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- Ripple has pushed its RippleNet and ODL technologies into the Indian market.
- With plans to make remittances cheaper and faster, Ripple aims to capture more Asian markets.
In one of its most ambitious business moves, blockchain payments firm Ripple Labs Inc has made a bold entry into the Indian market. The entry into India is an event that has been consistent over the past few years with a number of established Indian banks now adopting the cross-border payment solution being brandished by the blockchain-based company.
Remittances based on the current financial infrastructure have a lot of flaws that require targeted improvements on. While sending payments from one country to the other typically takes days under the current banking system, the woes are further compounded by the high cost that is notably associated with the transactions.
The advent of blockchain and the design of the RippleNet, the payment platform developed by Ripple Labs seeks to correct both of these anomalies viz, high cost and slow transaction timing. The company lets banks access its system which allows them to send money at a very low fraction of the cost and within a few seconds.
The RippleNet protocol is able to achieve these feats because it boycotts the middlemen or the central banks which generally complicates the transaction process. In India, some of the banks that are employing RippleNet to process their transactions include but are not limited to Axis Bank, one of the biggest private banks in the country, Yes Bank, Kotak Mahindra Bank, and IndusInd Bank.
By integrating the RippleNet technology, these banking firms are making a very unique and strategic business call that will see them maintain enhanced flexibility while repositioning in a way that they can aid customer satisfaction. The expansion into India is a mutually beneficial one of both Ripple and its growing list of partners.
Ripple and the spread of ODL in Asia
Ripple is one of the pioneering payment service providers in the digital currency ecosystem and arguably one of the biggest. Despite the roadblocks it is facing in the United States as a result of its legal tussle with the Securities and Exchange Commission (SEC), the company has pitched its tents in high-prospect emerging markets in Asia to do business with.
The Indian penetration is indeed a very strategic one for the company. India is now ranked as the most populous nation in the world with as many as 1.4 billion inhabitants. This number shows how robust the Indian payment ecosystem is, and the country is growing fast as one of the biggest regions receiving remittances in the world.
Through its partner Trianglo, Ripple is gradually showing the effectiveness of both the RippleNet and the On-Demand Liquidity (ODL) product. With the support of home-grown and established banks, the payments firm is on track to harness the multi-billion dollar remittance ecosystem in India and beyond.
