Providing affordable, instant and a transparent remittance system, Ripple is now heading into a partnership with SBI which makes it thar biggest money transfer provider in the country.
Slowly but surely, Ripple is becoming a worldwide household name. In China, Mexico, India and multiple other markets, Ripple has its eye on growing into something huge.
Japan has been in Ripple’s crosshairs for a while now and in their latest blog titled, “The Power of Instant Remittances: RippleNet in Japan”, Ripple are sharing what exactly it is doing in the country.
Having registered a record of over 1.2 million foreigners working Japan in 2017, it is a lucrative market. However, the bygone international payments infrastructure “can significantly inflate the time, hassle, and cost of sending money for workers.”
With over 40,000 Thai workers living and working in Japan, a single payment transfer can “require up to 12 extra hours of work just to afford the transfer fee” and take multiple trips to a bank.
Ripple is joining forces with these banks to solve issues which it put its blog saying:
“A number of pioneering banks and provider are using RippleNet’s global payments to give workers an instant, affordable and transparent way to send needed cash to their families. One example is the collaboration between SBI Remit and Siam Commercial Bank (SCB that leverages RippleNet to power real-time remittance payments for those Thai workers living in Japan.”
With the new found partnership, Ripple goes onto explain that Thai workers can open an SBI Remit account online and link it to their account at home at SCB. Using an SBI card means that they can make deposits in real time through going to an ATM.
“Beyond customer benefits of speed, cost and certainty, the banks can add new capabilities and lines of revenue while deepening customer loyalty.”