Payment provider TransferGo has announced that it will launch a remittance corridor to India that uses Ripple technology for near real-time transactions.
Available from “anywhere in Europe,” the company said in a press release that using Ripple’s services will enable it to use “several slow mainstream communications systems, most notably Swift, where transfers can take up to 2-3 days.” substitute.
The publication didn’t make it clear which of Ripple’s blockchain-based payment products TransferGo used for the service.
The payment company named the “multi-billion dollar” payment corridor from Europe to India for its initial focus on that market, adding that “high” Ripple adoption in India was a factor.
TransferGo also hinted that this might just be the start of its blockchain-based remittances, saying the integration “opens up new horizons for TransferGo to develop additional products and services”.
Daumantas Dvilinskas, Founder and CEO of TransferGo, said in the press release:
“By using Ripple’s revolutionary blockchain technology, we can establish real-time communication between us and our banking partners in India so that TransferGo customers can instantly send money to family and friends or make international payments.”
The company also announced a slower but free service along the same corridor that also uses Ripple payment rails. With “zero fees and a medium market price”, payments will arrive within 2-3 working days, according to the press release.
Marcus Treacher, SVP for Customer Success at Ripple, said, “TransferGo is a great example of a future-oriented payment provider that is using new technology to enable its customers to make cross-border money transfers in real time. That is a big step forward. “
Image about counting rupees via shutterstock
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