NEW DELHI, India—Payments platform TransferGo has launched a real-time payments corridor to India, the world’s biggest remittance receiver, using Ripple’s blockchain technology.
The payments provider announced the launch of “TransferGo NOW,” a service which it sated in a release says is available for customers “from anywhere in Europe” to “make instant money transfers to India” using San Francisco-based fintech giant Ripple’s blockchain technology.
“By using Ripple’s revolutionary blockchain technology, we’re able to establish real-time communication between us and our banking partners in India, allowing TransferGo customers to send money to family and friends or make international payments immediately,” said TransferGo Founder and CEO Daumantas Dvilinskas in a statement.
“While the company stopped short of revealing which of Ripple’s blockchain products it will be using for the real-time payments service, it’s likely to be over RippleNet. The solution is Ripple’s enterprise blockchain network which counts over a hundred financial institutions including payments providers, banks and remittance operators – even a central bank – as members,” CCN.com reported.
The payments gateway to India was strategically chosen for the launch of the Ripple-powered remittance service, TransferGo said, pointing to the ‘multi-billion dollar [Europe to India] corridor’ combined with “high Ripple adoption in the Indian market.”