A while ago in July, we had informed you how we could soon see Ripple technology setting up its shop in the Indian subcontinent. And now, it is finally happening. According to latest update, the San Francisco-based FinTech payment firm is all set open itself an office India’s financial capital, Mumbai.
Bridging the gap between traditional finance and blockchain technology, Ripple has been successful in making a lot of flurry in Asia. The firm has made banks acquainted with the power of blockchain technology and made instant global money transfers a reality.
In an official announcement yesterday, the firm shared its plans of expansion into the South Asian country with a new office coming up soon in Mumbai. The announcement also revealed the person in charge for the firm’s operations in the country. Ripple has decided upon former banking executive Navin Gupta to head its operations in India. Navin is a veteran in the field of finance and comes with decades of experience with top-notch banks like Citibank and HSBC.
Ripple is a venture-backed startup with offices currently in San Francisco, New York, London, Luxembourg and Sydney.
The firm’s decision to expand to India is a smart one. India is a developing economy that is currently undergoing a major transformation into a digital society. Hence, the market is ripe for Ripple to introduce its services and win them over and establish a good ground for itself.
Gupta further explained his firm’s decision to come to India and said, “India is the largest recipient of corporate and retail remittances worldwide, totaling close to $71 billion…Ripple’s instant, cost-effective blockchain-powered payments can be a transformative component of India’s economy, helping bring the many who have limited access to payments services into the fold.”
Earlier this year, Ripple CEO Brad Garlinghouse had also shared his thoughts on the status of digital payments in India. He had said, “Given its status as the fastest-growing major economy in the world and the top market for remittances, India is a very important market that is ripe for payments innovation.”
The demonetisation surprise sprung upon the citizens by the Indian government last year lead to the starting of a unprecedented digitization of finance in the country as more and more people embraced e-wallets and plastic money to satisfy their thirst for money. In addition to this, under the ‘Digital India’ the Modi government has also come up with a ‘Cashless India’ initiative that aims to help citizens of the country understand and adopt digital payments, banking and finance and eventually break up with the trend of carrying physical cash.
For the uninitiated, Ripple is a distributed financial technology that enables banks to send real-time international payments across networks. It has become a major hit in a short period of time because it helps banks meet growing demands for faster, low-cost, on-demand global payment services for any payment size and results in new revenue opportunities, lower processing costs, and better overall customer experiences. Two Indian private banks – Axis Bank and Yes Bank– have already been implementing Ripple’s solutions for a while now.
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