Ripple has been touted as a disrupter in many ways to the legacy remittance service platforms; with the partnership with London-based remittance firm, Xendpay, Ripple is all set to extend the former’s initiative of ‘optional transfer fees’, where customers are given an option to waive fees with a service called Pay What You Want.
According to the official blog post by Ripple Insights, the latest collaboration between Xendpay and RippleNet will open corridors to Bangladesh, Malaysia, Philippines, Vietnam, Indonesia, and Thailand. Leveraging RippleNet’s service would significantly minimize complication and friction associated with cross-border payments.
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Bhavin Vaghela, Xendpay’s Head of Product Innovation revealed that over 90 % of the recent payments to Thailand over RippleNet was delivered within 10 minutes. He further stated,
“Most of our customers are migrants who are sending money back home. This money is vital to support their families: to pay rent or mortgage, electricity bills, medical fees, and education costs. Being an online service allows us to reduce our overheads and pass the savings on to these clients, for whom every penny counts”