Ripple to Help United States to Mexico Remittances
Ripple is already a winner in the fast and cheap remittance sector. Now, it has partnered up with Cuallix to make remittances from the United States to Mexico cheaper.
Ripple shared the latest details about this at the M2Banking and Fintech Latin America conference through twitter.
Cuallix is a financial institution that has 25 years of experience in credit payment processing. It is a leading financial institution of SWIFT, MasterCard, Unionpay and now even Ripple.
The news of Ripple and Cuallix partnership first surfaced in February when the Cuallet tool was released. This tool used XRapid and XRP cryptocurrency to make cross-border transactions easier, faster and cheaper.
According to Ripple reports, because of Cuallix using XRapid service, the transaction costs fell by a leaping 60% and transactions are completed in merely 4 seconds.
This is just another step in Ripple’s path of revolutionizing the remittance sector. Ripple is already looking at seizing a similar opportunity in India, where the future of cryptocurrency is being debated.
In July, Asheesh Birla, the Global Vice President of Ripple talked at a conference about how he hopes that XRP will surpass Bitcoin to become the most dominant cryptocurrency in the Indian subcontinent. He stated thoughts of giving out 2 billion XRP tokens to each person in India so that they have an idea of what cryptocurrency is and what benefits XRP especially carries. He said,
We looked early on at India, and we looked at two billion people – a huge market. And we decided, how do you get two billion people onto Ripple? Do we give the currency away to every Indian, that’s like two billion – just give it away.
Ripple is not a company that follows someone else’s path but is a company that is being the frontrunner and gaining the first mover advantage. With developments of crypto’s status in India, Ripple may soon be able to establish a quick remittance service in the Southeast Asian country as well.