China and India have scored the highest payments transactions number in 2017, while the global remittance payments are set to go up to $466 billion this year increasing by 3.4%. RippleNet decided to consolidate emerging markets access in Brazil, India, and China.
The global need for faster and more transparent transactions may help Ripple (XRP)
More and more people are needing more transparent and faster transactions. The technology evolution of the recent years has made this possible but, unfortunately, the banks are not signing up for the new technologies that can transact faster, more secure, and more transparent.
RippleNet is one of the new technologies. Ripple (XRP) is using an updated blockchain technology that makes it possible for financial institutions and banks to transact faster and secured.
Ripple (XRP) offers instantaneous transactions which are, at the same time, safe and transparent. Plus, the banks and financial institutions can track a transaction since its creation and until it gets done.
RippleNet will offer transparent transactions at cheaper costs in comparison with the currently used system, SWIFT.
The SWIFT system is old and slow but it is still used by banks because it is considered secure and independent.
RippleNet, on the other hand, is considered dependent on its own coin, XRP. Thus, if XRP goes down, the RippleNet will follow it, according to some banks’ officials.
RippleNet decided to consolidate emerging markets access in Brazil, India, and China
The biggest private bank in Brazil, Itau Unibanco, has set to use xCurrent from Ripple (XRP) for faster transactions.
Even more, Ripple (XRP) consolidated its presence on the Asian market as IndusInd (a leading bank in India) and InstaReM (a major payments processor in Singapore) applied for xCurrent use.
Also, Ripple (XRP) xVIA service will be used by Zip Remit (Canada) and Beetech (Brazil).
Even more, RippleNet will also be used by LianLian International signed a partnership with Ripple (XRP).
In conclusion, Ripple (XRP) is on the rise right now as it signs more and more deals. XRP is now trading at $1.03 after a negative day for the cryptocurrencies.