Ripple Says Global Payment Shift to Boost Digital Economy

Ripple Says Global Payment Shift to Boost Digital Economy

Navin Gupta, Ripple’s managing director for Southeast Asia & EMEA, said the coronavirus crisis has weighed on the global economy, according to the Daily Hodl website.

Gupta added that his company’s payment data indicates lockdowns around the globe, leading individuals and companies to change their investment habits.

The executive believes such reforms would have a long-lasting impact on the crypto industry.

“[There are] two things where we can observe a dramatic shift. One is, we are seeing a big shift from paper, or touch-based, or physical, to digital. So if Rachel had the choice, then she would not like to go to a physical store if she can use an app to make the transfer possible,” Gupta said.

He added that there is a major shift as regards his company’s customers who have extensive experience in the crypto industry whether they are banks or payment companies.

“We are seeing with their businesses going up, and clearly this shift to digital is definitely happening. And I think it has been accelerated by this crisis,” the managing directed said.

Further, he pointed out that Ripple is looking for banks and financial institutions to adopt its technologies.

“Ripple is already in the second phase where the tech is already proven. It’s very important for us to make sure that we focus on having customers in every single receive market around the world. And we make sure that we cover every product type for the beneficiary who wants to receive money.

Some beneficiaries want to receive money in their wallet, some in their bank account, some cash, some through a post office, and we need to make sure we offer a diversity of options.”

XRP best payment solutions at current conditions

While some see Ripple (XRP) as a body blow, most people in the crypto community believe the company is still on its way to become one of the best payment solution.

The platform has been noted for its great community and several significant developments and events.

Ripple’s XRP has faced many critiques and pessimistic views from analysts up to this time, when the entire cryptocurrency market has been struggling in most of the cycles.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.