Ripple allows SMEs to receive payments globally says executivesRipple’s new mobile app will be beneficial to tourists – Marcus Treacher
Cross-border payment discussion cannot be complete without the mention of SWIFT and Ripple, the two platforms can be quite harmonizing. They help carry-out swift cross-border payments. Ripple’s head of global banking, Marjan Delatinne declared in an interview that Ripple allows small enterprises to transact globally using XRP. Affirming Delatinne’s statement, the SVP of Customer Sucess at Ripple, in a current episode on Tenchnative, stated that the trend of allowing customers to transfer and receive low-value payments instantly would pick up speed in the year 2020. He added that customer’s demand for swift On-demand payment is on the rise.
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Referencing Ripple’s payment system, Treacher expatiated how the universal economy would encounter additional growth of micro and wallet payments in the coming year which would, in the end, allow swift and affordable payment tides. Treacher also hinted at the Ripple community that a payment system change would happen in the future. Commenting further on the subject matter, Treacher stated:
“The shift from traditional, large-value batch flows to low-value, high-volume payments will help SMEs break into new markets much faster. SMEs are often young and fast-growing which exposes them to cash flow crises through late payments from their larger, foreign buyer”.
Treacher added that the customary and expensive payment trend would decrease, while affordable and Swift payments trend would be on the rise. According to Treacher, this would help the Small and Medium Enterprises (SMEs) enter into the new markets swiftly.
Ripple’s New mobile app will be beneficial to tourists – Marcus Treacher
Claiming that the cross-border payment service these days were dawdling, ambiguous, prone to errors and quite expensive. He declared that the new blockchain payment technologies like Ripple’s allow SMEs to charge and receive global payments instantly, in low-value, and with assurance. Treacher also talked about how Ripple’s new mobile app would be beneficial to tourists. Stating further, he added:
“Imagine if a Japanese tourist visiting Thailand could buy goods using a mobile app or QR code, triggering an immediate cross-border payment from their Japanese yen account to a Thai baht merchant’s account. If more consumer purchase solutions start leveraging blockchain technology in the same way, the payoff will – quite literally – be huge.”
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Treacher is quite positive that there are huge possibilities for blockchain technology. He stated that getting Ripple to tackle issues of Liquidity, promptness of execution, and the cost of capital would make micro-transaction like payments, remittances, and loans more transparent and efficient.
Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.