The cryptocurrency community has not lost the love of Ripple and its native XRP asset. Even so, there are many reasons why companies and service providers see merit in the company and in its technology. The following use cases, classified by importance, show how various aspects of the financial sector can be improved in the coming years.
4. Banking Revenue Streams
Many banks around the world are struggling to identify and explore new revenue models. This is natural because the financial situation seems very different from how it was many years ago. Ripple wants to ensure that banks can discover new markets, mainly with real-time global payments. This allows financial service providers to meet customer expectations and expand their coverage quickly enough around the world.
However, real-time payments are not an easy impact on the market. For Ripple, the service currently covers over two dozen countries, but there's still a lot of work to do. Through its RippleNet initiative, it is slowly installing other banks around the world, with a strong focus on Asia. Addressing the unpaid regions of the world will be a major challenge, for obvious reasons.
3. Payment providers coverage
Payment providers and processors can only prosper when enough people use their services. Ripple aims to offer service providers a way to attract more users, also facilitated by the company's RippleNet functionality. The processors may decide to use the fiat currencies or XRP through both the xCurrent and xRapid products offered by the company.
2. Exchange Volume
When we talk about exchanges, we must look beyond the cryptocurrency trading platforms. Ripple wants to help companies attract global payments. This applies to banks, payment service providers, cryptocurrency exchanges, brokers and so on. The XRP has the potential to become an important digital resource in the global payments industry, although it is still too early to draw any concrete conclusions in this regard.
1. Simplified payments
Ripple is exploring ways to simplify payments, both online and offline. Some of these use cases are payment tracking, capital efficiency and complex data transfer. Combined with the reduction in overall operating costs, this solution could have a global impact far earlier than expected by people.
This is also the point where Ripple's solution xVia comes on the scene. It is a tool designed to simplify payments on RippleNet without the need to install additional software. The xVia solution offers instant regulation and confirmation of transfers as well as competitive FX rates.