According to Ripple Executive Navin Gupta, global payments will shift to digital after the coronavirus pandemic. He also shares what he observed and what Ripple is doing to develop during the coronavirus.
08 April, 2020 | AtoZ Markets – Ripple executive for Southeast Asia, the Middle East and North Africa, Navin Gupta, says that the coronavirus pandemic has triggered a growing shift from the global paper-to-digital payments. According to Gupta, Ripple’s payment data shows that worldwide lockouts are forcing people and businesses to see money differently and change their habits.
A Major Shift From Physical to Digital
Mr. Navin believes these changes will continue, leaving a long-lasting impact on the industry. He said:
“There are two things for which we can observe a dramatic change. The first is that we are witnessing a great shift from paper, or touch, or physical, technology to digital. There is a change in our customers who have a very large digital footprint and who are primarily banks or payment companies. What we see with their growing businesses, and it is clear that this transition to digital is happening. I think this crisis accelerated it.
The second thing we see is also on the beneficiary side. Due to lockdowns in many countries around the world, we also see payments to bank accounts, wallets, some electronic. It means by which the beneficiary family can go ahead and send it.”
What Is Ripple Doing to Grow During Pandemic?
According to Gupta, Ripple is firmly focused on adoption and is now looking to find banks and financial institutions to implement its technologies in all available markets. He said:
“Ripple is already in the second phase where the technology has already proven itself. It is essential for us to make sure that we focus on having customers in every receiving market worldwide. And we make sure to cover all types of products for the beneficiary who wants to receive money.”
As for XRP, the third cryptographic currency by market capitalization, Mr. Gupta indicates that the company is carefully deploying its payment solution that utilizes the asset. When considering opening a new corridor, he confirms that the first step is to ensure that the use of XRP to transfer money across borders is fully compliant.
Navin said that Ripple is working on developing “interconnectivity between networks”. He also said:
“We want to make sure we connect and bring money back to a country. We also connect to local railways in that particular country. What we do is that we also connect to the national network so that each bank account, each wallet is connected in this way. “
Ripple’s strategy is to “work with regulators: educate them, understand their concerns, respond to those concerns. We ensure that the technology is used to scale in a very transparent manner. We think personally that is how we are able to make technology available to everyone. “
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