Ripple is working to ensure a global financial infrastructure to send money across the globe powered by the ever evolving blockchain technology.
Internet of Value (IOV) is the concept set forth by Ripple with the core idea of being able to transfer value as simply as one could transfer data. Ripple provides the powerful value transfer infrastructure. Value according to Ripple is not just about money. Value is about any kind of asset that can be tokenized in monetary terms. Internet of Value as a socio techno solution has the power to help mass adoption as the entire system facilitates instant transfers without intermediaries.
Instant Global Payments across cross-border payments across 55+ countries and 90+ currency pairs simplifies international fund transfers. This is important to make lives easier for people who are waiting to receive money from across the borders for their immediate use.
While discussing internet of value, Sydney Ifergan, Founder at The Currency Analytics tweeted: “Ripple (XRP) facilitating rapid transactions across cross borders is fundamentally reshaping small businesses and the way the money dependency of individuals can be best met.”
The network of Ripple partners via RippleNet facilitate fast, transparent and reliable cross border payments. Since the transfer will be instant the price fluctuations will not be like those in cross border transactions using traditional methods. Thus, helpful in medium to small transfers that can be real quick and cheap.
Ripple (XRP) Cost Effective Small Value Transfers
It is well known that those who are in the lowest income group are those who pay the highest cost for everything. It is also true that when it comes to cross border money transfers the traditional way, again, the lowest income group have a hard time paying high costs for the small value that gets transferred to them.
The ability to service payments in a cost effective manner to small businesses and individuals is crucial. Ripple tries to make a difference. Ripple are helping transfer value for the fraction of a cent to anywhere across the world at the speed of email. XRP permits small and online banks to be able to compete with huge financial institutions.
Being scalable, cheap and fast – XRP already makes lot of sense in terms of small value transfers. Ripple are doing all it takes to ensure they become highly practical for small transfers. The more people and businesses recognize and experience the good of cross border transfers, it will be possible for them to explore new markets, new currencies and new banking partners.