Ripple has been at the forefront of the payments sector, be it cross-border payments or domestic payments, proving to be a strong competition to already existing players in the industry like Swift and others.
As pointed out by Ripple/XRP enthusiast @RipplePandaXRP, Accenture’s Global Payments lead, Gareth Wilson, opined in Accenture’s banking blog, dated February 18, 2019, about the future trends that the payments industry could see in 2019. While predicting the trends that could arise this year, Wilson spoke about cryptocurrencies gaining traction, apart from the Open Banking trend gaining more ground in the Middle East, Asia, and Europe.
He said that he expected users to soon “see cash management products” that will “use Bitcoin and Ethereum”. He further stated:
“Ripple’s network for cross-border transactions will continue to grow significantly, attracting more banks and corporates, leading to rising transaction volumes.”
Ripple has been tirelessly working with domestic and central banks around the world to improve payments to the general public, as well as the corporate sector. Ripple plans to create a network of banks on the RippleNet that use Ripple’s blockchain technology, like xRapid, xVia, and xCurrent.
Ripple’s xRapid, in specific, has gained a lot of traction since it facilitates the transfer of funds across borders seamlessly. xRapid leverages XRP to make these transactions happen, saving a significant amount of time and money.
xRapid takes about three to four seconds and saves about 65% of the transactions fees in contrast to days and heavy fees incurred in the traditional payment system.
Other mentions in Wilson’s blog included instant payments and Open Banking. He stated:
“The fusion of instant payments and Open Banking will generate new payment methods and schemes and replace card payments in the long run.”
A Twitter user, @akdrain, commented:
“Woah! Prominent personalities around the world are acknowledging Ripple’s progress. About time SWIFT goes out of business. Good find!”
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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.