Ripple expands into Asia and the Middle East as it partners with more banks to take the lion share in the market. The Managing Director of Ripple in India, Southeast Asia, the Middle East and North Africa, Navin Gupta reveals the strategy the company is taking in capturing the market in the middle east and Asia in an exclusive interview with TechCircle. He also talked about the superior quality of Ripple, and why it will replace SWIFT.
How Ripple Is Expanding Into Asia And The Middle East
Mr. Gupta in the interview explained the reason for the establishment of a branch of Ripple in India recently. On this, he said partnering with the top three banks in India would give them the 80% share of the market and the estimate of one billion people getting banked in India in the next five years and they will bank through their phones. To take a substantial share of the market, the company is partnering with banks and telecom company.
Ripple XRP Ledger is a real-time gross settlement system (RTGS) and remittance network. It enables secure, instantly and nearly free global financial transactions of any size with no chargebacks.
The unique feature of XRP makes it compete with the Society for Worldwide Interbank Financial Telecommunication, better known by the name SWIFT, a 60 years old banking system. As the XRP aims to have a share of the $70 billion remittance market dominated by SWIFT, Gupta spoke of the quality of Ripple.
As SWIFT has 6% failure rate, he stated that this is better handled with Ripple with its newly created message based superhighway through which money can travel, either cryptocurrency or the fiat currency. The message-based superhighway is like a message application, in the form of WhatsApp, where money can be sent just like a message, by adding the address of the receiver. The cutting-edge solution for cross-border payments known as xRapid, which utilizes XRP as liquidity for cross-border transactions is used to build the app.
Gupta also further states that Ripple has expanded into the middle east by partnering with banks, as it seeks to have a share of the oil money. The Ripple tech he claimed is replacing SWIFT in the region.
As Ripple expands in India, it aims to take a share of the corporate and retail remittance market worth $70 billion which is the largest globally. To gain more than 50% share of it, Ripple is partnering with four top banks which are Axis Bank, Yes Bank, IndusInd Bank, and Kotak Mahindra Bank. More banks are also in the process of being partnered with.
The Ripple merger with Wells Fargo, a large financial institution in America and its recent expansion into Asia and the Middle East, the crypto firm is taking the significant share of the world's financial transaction with its superior tech.