Ripple in India is already popular with several banking systems which helps them in effective remittance. It is based on the platform of blockchain technology which also serves an operational unit of cryptocurrency domain. Clearly, there seems to be a connection between all the trending topics. In the midst of crypto ban Managing Director of Ripple India Navin Gupta has appealed Indian government to adopt blockchain and virtual currency for the effective growth of remittance market on an international level.
According to Bits Online, Ripple’s India division head highlighted that how Indian economy is losing millions of dollars annually in the name of processing fees during cross-border remittance. Currently, Indian banks are charging about 6 percent of the transaction amount which may take up to 6 business days. In addition to this, he mentioned that embedding blockchain and cryptocurrency in the existing system will enable the banking processes to eliminate the annual transaction fees at the same time reducing the number of the transaction.
The Non-Resident Indians (NRI’s) send their money back to India can take up the facility of Ripple’s xRapid protocol and its crypto token XRP as on-demand liquidity for transfer. Ripple in India is looking forward to expanding their business with the help of both blockchain and virtual coins.
Ripple Collaborates With Indian Banks
Indian private sector bank IndusInd has already partnered with Ripple to settle cross-border payment which will reduce the time and cost for their clients. It is anticipated that there will be more such alliances seen in the upcoming days.
Ripple in India is on its way to defeat Bitcoin which is extremely popular within investors. It is allegedly said that the company is making an effort to capture about 50 percent of the Indian finance sector with its latest promotions and policies as they are encouraging Indian clients to use their crypto token XRP.
The post Ripple In India Can Help To Adopt Blockchain At Massive Level appeared first on OWLT Market.
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