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Payment Provider TransferGo has announced that it is launching a remittance corridor to India that uses Ripple technology for near real-time transactions.
Available from "anywhere in Europe", the company stated in a press release that the use of Ripple services allows to replace the "slower incumbent communication systems, predominantly Swift, in which transfers can take up to 2-3 days. "
The release did not clarify which of the blockchain-based payment products of Ripple TransferGo is using for the service.
The payments company cited the "multi-billionaire" payment corridor between Europe and India to initially focus on that market, adding that "high" adoption of Ripple in India was a factor.
TransferGo also suggested that this could only be the beginning of his blockchain-based remittances, saying that integration "opens up new horizons for TransferGo to develop additional products and services."
Daumantas Dvilinskas, founder and CEO of TransferGo,
"Using Ripple's revolutionary blockchain technology, we are able to establish real-time communications between us and our banking partners in India, allowing TransferGo customers to send money to relatives and friends or make international payments immediately. "
The study also announced a slower but free service along the same corridor, which also uses Ripple payment platforms. By offering "zero taxes and an average market rate", payments will arrive in 2-3 business days, according to the publication.
Ripple's SVP for customer success, Marcus Treacher, said: "TransferGo is a great example of […]
Counting images of the rupees via Shutterstock
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