TransferGO Offers Money Transfer Services Using Ripple Blockchain in India
According to a press release, digital remittance service provider, TransferGO has announced that it will be supporting money transfer services using the Ripple blockchain across India. Based on the claims made by Founder and CEO of TransferGO, Daumantas Dvilinskas, the firm’s attempt will the first of its kind, especially considering the fact that said service involves “real-time money transfers.”
Dvilinskas emphasized that Ripple’s blockchain was what permitted the firm to provide such a service, adding that they were capable of “establishing real-time communication between us and our banking partners in India.” He also said this respective blockchain was what helped the firm attain their goal of transacting internationally.
Ripple was also compared to the likes of SWIFT, where the former takes at most two to three days to accept transfers, which is evidently slow and common among traditional banking platforms.
Choosing India as the country to introduce Ripple technology was supposedly obvious, as the Indian market has already considered and accepted the likes of Ripple. As part of the endeavor, TransferGO will supposedly also give customers the option of “free money transfers between Europe and India”, that is, if wait time does not matter (i.e. two to three days).
The Ripple team seems to be thrilled to work alongside TransferGO, as Ripple’s Senior Vice President of Customer Success, Marcus Treacher, called the firm a “forward-thinking payment provider” that not only embraces new technology, but also does so in a way that encourages “real-time, cross-border money transfers for their customers.”