Ripple Is Set To Enhance Real-Time Payments From UAE To India With New Partnerships
Despite the ongoing legal battle with the United States Securities and Exchange Commission (SEC), the San Francisco-based blockchain payments firm, and the creator of XRP, Ripple is actively carrying on its operations. It is targeting a new corridor for facilitating real-time and faster payments. It has made new partnerships to enhance cross-border payments at the UAE-India corridor.
LuLu Exchange, a famous money transfer and money exchange firm based in the United Arab Emirates (UAE), has revealed its partnership with the blockchain tech payments company Ripple via a tweet published recently. In the tweet, LuLu Exchange said that it is feeling proud to make a partnership with Ripple. Both Ripple and LuLu Exchange have also tied partnership agreements with Federal Bank, a major private bank based in India.
The main agenda behind these partnerships between these three firms is to work together on improving real-time payments from UAE to India via a corridor present between them. They will collaborate together to make these payments at the UAE-India corridor more real-time, faster, and efficient. Ripple will utilize its cross border payment network RippleNet for making cross border remittances at this corridor quicker.
When we explore the list of countries receiving remittances, India comes on the top with a greater share in the worldwide remittance volumes. During the past years, the share of the country in remittance volumes has jumped up by more than 12 percent. While on the other hand, nearly $14 billion in remittances are made from UAE to India.
These new partnerships made by Ripple have come at a time when the remittance payments company is facing a lawsuit filed by the independent agency of the United States Securities and Exchange Commission (SEC). The lawsuit was reportedly filed on December 22, 2020, but the effects of this lawsuit are still affecting the company’s reputation. Particularly, its native cryptocurrency XRP has suffered a lot of trouble as a result of this lawsuit. Its price value is down by more than 60 percent since the day of the filing of the lawsuit. And also, there are only a few cryptocurrency exchanges that are standing by the fifth-ranked digital currency. The rest of the crypto exchanges have ditched the coin.
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