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Former chief executive of eBay R.J. Pittman says that Ripple, xRapid and XRP could play an important role in increasing global growth in e-commerce.
At Ripple's recent Swell 2018 conference in San Francisco, Pittman noted that only about 10-20% of all transactions in the United States occur online.
"We talk about the importance of payments in the future, we are nowhere near hitting the critical mass … Do we have the payment infrastructure? Do we have scalability? Do we have the cost models in place? Because it will become extremely competitive when everything – every single transaction, every type – is done digitally ".
Pittman states that XRP, xCurrent and xRapid can have a transformative impact, defining them as a potential lubricant of the global machine that powers cross-border payments for companies like eBay.
"The buyer wants to know: the seller has shipped the goods? The seller wants to know: the buyer has paid? Where is the money? Who holds it? And you somehow have PayPal in the middle to most countries, but not all, and it's sort of this mysterious game of riddles, and it has been one of the biggest call center call drivers – we've had thousands of people in the contact center answering the mysterious questions of where they are my goods and where is the payment.And even when the buyer paid, by the way, it did not necessarily mean that the seller had the money and that it was solved.There was another level of mystery of exactly when this would happen.
And so, while I'm listening to the story here and a sort of value proposition of blockchain registers, certainly Ripple and xCurrent and xRapid, these are the steps and absolutely the right direction for a company like ours, which is a multitude of buyers and sellers, with merchants in 190 countries. We need new solutions because, as I said before, we only need to move the needle or move the quadrant on some of that friction problem in very small increments to have a transforming effect in the financial architecture of the our company – or eBay – we should say. "
According to Pittman, instead of fearing change, payment platforms and e-commerce companies could see significant growth thanks to cryptographic and blockchain technology.
"Inefficiencies in payment processing chains, whether it's global payments across a border or even credit card payments here in the United States – are incredibly outdated, costing, and there are reasons for such innovation.
And all the incumbents should not be afraid of losing any of the nest eggs they've had in the last few decades. Rather the opposite. It is about eliminating the inheritance and opening the door to extraordinary growth opportunities, in which the dimensions of the cake will grow 5 times, 10 times, if we look at the numbers in terms of online penetration today. We have so much space to grow. "
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