For years, Ripple has been on a serious charm offensive, making great efforts to woo as many financial institutions as possible. Over the last year or so, the company has managed to get over 200 clients onto its RippleNet. However, that could soon look like a drop in the ocean as Ripple prepares to offer its xCurrent financial payments solution that’s based on RippleNet.
According to Ripple’s own Sachin Maheshwari, who works as the software integration engineer, Ripple’s xCurrent is about to roll out across the entire banking industry in India. Even more interesting is the fact that the banks will be using the new version of the mentioned payment solution, xCurrent 4.0.
India Is A Huge Market
For one, India is home to a population totaling almost 1.4 billion people, which makes Ripple’s exposure into that large market quite a big deal. Even if a small fraction of these people adopts Ripple’s payment solutions, the company would be well-set to challenge the bigwigs like SWIFT in the international stage as a popular choice for funds transfer – especially cross-border transactions.
Ripple Is Solving Problems
As a blockchain-based firm, Ripple markets itself as a well-positioned problem-solver for many issues to do with payment transfers. The company has developed various solutions like the xCurrent, xRapid, and the xVia to ease transactions.
With that narrative in play, coupled by the broad support by the many Indian banks, Ripple is clearly scoring a big win. As a matter of fact, an entry into the Indian market could open up other avenues into the larger Asian market.
Also, the fact that many people in India are basically unbanked presents Ripple with an opportunity to expand its market reach by facilitating mobile money transfers with its advanced payment solutions like the xVia.