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Ripple (XRP) has become one of the greatest hopes for the bright future of the encrypted market. It not only fuels some of the revolutionary products created by the Ripple Labs company, but also continues to draw attention to cryptography due to large amounts of exposure. The significant growth in remittance coverage is particularly important as it allows foreign workers to send money to their homes in a much quicker and simpler way.
So far, XRP has had the greatest impact when it comes to OFW (Overseas Filipino Workers), with some estimates stating that over 10 million OFW worldwide support their families by sending money home. For decades, these workers have had to use traditional banks and financial institutions to secure the financial support of their friends and their families. As is known, this process is rather long, complex and also very expensive.
It often includes numerous banks and high commissions to complete transactions. With Ripple products, such as xCurrent and xRapid, this process is now considerably shorter and cheaper.
Ripple returns the missing 8% to actual receivers
According to the 2018 statistics, the Philippines remittance market has registered an inflow of about $ 30 billion, making the Philippines the third largest remittance country in the world.
Thanks to the high exposure of Ripple and XRP, numerous banks have been able to familiarize themselves with the benefits of blockchain technology and provide better solutions to their customers. So far, in return for their services, banks have deducted about 8% from any typical money transfer in the Philippines. In other words, for every $ 100 transaction, the banks would have taken $ 8 for themselves, leaving $ 92 for the actual recipient.
Not only that, but the whole process often takes several days to complete. Both problems are solved through the use of Ripple products, based on blockchain technology. Moreover, thanks to the fact that Ripple products use XRP, the second largest cryptocurrency by market capitalization at the time of writing, it is not necessary for brokers who would take their share of the funds transferred.
Ripple has long offered its technology to banks around the world and more than 100 banks are already working to implement these solutions. Support for these solutions, as well as the currency itself, is growing all over the world. Furthermore, it is important to note that none of the banks and companies that collaborated with Ripple has decided to end the collaboration. In fact, many have confirmed the quality of service, encouraging others to encrypt through Ripple.
