London based international payments company Xendpay has been lined up to use Ripple tech for some time but only recently flipped the switch. According to them since the activation of RippleNet, payments which usually take days are available within the hour.
Most of our customers are migrants who are sending money back home, This money is vital to support their families: to pay rent or mortgage, electricity bills, medical fees and education costs. Being (on RippleNet) allows us to reduce our overheads and pass the savings on to these clients, for whom every penny counts
Bhavin Vaghela, Xendpay
Thanks to RippleNet Xendpay can access a far bigger market than it does currently.
Customers in Vietnam, Thailand, Malaysia, and the Philippines can now send money over RippleNet cheaper and a great deal faster.
Banking the Unbanked
The Global Findex says that up to present-day over 1.7 billion people remain unbanked across the globe. For many simply using the bank system like us in the west results in far higher fee’s that sometimes dwarf the payment being sent.
This alienation from the banking system will likely be one of the major factors which push cryptocurrencies like Bitcoin and XRP into the stratosphere.
About 1.7 billion adults remain unbanked—without an account at a financial institution or through a mobile money provider. In 2014 that number was 2 billion.
Purely because of their inclusive nature, ease of use and the fact anyone with a mobile and an internet connection can pay anyone else in the world.
All without the need of an intermediary bank or institution slapping big charges on top.
Cryptocurrencies are literally uniting us globally, right under our very noses.
Xendpay execs say that using RippleNet and its network of global partners makes cross border transactions far easier and cost-effective.
Such savings can then be passed to customers who quite often cannot afford the fee’s associated with say Western Union.
When we sent Thai Baht (the old way), it took 3 to 4 days for the payment to be processed. Thanks to RippleNet, a customer in Germany can log onto our platform at 3AM on a Sunday morning and the money will be in their beneficiary’s bank account in Thailand within an hour. More than 90 percent of our recent payments to Thailand over RippleNet have been delivered within 10 minutes
Xendpay joins the ever-growing list of global companies using Ripple tech to settle international payments.
The more the ecosystem grows and mass adoption takes hold, the higher XRP’s price will be pushed upwards as more and more XRP is used and burned forever.