TransferGo, a popular exchange company in India, partnered with Ripple Labs and launched a new feature that will enable its Indian customers to remit funds to any place in Europe instantly.
With the technology is provided by Ripple Labs, TransferGo enlists itself amongst the few firms in the market that facilitates instant fund transfer powered by the blockchain technology. The feature was rolled out and began operations immediately on 5th September 2018.
TransferGo aims to smooth the fund transfer processes by replacing SWIFT (Society for Worldwide Interbank Financial Telecommunication) system with Ripple’s technology. SWIFT due to slow nature could take up to 3 days for a transaction to go through, which hindered the fast-growing customer base like India.
According to Asheesh Birla of Ripple has been looking to gain from the huge Indian 70 billion remittance market. The new partnership with TransferGo was a great opportunity for the blockchain tech company to penetrate and promote its blockchain technology in the Asian market.
Ripple tactfully studied and proceeded in the market to achieve the current level of success. Asheesh adds that his team observed that about 80% of the banking market share was held by the 3 largest Indian banks. In order to tap into a wider market, Ripple ought to concentrate and capture these banks.
Furthermore, they gathered that most banks are launching mobile platforms supported by telecommunication companies, so the company singled out telco companies and mobile phone providers as its main targets. Ripple’s prime position in the Indian market is a key factor for TransferGo to opt ripple as partners.
Another thing that works in favor of Ripple, is its futuristic technology that is fiercely competing with the old SWIFT technology, for which TransferGo was looking to replace.
TransferGo pronounces in involving Ripple as the backbone for their systems, the money transfer fees between India and Europe could be scrapped marginally. Understanding, the need importance of market expansion, TransferGo choose to introduce new services and products to its customers.
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