The Ripple blockchain has been taking giant strides in the payments space, to lead the global payments sector. It has grown on to become one of the most preferred platforms by institutions globally, for stepping in the digital asset space.
In another big step, Ripple will now be partnering with India based Tata Consultancy Services, a global IT solutions provider, which help the platform to enter unexplored territory. The collaboration is expected to take international remittance services to a higher level.
Ripple has been striking phenomenal deals with several organizations globally. In fact, governments of countries, which have a positive approach towards crypto assets, have shown explicitly that Ripple is their preferred blockchain platform. European Banking giant, Santander recently revealed its massive plans for expansion in the crypto space, with its Ripple powered One Pay FX platform.
The newest deal with TCS will further enhance its global reach, as the technology conglomerate already powers a cross-border payments platform called Quartz. This platform is capable of integrating with other payments platforms as well, which makes it absolutely apt for Ripple. Quartz can run simultaneously with payment networks like Ripple based platforms like RippleNet, which is a payments platform for transactions across 200+ banks, and also xRapid which uses XRP as the base currency for cross-border transactions.
RippleNet is widely accepted, as it has an advantage of lowering transaction fees for users, and with its integration with Quartz cost will be further pulled down. This would be possible because of the faster and cheaper remittances that Quartz provides.
Apart from this, Ripple will also benefit from the humongous user base of the Mumbai based IT company. Ripple has a big user base of its own, no doubt, but TCS is just on another level. BaNCS, a TCS powered payment solutions platform is connected to 450 establishments globally, with over a mammoth one billion active user accounts. Also, TCS has tie-ups with business stalwarts like Citibank, Microsoft, General Electric, and Google. All of these are potential growth proponents for Ripple.
Crypto and blockchain based payments, across the globe, are seeing an upswing, which can be ascertained with the entrance of behemoth corporations entering the space. In 2018, HSBC executed forex transactions worth over $250 billion using blockchain technology. Manor Social Networking company, Facebook is all set to launch its own stablecoin to facilitate cross-border transactions.
All of this suggests that cross-border transactions based on crypto have a bright future, as suggested by several analysts and market experts. In fact, some industry pundits have predicted that crypto will cover almost half of the global economy, as early as 2025-2027. These predictions are encouraging for blockchain platforms like Ripple, which are focused solely on providing payment solutions. In fact, Ripple’s XRP has been the biggest beneficiary of all the platform’s forays, as in most cases, XRP is chosen as the base cryptocurrency.
With its partnership with TCS, Ripple has further boosted the use of XRP, giving it additional solidity and stability, as adoptions are expected to drive success for digital tokens. Institutions which use RippleNet, also use xRapid, which has XRP as its underlying digital token. And if the TCS – Ripple partnership turns out to be as planned, the use of XRP as base currency will increase substantially, and strengthen the tokens foothold in the mainstream.