- Ripple now used in BitPay transactions due to integration with Xpring bringing the third-largest cryptocurrency to a broad audience of customers globally.
- Ripple offers a very secure blockchain network for low-cost payments that currently deployed in about 300 financial institutions across 70 countries.
Ripple now used in BitPay transactions due to integration with Xpring bringing the third-largest cryptocurrency to a broad audience of customers globally. Contrary to popular belief, it is not large enterprises that drive the entirety of the global economy.
40% of it is driven by small and medium-sized enterprises (SMEs), mainly so in developing countries where they contribute a large portion of the country’s GDP according to reports by the World Bank.
This development can be attributed to the growing world of digital commerce where traditional financial institutions are starting failing to meet the needs of newer merchants, needs that include funds for business expansion, supplier and employee payments, etc.
Such growing demands in the modern financial economy are what lead to the adoption of blockchain and digital assets within SMEs and help them to tackle these problems.
The current global economy works under fragmentation of the existing infrastructure into smaller divisions. Like a chain of hierarchy, these smaller institutions serve the more giant corporations instead of directly catering to the needs of the digital, modern merchants.
This gap in outreach leads to high transaction exchange fees and massive delays, which make for inefficient cash flow for the digital merchants and makes it hard for them to compete in a challenging market place.
Using global payment providers isn’t a viable method either due to the delays in the transaction and prevents merchants from investing freely due to limited capital.
This changes entirely with the advent of blockchain technology as it provides much more secure, faster, and efficient channels for the transfer of money. Ripple offers a very secure blockchain network for low-cost payments that currently deployed in about 300 financial institutions across 70 countries.
This growth has only been on an upward rise as more and more merchants begin adopting digital assets like Ripple to form a base for their digital payment solutions.
To get closer to this goal, Xpring has now recently announced a collaboration with BitPay, one of the largest crypto payment processing companies, to support Ripple on its platform.
BitPay has leveraged its infrastructure to now bring Ripple payments into the hands of thousands of global businesses, including cross-border payments. It is incredibly accessible and requires no effort from the merchant side.
Such integrations also drive the global adoption of crypto-assets like Ripple and give users additional better payment services remaining secure and reliable with lesser losses.