- Ripple remittance services in India can prompt massive fee savings.
- India is one of the largest migrant remittance markets.
- Ripple remittance services are already in full swing in other migrant heavy countries like Mexico.
A new report by cryptocurrency research firm Coinpaprika and crypto exchange OKEx talks about the growing potential for remittance markets in India.
India’s large migrant population and strong cultural ties have led to India’s strong migrant remittance over the years. With remittance inflows generally increasing year-over-year, the market potential for Indian remittance is huge.
Furthermore, remittances in India are relatively more expensive, despite the growing market.
The report notes that the country’s remittance fees in 2019 topped $5.67 billion. With bank-based remittances averaging almost $10 USD per transfer cross-border remittances in India have room for improvement.
The report specifically cites XRP as a potential solution to the massive remittance fees.
Using Bitcoin or other cryptocurrencies, such as XRP, as a cross-border payment medium, Indian can save a large number of remittance fees. Currently, Mexico is the second-largest migrant remittance country after India.Report
RippleNet is Ripple’s flagship remittance offering. The platform offers institutions the ability to facilitate real-time and cost-effective transactions via RippleNet’s decentralized network. More importantly, RippleNet utilizes the blockchain, and thus transferring funds across borders does not affect transfer times and fees. Thus, Ripple may offer an ideal solution to the growing remittance market in India.
Ripple launched its RippleNet services last year with MoneyGram and Bitso. Since launching the Mexican corridor has seen immense adoption and growth. With the Mexican corridor proving Ripple’s use case, India can greatly benefit from RippleNet’s speed and cost-effective remittance solutions.
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