As economies mature and most of the world's population heats up to embrace new technologies, Ripple positions itself as a strategic position to facilitate the growing global remittance and inflows. Driving this explosive growth is the acceleration of economic activities in emerging economies in Africa, Asia and Latin America and with the expansion of their GDP inevitably increases the need for faster and cheaper means to transfer funds to the level local and international. Behind these needs are SMEs that have been active in promoting total global remittance to over $ 600 billion in 2018 alone and responsible for job creation for over 60% of the population.
Present in over 40 countries, Ripple is making use of its innovative solutions for the jurisdiction in which remitters and small and medium-sized businesses that need better and faster payment systems thrive. These countries spread across Africa, Asia, Latin America and Europe are really opening new corridors from which Ripple draws new business, as they facilitate the movement of over 2 billion of dollars only in the last year.
Considering the credit deficit estimated to be around $ 1.2 trillion, SMEs can not afford delays on payments or agreements and with facilitators BeeTech and InstaReM open ports from Brazil to Western Europe, Remitr and FlutterWave linking Nigeria to Canada and InstaReM and RationalFX allowing funds to flowing from the United Kingdom to most of the South Asian countries, SMEs within these regions are growing thanks to the rationalization effect of Ripple.
Encouraging, by the end of this year, it is expected that over $ 642 billion would move removed from around the world, which means that Ripple's request for faster payment solution, superior and economic would be increasing. By implementing various solutions, payment providers could save millions of dollars in taxes from individuals or SMEs who rely on remittance from different parts of the world to survive.