The Ripple partner and global payment platform, TransferGo have said that they are looking into the benefits of xRapid, powered by Ripple’s XRP.
After being questioned on Twitter, the CEO of TransferGo, Daumantas Dvilinskas confirmed that the company is testing Ripple’s newly released cross-border payment solution.
Yes, we are looking at xRapid.— Daumantas Dvilinskas (@daumis2475) November 11, 2018
Back in September this year, the CEO revealed that TransferGo is going to be launching a remittance corridor from Europe to India that uses Ripple’s technology in order to be more cost effective and practically instant transactions. Nevertheless, the firm didn’t specify exactly which of the cross-border software solutions at Ripple will be used.
“We’re delighted to be one of the first companies in the market to offer our customers real-time money transfers.
By using Ripple’s revolutionary blockchain technology, we’re able to establish real-time communication between us and our banking partners in India, allowing TransferGo customers to send money to family and friends or make international payments immediately.”
In order to show off the potential of Ripple’s technology, TransferGo has stated that they are launching free money transfers between Europe and India which will be powered by Ripple.
As said by the Daily Hodl, the Lithuanian startup based in London has said that it’s been growing 100% year over year to dominate the migrant remittance market in Europe. Back in October, TransferGo became the first in the market to offer completely free international money transfers. The platform has over half a billion users and it is forever growing at a rate of 1,000 new customers per day.
The firm's goal is similar to that of Ripple’s, which aim to rewrite how financial organisations do business and move money completely.
“In today’s global society, customers should be able to transfer money to friends and family internationally at no cost, in the same way, they can domestically. Our product innovation is driven by the highest pain points for our customers, which in this case was the fees currently charged by incumbent [and challenger] players in the market.”
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