On September 5, the Indians had a new experience with their ability to transfer funds. TransferGo, a popular company in the country, has launched its new feature that allows its Indian customers to immediately transfer funds anywhere in Europe. To make this happen, TransferGo has partnered with Ripple Labs.
With this partnership, TransferGo has become part of the few entities on the market that facilitate the immediate transfer of funds thanks to blockchain technology. The technology is provided by Ripple Labs. The new real-time money transfer function was implemented and started operations immediately on 5 September 2018.
TransferGo aims to use Ripple technology to replace the former SWIFT (global financial telecommunication company) ). it was very effective because of its slow nature. SWIFT can take up to 3 days for a transaction, and in reality it is not what the world needs at the moment. In this case, a system that facilitates immediate transfer of funds is very well received, especially in a rapidly growing customer base such as India.
Ripple Breaking Into Asia
According to Asheesh Birla of Ripple, the blockchain technology company aims to gain from the huge Indian market of $ 70 billion remittances. Ripple has sought to penetrate the Asian market to promote its blockchain technology, and the new partnership with TransferGo presents this gold opportunity.
To achieve the current level of success, Ripple had to act smart. Asheesh says that his team understood that the 3 major Indian banks hold about 80% of the banking market share, and therefore having these banks at the corner would give the company the same 80% of the market in India. As most banks are launching mobile platforms supported by telecommunications companies, Ripple has identified telecommunications companies and mobile phone providers as the main targets. It is Ripple's main position as the dominant protagonist in the Indian market that has made TransferGo choose it as its partner.
In addition to Ripple which is a power to count on in the market, it is also fiercely competing with the old SWIFT technology that TransferGo has tried to do without. Obviously, this worked as another advantage for Ripple when TransferGo was buying a lucrative partner.
TransferGo has also announced that it will cancel commissions for the transfer of money between India and Europe and Ripple will be the backbone of the system. In fact, TransferGo considers market expansion a huge step forward and a green light to create and introduce new services and products for its customers.