A new post on the Ripple website discusses how Ripple plan to enter the Indian remittance economy. Ripple recognise just how large scale remittance payments are in India, given that according to Ripple, over the past few years, India has been the largest receiver of remittance payments, in 2017 alone, $69 Billion flowed into India through remittance services.
According to Ripple:
“The data is clear. Indian financial institutions are a critical hub for both the citizens in their country and the greater global economy.”
You can see the full post for yourself here- https://ripple.com/insights/ripple-improves-access-india-kotak-mahindra-bank/
In order to fully absorb themselves within the Indian remittance economy, Ripple are using RippleNet in partnership with Kotak Mahindra Bank, a bank with over 1300 branches nationwide. This partnership will see Kotak take advantage of xCurrent to allow for quicker and more efficient remittance payments. According to Ripple:
“Kotak will use xCurrent to power instant remittance payments into the country. The bank’s customers will be able to settle cross-border payments with end-to-end tracking while slashing time on payments from days to minutes, all at a lower cost.
Kotak joins other major banks in the region on RippleNet. In November, Axis Bank went live using xCurrent and in February of this year IndusInd announced they would join the RippleNet community.”
This is yet another example of Ripple working towards generating partnerships with mainstream traditional banking services. It is clear that Ripple have built a technology that can genuinely improve the services of many banks, not just for the banks themselves but the banks customers. Through this, the blockchain and Ripples technologies will build a great reputation, a reputation that in turn will allow for a greater chance of XRP adoption in the future.
Whilst Kotak aren’t going to be interested in XRP payments just yet, as the technologies becomes embedded with their systems, XRP may very well make its move into the Indian mainstream soon enough. Well, providing the Reserve Bank of India get their act together anyway.