A while ago, Ripple announced a partnership with Transpaygo, a Vienna-based fintech firm. According to recent report, the startup will be using Ripple’s xRapid technology to offer cross-border payments in the Philippines and Mexico. The founder of the company, Mirko Kinigadner, said that Ripple will critically impact the future of cross-border exchange rate payments. In his words:
“Ripple is going to significantly impact the future of cross-border exchange rate transfers. By partnering with them, we see the future.”
Transpaygo Joins Ripple In Preparing For The Future
Transpaygo Joins Ripple In Preparing For The Future
Transpaygo is one of the latest members of Ripple’s family made up of companies that see the future. The company focuses on cross-border payments for SME enterprises. The innovation platform would start by implementing this technology in the Philippines and Mexico. Part of its services includes allowing customers to use Fonmoney for recharging credit for mobile phones as well as making bank transfers from Europe to many other countries. Kinigadner continued:
“Thanks to Ripple’s technology, we can tap into Mexico’s promising market and the Philippines by taking money transfer to a whole new level. With this cooperation, we will embrace the future paving a way for cheaper and safer cross-border transfers within a few minutes.”
Ripple’s xRapid solution is the perfect alternative to Swift. Swift has dominated the cross-border payment industry for many years now. However, it is not as fast or as cheap as Ripples technology. Kinigadner continued:
“This process makes a list of transaction blocks that have mini contracts in a chain. The contracts are unchangeable but retrievable by the two parties involved in the transaction.”
Kinigadner stated that exchanging information and ensuring traceability in cross-border transactions has become increasingly important. Using Ripple’s xRapid will allow Transpaygo to carry out international transfers within a few minutes. Kinigadner said:
“Also, using cryptocurrency as an intermediate currency will make exchange opportunities less complex between currencies that aren’t traded often. This would eventually lead to cost reduction.”
Kinigadner has confidence that Ripple’s technology is going to pave a way to a future marked with cheap, efficient cross-border payments. He concluded:
XRP (XRP) Price Today – XRP / USD
| Name | Price | 24H % |
|---|---|---|
 | $0.00 | -0.80% |
“There is still ongoing debate about the efficiency of blockchain technology in the financial industry. However, I believe blockchain technology has massive potential that is yet to be exploited. We are going to change that now.”
Transpaygo isn’t the only firm that is using Ripple’s technology to make cross-border payments more efficient. Apart from the xRapid technology that uses the XRP token, many companies have implemented Ripple’s xCurrent solution. The xCurrent solution allows institutions to connect with each other instantly during cross-border transfers. It allows the banks to bypass many traditional payment corridors that cause delay in cross-border payments. The elimination of intermediaries leads to a reduction of costs. This benefits the banks and the customers.
Towards the end of 2018, Ripple’s Brad Garlinghouse said that more than 100 institutions have Joined RippleNet. The goal is to explore the company’s technologies and drive massive adoption. While this may not necessarily impact the price of XRP, it will have an impact on its adoption making it one of the most important cryptocurrencies in the future.
Do you think Ripple’s xRapid will eventually gain mass adoption and take a share of Swift’s market capitalization?
