TransferGo has just announced its new initiative for processing payments at real-time in India through the use of Ripple’s blockchain technology.
Daumantas Dvilinskas, who is the founder and CEO of TransferGo couldn’t contain his excitement and satisfaction, as he proudly revealed that TransferGo would be one of the first companies in the market to offer its customers real-time money transfers.
The new platform, called TransferGo NOW, would allow customers to send money to friends, family, or even business associates at one click with immediate response. The CEO was quoted saying:
“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.”
TransferGo NOW would be available across all countries in Europe and would provide opportunities for money transfers to be made from any of these places to India. This wonderful one-of-a-kind service being introduced into the market by TransferGo could only be made possible by employing Ripple’s excellent blockchain solution.
The launch of TransferGo NOW in India, in particular, is not a coincidence of course. As a matter of fact, it is a strategy that ought to be commended given Indians are one of the most significant users of the remittance service currently. Also, in spite of the government’s policies, the adoption of Ripple’s XRP in the Indian market is high, compared to others relatively. The giant company already has a physical presence in Mumbai, where their office is located, and their star product RippleNet is serving a notable number of banks in India.
Although TransferGo has not confirmed which blockchain products of Ripple’s that it would be integrating into TransferGo NOW, speculations and reports have touted RippleNet as the obvious choice, with the enterprise blockchain network already serving hundreds of institutions.
Marcus Treacher, who is the current senior vice president of Ripple, commended the innovative service provider:
“TransferGo is a great example of a forward-thinking payment provider that’s leaning in to new technology to facilitate real-time, cross-border money transfers for their customers. That’s a big step forward.”
TransferGo’s Free Alternative
Apart from TransferGo NOW, the company has also revealed another similar service as an alternative. TransferGo FREE would also facilitate free transfers between Europe and India and would be powered by the Ripple blockchain. However, the TransferGO FREE service would take a little longer with a delivery of 2-3 business days instead, at a zero fee.