According to R.J Pittman, the former chief product officer at eBay; Ripple, xRapid and XRP will play a pivotal role in the growth of global e-commerce. Pittman made these comments recently at the Swell 2018 conference held in San Francisco.
He notes that currently, only 10-20 percent of all transactions in the US happen online.
xCurrent, xRapid and XRP Will Have Transformative Impact
“We talk about the importance of payments in the future. We are nowhere close to hitting critical mass… Do we have the payment infrastructure? Do we have the scalability? Do we have the cost models in place? Because it’s going to get bitterly competitive when everything – every single transaction, every type – is being done digitally.”
Pittman is of the opinion that XRP, xRapid and xCurrent will have a transformative impact. He calls them a potential lubricant in the global machine that will power cross-border payments for companies like eBay.
“The buyer wants to know: Did the seller ship the goods? The seller wants to know: Did the buyer pay? Where’s the money? Who’s holding it? And you sort of have PayPal in the middle in most countries, but not in all. And it’s sort of this mysterious guessing game.
It’s the reason why Pittman sees a lot of potential for Ripple. He believes its products will solve many of the existing problems for a company like eBay that has a presence in over 190 countries.
He also adds that payment platforms and e-commerce companies shouldn’t be afraid of change. Thanks to crypto and the blockchain technology they stand to see significant growth.
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.