Reasons To Buy Ripple XRP Coin

Reasons To Buy Ripple XRP Coin

At the moment, Ripple technology is tested by nearly 80 banks. Soon, this test phase will end with banks setting whether to adopt Ripple technology or not. Banks will be able to adopt for two options. They will only use the Ripple transfer software, and in this case the money transfer costs will decrease by only 30%. If banks choose to use the Ripple software and the XRP currency, the transfer price will drop by 60%. This 60% drop in transfer costs may be an encouraging reason for banks to use the XRP currency.

Here’s an extract from an article published on June 29, 2017 at the official Ripple site:

“Thanks to SBI Remit, Siam Commercial Bank (SCB) and Ripple, 45,000 Thai citizens living in Japan can send money home faster.

Remittance flows between Japan and Thailand have been steadily growing and currently make up roughly $ 250 million USD annually. However, the remittance infrastructure has not kept up with customer needs. Funds transfers can take up to two days, average fees and whopping 5-7% for each transaction and there is no visibility into when funds actually arrive. The rollout of the service begins today. It’s the first commercially-available remittance service powered by Ripple. Those who use SBI Remit in Japan can instantly send money in JPY to the recipient’s SCB savings account in Thailand and receive funds in seconds.”

According to this article on the official Ripple site, there is currently a cross-border transfer corridor between Japan and Thailand.

Above, you have a list of the nearly 50 banks currently testing the Ripple technology. This image shows the state of Ripple technology testing in each bank.