Ripple encourages local remittance services and banks in the APAC using Ripple’s On-Demand Liquidity
Currently, the APAC (Asia Pacific) region is experiencing an increase in the remittance sector. The APAC market sees about two billion money transfers per year. However, there seem to be some problems with transferring money between different local currencies. But, Ripple On-Demand Liquidity can improve the situation with money transfers in the APAC area and make transactions much faster and cheaper.
Ripple playing an important part in the Rapidly Growing Asia-Pacific Remittances market. Some great insights at https://t.co/mP21dQczN4
— Marcus Treacher (@marcus_treacher) February 14, 2020
Ripple encourages local money transfer services and banks to contact them
To strengthen the adoption of Ripple technology and the application of XRP, Ripple has encouraged local money transfer services and banks to contact them if they wish to improve their systems through the use of On-Demand Liquidity products.
Ripple’s ODL can improve the situation with money transfers in the APAC area and make transactions much faster and cheaper.
Ripple is increasing its presence in several APAC countries. MoneyGram, Ripple’s partner, recently expanded its presence in Singapore by setting up a website for local users to send money via ODL. Besides, Ripple has partnered with Intermex, a leader in the money transfer industry in Latin America.
Cash still predominates in APAC countries
However, in the APAC region, especially the Philippines, Thailand, and Australia, cash still plays an important role. Cash transactions still account for 90% of Thailand’s incredible domestic payment value. So is the Philippines. Service providers must be connected to significant stores involved in cash payments.
Current remittance solutions are unlikely to expand globally. The need for a bank account in destination currencies makes fees very high.
Ripple’s XRP remittance network currently lives in 25 countries around the globe
Statistics show that Ripple’s network of banks and financial institutions now covers 70 countries. On average, a new country is added to the list every week. Moreover, the On-Demand Liquidity platform is also thriving and has been chosen by 25 countries below to use in combination with XRP.
- United State
- United Kingdom
At press time, XRP price is hovering around $ 0.32, recording a 15% increase in the last seven days.
XRP price | Source: CoinMarketCap
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