- Crypto leader announces partnership to help facilitate remittances between US and Mexico
- Integration with popular payments service cuts transaction fees significantly, reduces processing time
- Ripple looks to implement remittance model elsewhere
Cryptocurrency leader Ripple has gained a reputation for facilitating faster, cheaper international money transfers. Now, the digital currency platform has announced a partnership that will help customers in the high-volume remittance market between the US and Mexico save time and money on cross-border payments.
The deal with Cuallix, an established financial institution that processes credit payments, will add Ripple to the service’s existing partners, which include UnionPay, SWIFT and Mastercard, and give users even more options for faster, cheaper and more convenient international payments.
Ripple and Cuallix have been perfecting their remittance partnership since early 2018, when Cuallix first began using XRapid and XRP on its platform.
According to Ripple officials, Cuallix users saw a 60% drop in remittance transaction costs and a processing time increase to just 4 seconds from initiation to completion.
The deal with Cuallix to serve the US-to-Mexico remittance corridor is just another step in Ripple’s goal to expand its service to other regions throughout the world. Next up could be India, and Ripple executives hope XRP will surpass Bitcoin as the region’s most dominant cryptocurrency, going so far as to consider giving away Ripple XRP tokens to every person in India.
“We looked early on at India, and we looked at two billion people – a huge market. And we decided, how do you get two billion people onto Ripple? Do we give the currency away to every Indian, that’s like two billion – just give it away,” said Ripple Global Vice President Asheesh Birla.
While it is unlikely that Ripple will simply give away its crypto tokens, there is certainly evidence to support the digital currency’s growing influence around the world.
For more information on making international payments with cryptocurrencies like Ripple, read our comprehensive digital currency report here.
