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TransferGo Opens Payments Corridor to India Using Ripple Tech
Payment provider TransferGo has announced it is launching a remittance corridor to India that uses Ripple technology for near real-time transactions.
Updated Sep 13, 2021, 8:21 a.m. Published Sep 5, 2018, 4:00 p.m.
Payment provider TransferGo has announced it is launching a remittance corridor to India that uses Ripple technology for near real-time transactions.
Available from "anywhere in Europe," the firm said in a press release that using Ripple's services allows it to replace the "multiple slow incumbent communications systems, most prominently Swift, where transfers can take up to 2–3 days."
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The release did not clarify which of Ripple's blockchain-based payments products TransferGo is using for the service.
The payments company cited the "multi-billion dollar" Europe-to-India payments corridor for its initial focus on that market, adding that "high" Ripple adoption in India was a factor.
also hinted that this may 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 release:
"By using Ripple's revolutionary blockchain technology, we're able to establish real-time communication between us and our banking partners in India, allowing TransferGo customers to send money to family and friends or make international payments immediately."
The firm also announced a slower but free service along the same corridor, that also uses Ripple payment rails. Offering "zero fees and a mid-market rate," payments will arrive in 2-3 business days, according to the release.
Ripple's SVP of customer success, Marcus Treacher, said "TransferGo is a great example of a forward-thinking payment provider that's leaning in to new technology to facilitate real-time, cross-border money transfers for their customers. That's a big step forward."
Counting rupees image via Shutterstock
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