The Netherlands is the first country to receive the advertisement of Ripple-powered remittance application said to be very fast, with zero transaction fee. The app, which is available on Google Play Store, according to Western Union, could safely be used to transfer funds on the go to a bank account or to over 500,000 agent locations across the universe.
According to Western Union, could be used “to make simple, fast and reliable money transfers” to countries like Indonesia, Colombia, Thailand, Ukraine, Suriname, Philippines, Brazil, Turkey, Morocco, Africa, and to anywhere in the world” not stating publicly that the app is using Ripple technology but we all know about the collaboration of ripple with Western Union Bank and now we have the use case for the same.
The Ripple Connection
Earlier, there was a confirmation that the Financial giants Western Union and GraceKennedy Money Services (GKMS) are coming together to launch an online remittance platform WU.com by the end of April.
The development surfaced after Western Union (WU) confirmed it is testing Ripple’s (XRP) Blockchain-based settlement system, X-rapid, and XRP, with analysts saying the partnership is a revolution in the lives of the two financial companies.
The app was said to be going live in Jamaica. Western Union’s President and CEO Hikmet Ersek said the idea is going to be the first of its kind in the Caribbean and Latin America.
According to Western Union, the app is very fast and distinct when compared to the ones obtained in our society today.
GraceKennedy’s Group CEO, Don Wehby had said they intended to realize 15 percent revenue from the latest development, said the two company have a special way of executing the digital idea.
“WU.com will be hitting a new customer base; customers who are account-based. We don’t expect to cannibalize our existing customers but will reach out to new customers that use the banks.”
According to Allen, the transaction that would be done on the platform “will be a convenient 24/7 online service. You can now send money from anywhere in Jamaica. It has been in development for over two years and heralds our move to digital money. We want people to understand that gone are the days of walking around with cash. We want people to use their phone and GKM Pay products. You can send remittances on your phone and we want you to use your debit and credit cards online to send money. You can now send money to someone’s bank account using Wu.com.”
Where does Ripple stand
Ripple is pulling different financial companies to its end day by day. It has gotten a reliable stand in the Republic of China with Lian-Lian confirming the trustworthiness of Ripple tools. Ripple is also airing that there is no going back on coasting the nooks and crannies.
Ripple’s head of government and regulatory relations for Asia Pacific, Sagar Sarbh, said that the company is in a serious discussion with financial service providers, regulators, banks, and calling for explanations on the Chinese financial regulations especially that which has to do with cryptocurrency.
“This year you will see more announcements coming in on China, in terms of educating and differentiating us from some of the other cryptocurrencies that are out there. As we speak, our team is strategizing about entering the market, but it’s still very early days.”
Latest developments indicate that Uphold, a US-based crypto bank has added Ripple to its platform. The same goes for the London Block Exchange (LDX), which made known that it has added XRP to their portfolio.
No matter how much you hate the centralised crpytocurrency projects or Ripple as such, It’s still advised to hold some ripple in your portfolio before it’s too late.
Also read: Banks vs Crypto: The rise of Ripple