06 September, 2018
TransferGo payment service launches Ripple-based transaction corridor to India. The technology will enable the company to make real-time payments.
As the company mentioned, the payments will be available in Europe and Ripple solution will become a good alternative to the existing quite slow methods, including Swift, which requires 2-3 days for a transaction.
At the same time, TranferGo did not name the blockchain instrument from Ripple that will be applied to the system.
The company representative stated that they have decided to develop the Europe-India payment corridor seeing great potential and big profit on this route. Moreover, the region is well covered by Ripple technologies.
"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," commented the company.
Besides, this project is said to be only the beginning of the payment area with new products and services to be developed in the future.
Moreover, this corridor will also feature a free payment service, which will be slower (2-3 days) and without fees.