Ripple is known for providing cross-border payments services. The company has made many partnerships with giant banks to make the payments activity across the borders fast and at low costs. They have recently enabled the Small and Medium Enterprises (SMEs) to enter into the world of most reliable transaction system beyond the borders.
Low-cost payments would accelerate in 2020
The staff of Ripple including network blockchain developers are preparing the network for the future trend. Marcus Treacher, the SVP of the customer service at Ripple, said that in 2020, the low-value transactions across the borders will become efficient on the Ripple’s network as the demand for low-cost transactions without any hurdle is surging.
He, further, propagated on the stance of expanding Ripple services that micro and wallet payments framework will expand in 2020. The inclusion of Small and Medium Enterprises (SMEs) will further ease the transaction process.
The shift from traditional, large-value batch flows to low-value, high-volume payments will help SMEs break into new markets much faster. SMEs are often young and fast-growing which exposes them to cash flow crises through late payments from their larger, foreign buyer.
Shift from Traditional to Blockchain-Powered Network
He also compared the current traditional payment network with the blockchain-powered payment system. As people, now, send and receive money at high costs and the whole activity carried out in the hours and days. But the blockchain-based payment network such as Ripple execute transactions in low-costs and instantly.
Ripple is also working with the oldest bank of Thailand called Siam Commercial Bank (SCM) to send and receive money across the countries through QR codes.
In the words of Senior Vice President of SCB:
Imagine if a Japanese tourist visiting Thailand could buy goods using a mobile app or QR code, triggering an immediate cross-border payment from their Japanese yen account to a Thai baht merchant’s account. If more consumer purchase solutions start leveraging blockchain technology in the same way, the payoff will – quite literally – be huge.