Remittance from Europe to India is now made more accessible as TransferGo partners with Ripple to launch a blockchain based remittance transfer service from Europe to India.
TransferGo: Blockchain-based Remittance Transfer
TransferGo, the UK based digital remittance and payment provider have partnered with Ripple to launch its blockchain based remittance transfer service. This was announced on the 5th of September in a recent press release by the company.
The new development by TransferGo would aid easy remittance from European countries to India.
The Founder and CEO of TransferGo, Daumantas Dvilinskas stated that the firm is delighted to be the first in the market to offer their customers real-time money transfer using the Ripple blockchain platform. This aids establishing real-time communication between TransferGo and its banking partner in India, affording its customers to transfer money to family and friends and also international payment instantly.
The Ripple blockchain payment system aids quick money transfer across borders and is competing with many decades old payment system, such as SWIFT, that has monopolised the market. The blockchain technology has provided a better system than the SWIFT with the help of the Ripple blockchain.
TransferGo launches two forms of remittance transfer service. The first which requires a little charge is fulfilled within minutes of conducting a transaction, while the second is a free remittance transfer, but this process takes 2 to 3 days before the transfer is achieved.
Marcus Treacher, the SVP of Customer Success at Ripple stated that Ripple believes that blockchain technology has the power to make money move as fast as possible. He further noted that TransferGo is an example of a forward-thinking payment provider that has adopted blockchain technology to aid cross-border money transfer for its customers, which is a huge step forward.
The adoption of blockchain for the transformation of every sector of the human society has been the trend. The technology has seen broad adoption by tech firms and countries alike, as all seek to take great advantage of the nascent tech considered to be the future of technology.
Ripple Cryptocurrency, TransferGo and Expansion
TransferGo is a digital remittance solution for migrant workers launched on the 18th of September 2012. TransferGo’s partnership with Ripple is set to aid the expansion of its network of operations.
Ripple supporting its wide reach and acceptance has expanded into India, Asia, and the middle east. Taking a large share of the remittance market monopolised by SWIFT has been its goal.
The large remittance transfer market in India and the oil money in the middle east has been the driving factor of its expansion.