those of our readers who may not be aware of what RippleNet is, it is essentially a digital network of institutional payment-providers (including banks, money lenders etc) that make use of Ripple’s various xfer portals such as xCurrent, xRapid.
To help address many of today’s existing payment problems, Ripple has entered into a partnership with a number of financial institutions (such as Santander, IFD, BOE etc) so as to help them with their xfer needs in a faster, more reliable fashion.