One of the biggest Cryptocurrencies by market capitalization, Ripple is trying to become the dominant Cryptocurrency in India. Ripple or XRP is the biggest Cryptocurrency product for banks and financial institutions. The Company is aiming to take over more than 50% of India’s financial and monetary sector by offering a payment processing product that has one of the lowest fees possible and is a securer and more efficient payment system than Swift. The introduction of Ripple in India can have many benefits for the Indian economy.
To switch Swift with Ripple in India
Ripple’s Vice President, Asheesh Birla mentioned that the company wants to surpass the adoption of Bitcoin and ensure that the XRP token overthrows Bitcoin as the dominant Cryptocurrency in India. Ripple’s product is often considered the Swift version 2.0 for its multiple improvements over the existing dominant payment processing system. Both systems do similar things and have some similar features, but Ripple’s product is much faster and cheaper.
Both Ripple and Swift need to add financial institutions or banks to their networks to increase their product’s value. That’s why Ripple wants to focus on the market in India and to work with Indian banks to implement Ripple’s xRapid or xCurrent payment processing systems. Also, if Ripple secures the Indian market, they will have a chance to work closer with financial Institutions in Japan, China or South Korea.
The Cryptocurrency Industry is mostly adopted by Asian countries like South Korea, Japan and China, so Ripple’s mission is clear. The three countries are closest to implementing a mainstream token economy. Ripple’s Vice President, Asheesh Birla revealed earlier that Ripple is planning start the introduction of Ripple in India by donating 2 billion Ripple tokens (XRP) to the population of India:
“We looked at India early and we looked at 2 billion people, which is a huge market. We wondered on how do you introduce two billion people to Ripple? Do we give the currency away to every Indian?”
Asia is a prime target for Ripple
A large percentage of Indian people don’t have access to banking services yet, so giving away 2 billion XRP tokens would have been a great marketing campaign, but the difficulties along the process and the big costs towards making it a reality, stopped Ripple’s plans. Instead, a strategic partnership was secured between the largest banks and Ripple in India.
“It was a good idea. But then we realized that if we get to the top 3 largest banks in India onto Ripple, you get 80 percent of the market share. And then we looked at where the future would be? And so we realized in the next five years, one billion people will become banked in India, but they’ll be banked through their phone. Then we started targeting mobile phone providers and telecoms. And so now, I think that in our pipeline we have probably 50 percent of the market in India, either integrated onto Ripple or in the deal, in the sort of pipeline to be signed to India.”
Ripple’s plan is genius! If they manage to secure and build a network in India with billions of users, they will surely be one step closer to their ultimate goal. The development of Ripple in India will surely bring more financial institutions to Ripple’s product. As for the XRP token, it depends if xCurrent or xRapid is implemented. If you want to learn why, you can read the Ripple guide in the link below. But surely, increased popularity will have a positive effect on the price of the XRP token.
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