International payments gateway Xendpay announced on Thursday that it has partnered with Ripple for money transfers to Malaysia. Xendpay’s foray into the crypto space is quite important given its large and wide user base.
The company, a subsidiary of London based Rational Foreign Exchange, announced on Twitter, stating that sending money to Malaysia will now be faster, easier and more secure.
We’ve partnered with #Ripple, to make your money transfers to friends and family back home in Malaysia faster, easier and more secure.
— xendpay (@xendpay) May 9, 2019
Global money transfers have been benefitting a lot from blockchain and crypto projects. Studies have shown that this segment has a very high potential for crypto adoption, especially for those who frequently send money abroad.
And it’s not just that small and mid-sized companies are into it. Some of the biggest corporate names in the world have realized the potential and have therefore placed huge bets in the blockchain space. Technology behemoth IBM launched its blockchain-based global payments platform World Wire, backed by Stellar Coin. Also, Social Media giant Facebook is also working on a stablecoin for global money transfers.
In the banking sector, JPMorgan, the world’s biggest private bank, launched its native cryptocurrency, the JPM Coin, also targeted towards global money transfers. The rise in global payments hasn’t been sudden. With globalization and large scale immigration, the number of people sending money back home every month has increased substantially. However, the rising transfer fees by banks have been hurting a lot.
Uniquely, Xendpay gives the perfect solution to this by allowing people to send money to their families with any transaction fees up to £2,000 a year. Its partnership with Ripple for transfers to Malaysia is a significant move, and other countries might also follow in line.
Ripple blockchain has been breaking benchmarks for crypto adoption globally, and no one’s complaining. The platform has entered in various partnership with banking and non-banking financial institutions around the world, which has pushed its potential to a great extent.
For instance, Ripple’s partnership with Indian IT leader TCS has given the platform a major exposure to the IT company’s user base, which runs into billions. All of this has kept budding platforms like Xendpay on their heels to be relevant in the competition, which is growing exponentially.