TransferGo Launches Instant Payments to India with Ripple Blockchain Tech

Payments platform TransferGo has launched a real-time payments corridor to India, the world’s biggest remittance receiver, using Ripple’s blockchain technology. In a press release, the payments provider announced the launch of ‘TransferGo NOW’, a service which it 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.

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. 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.”

Ripple also has a presence of its own with an office in the city of Mumbai, commonly seen as India’s business capital. A number of major Indian banks including Kotak Mahindra and Axis Bank are already members of RippleNet. The two banks use Ripple’s enterprise blockchain software xCurrent to enable end-to-end tracking of payments and settlements over RippleNet. This particular solution does not rely on XRP, the Ripple-associated cryptocurrency that powers xRapid – a separate product that has been put to use by FX brokerages and payments providers.