TransferGo Makes EU To India Remittance Possible Via Ripple

TransferGo, a London-based remittance and payment provider has just unveiled a new blockchain-based remittance service to India. This service will provide real-time cross-border transfers and will be available to the wider European region. The service uses Ripple's payment technology to streamline the fund transfer.

TransferGo was not specific about how Ripple was integrated into the service but the company did say that their adoption of Ripple was because of its popularity in the Indian market. The company also hinted that it would be expanding its blockchain-based remittance service in the future.

The company is aiming to position itself as a replacement for the more traditional and slower payment systems that use banks and the SWIFT network for these transactions. Cross-border transfers have been dominated by the SWIFT network for decades now, even though it does have notable downsides. The main complaints are the slow speed of transfers and high costs. There have even been complaints in recent times of the network being hacked.

Lucrative Indian Market

TransferGo has targeted India for its initial remittance service because of its large potential. The country is at the top of the global remittance market, with the country receiving $69 billion of remittance in 2017. The transfers from Europe to India are worth billions of dollars and TransferGo is hoping to get a piece of that pie.

The service will take a fee for the quick version, but the company will also offer a free but slower remittance service alongside the main product. The main difference will be a delay of two to three business days for the free service, with an average exchange rate.

TransferGo and Ripple Happy About Partnership

In a statement, Daumantas Dvilinskas, CEO and founder of TransferGo said

We're delighted to be one of the first companies in the market to offer our customers real-time money transfers. By using Ripple's revolutionary blockchain technology, we're able to establish real-time communication between us and our banking partners in India, allowing TransferGo customers to send money to family and friends or make international payments immediately

Representatives from the Ripple side of the partnership were also quite happy about the deal. Marcus Treacher, senior vice president of Customer Success at Ripple, pointed out that the company was a big supporter of the use of blockchain technology in more than cryptocurrencies. He praised TransferGo for its forward-thinking in using Ripple's blockchain technology to enable real-time money transfers from Europe to India and holds them up as an example to follow.

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