India is one of the most innovative regions in the world when it comes to digital finance. Different mobile payment applications compete with each other. As we speak, the cryptocurrency has also cemented its own legacy in the country. Ripple is the newest company trying to make its claim in the country. A new office has opened in Mumbai that will bring Ripple’s technology to India for the foreseeable future. This is another important step in this blockchain company’s global expansion plans.
Many fintech companies are looking up India as the next frontier waiting to be conquered. It is true that the region has been causing a lot of buzz in the financial sector lately. It is also a region that can greatly benefit from global payment services. Wire transfers and money transfers have played an important role in India’s economy for a long time. Providing a smooth solution is Ripple’s goal to do in the future. Her new office in Mumbai has officially opened. The company also appoints Navin Gupta as Country Manager for Ripple India.
Ripple wants to gain a foothold in India
India’s government recently issued a brave plan to transform the economy into a digital first society. That’s a pretty ambitious goal even in this region. Despite the strong focus on digitization in recent years, the digital economy is only now seriously gaining momentum. However, experts estimate the region’s digital economy will reach $ 1 trillion by 2022. Being part of that mindset is paramount for companies like Ripple. In addition, there is a growing need for uniform platforms to bring banks and payment providers into the digital age.
CEO Brad Garlinghouse justifies this decision as follows:
“India is transforming into a digital economy and is an innovative market leader in payments. Our new Mumbai office, led by Navin, will enable us to respond to the rapidly growing demand for seamless payments from our current clients, Axis Bank and YES Bank, as well as other banks and non-banks across the country. Navin brings a wealth of global banking and payments experience to this role that we are confident will drive the demand for Ripple payment solutions to India. We are very happy to welcome him to the team. “
It will be interesting to see how Ripple can make an impact in India in the next few years. The company has earned a lot of respect from financial services providers across Asia. Your Ripple Consensus Ledger can also become a catalyst for India’s digital economy. Cross-border transactions need to be accelerated, nobody will deny that. Ripple is a cost-effective blockchain-based solution that offers benefits to all parties involved in the transaction. Right now the company wants to gain a foothold in this region. It also appears that they have “significant investments” in doing so.
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