Keeping in sync with the growing customer base, Ripple has been active in setting up new branches surpassing global boundaries starting with Australia in 2015, Japan in 2016 through a joint collaboration with SBI and UK in the last summer. The latest feather to its cap has been added with the expansion of its service offering in the Indian sub-continent with a new office set up in Mumbai.
Massive changes are occurring in the financial territory of India paving its way as an innovative leader in payments. The Mumbai office will target at responding to the ever-growing demand for frictionless payments made by present customers such as YES Bank and Axis Bank as well as other indigenous financial institutions.
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Navin Gupta the freshly appointed country manager of Ripple India carries a heavyweight CV illustrating in-depth experience in global strategy, product management and transaction banking roles at both Citibank and HSBC across Japan, U.S, India, Hong Kong and Taiwan. Brad Garlinghouse, the company CEO fees that Navin will bring along his years of expertise in payments and banking sector which surely will shoot up the demand for payments solution service provided by Ripple Group in Indian territory.
The Indian government had previously expressed a desire of ushering in digital freedom to transform the country’s knowledge economy. As per predictions, Indian digital economy could very well swell up to $1 trillion by 2022 starting with $270 billion today. A major component of this visionary approach includes setting up of India Stack which will provide a platform for merging Indian citizens, payment providers as well as banks into the dynamic digital era.
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India receives approximately $71 billion worth corporate and retail remittances from across the globe. Business houses engaging in such cross border transaction passing through India demand swift and seamless flow within the Indian digital framework. Such transfers need to match up to the speed of national electronic transfers.
The Blockchain powered and cost-effective payment mechanism of Ripple can herald major transformation in Indian economy by spreading out its wings even across the distant regions where the payment revolution has not yet received a warm welcome.
At the time of publishing this article, price of Ripple (XRP) was $0.22 with a market capitalization of $8,524,181,145. Ripple presently stands at number Four posotion in the list of top ten Cryptocurrencies.
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