A recent post on Ripple’s website explores the ways in which the company intends to get into Indian remittance market. Ripple appreciates how significant remittance payments have become in India since in recent years India has become the world’ s leading recipient of remittance payments, Ripple said, with $69 billion arriving in India via remittance payments services in 2017 only. The move could also benefit the Ripple (XRP) but not just yet.
The facts are clear. Indian financial institutions are a critical center both for the citizens of their country and for the global economy.
Aiming to integrate into Indian remittance market fully, Ripple employs RippleNet in association with Kotak Mahindra Bank, a countrywide bank with over 1,300 offices. This alliance will permit Kotak to leverage the strengths of xCurrent to support more effective and quicker remittance settlements.
Kotak will use xCurrent for the instant disbursement of remittances to the country. The bank’s customers will be able to settle cross-border payments with end-to-end tracking while reducing payment times from days to minutes, all at a lower cost.
Ripple with its RippleNet will secure its position within the Indian remittance market with the partnership with Kotak – Ripple (XRP) might emerge in India, soon
Kotak follows on the steps of other leading banks in the region which adopted RippleNet. Axis Bank began running on xCurrent in November 2017, while IndusInd reported that it would team up with the RippleNet network in February 2018.
That is just another illustration of how Ripple operates to generate partnerships with mainstream banking institutions. It is evident that Ripple has developed a technology that can genuinely upgrade the capabilities of a lot of banks, not just for the actual banks but for the banks’ clients, too. By doing so, Ripple blockchain and technology will create a solid brand reputation, which in turn will increase the likelihood of Ripple (XRP) adoption over time.
Although Kotak is not going to be keen on using Ripple (XRP) payments at this time, as new technologies become available within its systems, Ripple (XRP) could make its entrance into India’s mainstream banking system any time soon.