Ripple (XRP) Marks its Entry Into the $69 Billion Indian Remittance Market with xCurrent

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  • Ripple has entered into a partnership with forex service provider Currencies Direct
  • xCurrent product to vastly mitigate transaction costs and time
  • XRP currently sits at the second position on CoinMarketCap crypto table

According to an article published by Finextra, on December 11, 2018, Ripple’s xCurrent is set to make its entry into India, courtesy of a partnership with Currencies Direct.

Ripple Enters the Indian Market

Ripple’s xCurrent is used by major banks and financial institutions the world over to confirm payments before initiation and after settlement. The product consists of a Rulebook to ensure consistency and legal clarity with regard to every transaction.

The product also enables customers to track their payments in real-time all through its journey from their bank account to the recipient’s bank account.

This development could prove to be a massive one for the parties involved, especially Ripple, as it gives a direct entry to the blockchain startup to the largely untapped remittance market in the Asian country. Notably, in 2017, India received remittances to the tune of $69 billion.

Ripple has been consistently at the forefront of blockchain-based cross-border payment solutions, courtesy of its universally acclaimed products like xRapid, and others.

It’s worth pointing out that the forex services provider Currencies Direct is already a member of RippleNet, a group which consists of global banking behemoths, including Bank of America, Credit Agricole, and Santander, among others.

Vivek Awasthi, chief information officer, Currencies Direct said:

“Our partnership with Ripple showcases the future of international payments and how technology can greatly improve the customer experience. When you think about the vast volumes of money that are being transferred around the world and to India specifically, it’s only right that customers have the ability to check the status of their funds at every stage.”

 

He also added that no matter the profession, be it a consumer, sole trader, controller, or a financial director, people always appreciate to have visibility of their money, and Currencies Direct  views xCurrent as a “game changer for payments.”

Similarly, Marcus Treacher, SVP of Customer Success at Ripple shared his thoughts regarding the development. He stated:

“As RippleNet expands, it’s encouraging to see companies like Currencies Direct using blockchain technology to support remitters around the world. While they are starting with India, we’re working closely with them to move into other markets as soon as possible.”

Will 2019 be the Year for Ripple?

 

Although the crypto market is going through a prolonged bear phase, things could change drastically for the industry in 2019.

2018 saw Ripple forge alliances with a number of leading financial institutions all over the world. BlockchainReporter reported on November 16, 2018, how the CIMB Group joined the RippleNet, making it one of the first financial institutions in the ASEAN to adopt blockchain technology-powered cross-border payment solutions.

At press time, XRP sits at the second position on CoinMarketCap crypto table, with the total market cap just above $12 billion.