RippleNet Grows to 40 Different Countries Improving the Remittance Industry and SME Payments
RippleNet Continues to Grow: 40 Countries
In the last ten years, remittance inflows have grown over 400 percent. Both companies and individuals are now requesting for faster processing times and low-cost global payments. Most of these markets are related to emerging economies around the world.
In these regions, small and medium enterprises, known as SMEs, have been helping the industry to reach a $600 billion dollars market the last year. Additionally, SMEs account for over 60% of the employment.
Ripple is one of the most important companies that is working in order to improve this growing market. And indeed, RippleNet is now active in over 40 countries in six continents, connecting North America, Asia, Africa, Europe and South America. RippleNet is helping these new markets to have access to faster and better cross-border payments.
In the last year, RippleNet has opened new corridors all over the world that account for over $2 billion dollars in inflows.
Two companies, INstaReM and RationalFX opened new corridors that connect the United Kingdom to Malaysia, Vietnam and other countries in Asia.
The same happened with Remitr and FlutterWave, which has allowed connections through RippleNet between Nigeria and Canada. Moreover, BeeTech and InstaReM opened corridors that connect Brazil, Spain, Italy, Germany, France and Portugal.
The remittance market is expected to keep growing and reach $642 billion dollars. Access to faster, more reliable and lower cost of international payments services help the poorest individuals around the world.
This shows that RippleNet is helping SMEs become more efficient without having to depend on expensive and inefficient cross-border payment systems. RippleNet helps these companies handle remittances and transactions in a fast, transparent and cheap way.
Ripple is working hard in order to improve its products and the services it offers to other companies all over the world. In the next months, Ripple could soon launch a new product known as xRapid which the community is waiting since a very long time.
Additionally, the company is also focused in order to avoid XRP being considered a security by the United States Securities and Exchange Commission (SEC). The xRapid product uses the XRP cryptocurrency to reduce cross-border transaction fees and times.