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Global remittance payments are well on course to grow by 3.4% or approximately $466 billion in 2018, this according to the World Bank. The highest incoming flows produced by China and India, this in 2017.
In addition to this significant influx of capital, it is worth noting that these emerging markets make up 85% of the population on the globe, 60% of global GDP are accounted for by these emerging markets.
China, Brazil and India will soon be experiencing more efficient, transparent, and inexpensive payments in and out of emerging markets as new financial institutions, two banks and three payment providers, have made the choice to join forces with RippleNet.
Itaú Unibanco, Brazilian banking behemoth and Latin America’s largest banking institution by market capitalization; IndusInd a pioneering bank within India’s private sector; and InstaReM , a significant settlement benefactor in Singapore, will be providing quicker, more translucent transfers/payments across borders worldwide through various financial institutions.
Beetech and Zip Remit, two rapidly thriving remittance providers, in Brazil and Canada respectively, are catering to the needs of their customers around the world by opening payment passageways using xVia. Considering their customers, both institutions want to provide established links into China, and through the new add-on of LianLian International to RippleNet this month, this has now become viable.
Southeast Asia – increased entree for RippleNet members
InstaRem will utilize RippleNet in over 60 countries across the globe due to over 500,000 transactions taking place annually from countries such as Australia, Canada, Hong Kong, Singapore and India.
InstaReM Co-founder and CEO, Prajit Nanu, believes their company joining forces with RippleNet will act as an extra bridge into South East Asia, allowing for other RippleNet members to operate. Nanu continued to explain his absolute joy with this collaboration, “Now, RippleNet members will be able to process a large number of payouts in Southeast Asian countries through InstaReM’s secure rails.” With over 40,000 business organizations and individuals, and these figures constantly increasing, many of these aforementioned are dependent on their services. Currently InstaRem has the capacity to send finances to over 3 billion individuals globally.
Payments are made more affordable by RippleNet in emerging markets
Financial institutions seeking to supply superior payment methods in and out of emerging markets, the clear answer is choosing Ripple’s pioneering blockchain solution to action payments across borders.
In light of the financial rigidity that often hinders developing countries, RippleNet’s unique characteristics such as settling transactions instantly etc., will impact these developing countries positively without a doubt. Ripple’s head of business development, Patrick Griffin, agrees with this assertion, “The payments problem is a global problem, but its negative impact disproportionately affects emerging markets,”.
Mr. Griffin goes on to say that regardless of your occupation, global position, or need, “it’s imperative that we connect the world’s financial institutions into a payments system that works for their customers, not against them.”
The continuing expansion of RippleNet is remarkable. The reality of cross-border payments done quick, easy and inexpensive, bringing a large world closer together makes for exciting times indeed.
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