- Firm now operating in many different markets, offering settlement and exchange services
- Acknowledges there is a way to go before “tipping point” is reached – but that efforts are being made to satisfy as many customers as possible
- “As a bridge between one fiat currency and another, it solves the liquidity issues in cross-border payments, and this will be a game-changer”, says Europe boss
The advances made by blockchain-based digital payments service Ripple in recent years have continued to grow.
In an interview given to the International Association of Money Transfer Networks, a senior executive at the firm highlighted its recent successes – including its presence in 40 nations around the world.
Ripple is a number of services all in one, including a cryptocurrency in its own right as well as a platform for settlement, exchange and more.
It operates in a wide range of areas, including South America and Sub-Saharan Africa.
It offers a number of payment messaging systems, including xCurrent – its standard, basic version.
Technology which has a more enhanced set of features, such as the xRapid product (XRP) which is currently used by big names in the online money transfer world, such as MoneyGram, is likely to become more popular in the future.
Jeremy Light, who heads up strategic European Union accounts for the firm, has said that the firm’s ability to reach those customers who are currently part of the unbanked world in emerging economies is an important priority both strategically and ethically.
“A growing number of digital-first payment providers are entering the global remittance market”, he explained during the interview.
“They’re serving a need from populations that banks have neglected or avoided in the past. This is a huge opportunity to capture the unbanked and underbanked, and connect them to the global economy.”
As a provider that can speed up the process using decentralised, ledger-based technology, Ripple is helping these firms boost their customer offer.
Light was not complacent about the potential Ripple holds and also used the interview to make clear that there needed to be some shifts in consumer behaviour patterns before Ripple and other crypto tools can become globally accepted.
“The larger consumer tipping point is still to come. As of now, you can’t easily use cryptocurrencies to pay for goods and services, but there is a clear and growing use case for crypto as a bridge currency”, he said.
“As a bridge between one fiat currency and another, it solves the liquidity issues in cross-border payments, and this will be a game-changer.”
The firm’s relationship with MoneyGram has been a game-changer for the cross border payments world.
Since the pair started working alongside each other two months ago, transaction volumes in certain areas have gone up – and this is expected by many to continue rising.
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