Ripple has been making quite the name for itself in Asia. Bridging the gap between traditional finance and blockchain technology is the smart move in 2017. It now appears the company is looking to expand into other territories as well. More specifically, they are in talks with the National Payments Corporation of India and other banks. An interesting development, to say the least.
It is good to see Ripple get acknowledged by other institutions around the world. India is a country where digital payments are definitely taking off right now. Even so, these solutions are hindered by archaic technology and solutions which can’t scale to accommodate too many users. Something that involves blockchain technology would of great help in this regard, as it can alleviate most concerns.
Ripple Technology is Coming to India Soon
Now that the National Payments Corporation of India is in talks with Ripple, things will get interesting. It seems other Indian banks are also part of the conversation, which is nice to see. Global account–to-account transfers are the main objective of this new partnership, by the look of things. More specifically, this new solution will work without being a part of a payment network.
Ripple has built up a solid reputation in this regard. The company is doing extremely well for itself. They also gained a lot of recognition over the past few months, which helps expand their presence on a global scale. Any institution in the world can hook into Ripple’s technology and benefit from real-time global transfers. It is obvious Indian banks want to benefit from this technology as well.
For the time being, all parties involved will develop solutions for travel-related payments and remittance transfers. Both of these concepts will benefit tremendously from the Ripple Consensus Ledger. Additionally, this technology will slowly make its way to the Gulf and other countries in the region. These are very exciting times for Ripple and the team, that much is evident.
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