TransferGo, an international payment platform and one of Ripple’s partners has confirmed that they are exploring the many benefits of Ripple’s XRP powered xRapid. The confirmation was made by Daumantas Dvilinskas, the CEO of the company, while responding to a Twitter question on Nov 11. In the tweet, he said the company was testing Ripple’s newly released cross-border payment solution.
TransferGo Is One Of The First Companies To Offer Its Customers Real Money Transfers
In September, the CEO revealed that TransferGo was launching a remittance corridor from Europe to India. He added that they would use Ripple’s technology for cost-effective and instantaneous transactions. However, at the time the company didn’t specify which of Ripple’s cross-border software solutions they planned to use.
In a statement, the company 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 our banking partners and us in India, allowing TransferGo customers to send money to family and friends or make international payments immediately.”
Now the company wants to showcase the potential of Ripple’s technology. The firm will be launching free money transfers that are powered by Ripple between Europe and India.
So far the company says that it has been experiencing a 100 percent year over year growth. Already it has over half a billion users around the world and its adding 1,000 new customers every day.
In October TransferGo became the first company to offer completely free international money transfers. Now it looks set to dominate the migrant remittance market in Europe.
Interestingly, the firm’s mission is aligned with Ripple, and together both are trying to change how financial institutions conduct their business and move money.
According to Dvilinkskas;
“In today’s global society, customers should be able to transfer money to friends and family internationally at no cost, in the same way, they can domestically. Our product innovation is driven by the highest pain points for our customers, which in this case was the fees currently charged by incumbent [and challenger] players in the market.”
Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology.