· TransferGo won’t be using a slow communications systems for its money transfer services anymore
· India received $69bn in remittances in 2017
TransferGo just inked a partnership deal with Ripple to facilitate real-time transfers from Europe to India. The blockchain service will replace the slow messaging system that the brand previously used, but TransferGo representatives did not mention which Ripple product they will be using. In an interview, TransferGo CEO and Founder Daumantas Dvilinskas said that the service will allow: “TransferGo customers to send money to family and friends or make international payments immediately”. Dvilinskas also hinted that the company will be rolling out other blockchain-based services in the future.
Marcus Treacher, the Senior Vice President for Customer Success at Ripple said that TransferGo is “a forward-thinking payment provider” as it endeavours to facilitate real-time cross-border payments. According to Verdict UK, the new offering is a result of India’s wide adoption of Ripple products.
TransferGo is also set to launch TransferGo Free, a service that allows international money transfers from any European nation to India free of charge. The company will reportedly apply a mid-market exchange rate for the said service to accommodate more customers. Ripple executives say that TransferGo Free will also be powered by Ripple. It is noted by both companies that the free service will take longer than paid services. Reports say that settlement will take 72 hours.
TransferGo’s interest in India is fuelled by the country’s remittance growth. Based on data from the World Bank, India received a whopping $69 billion in remittances in 2017 alone. TransferGo representatives said that the EU-India cross-border payments route is a multi-billion dollar market and that remittance inflows will continue to increase before the end of 2018.
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