Ripple micropayments will soon be a reality since the company is working hard to develop its operations beyond the traditional cross-border payments realm. Its latest developments point to a growing interest in newer cryptocurrency arenas.
Asheesh Birla, product management senior vice president, said that the Ripple is making serious inroads into the emerging digital micropayments industry powered by cryptocurrencies. He said that the company’s initial foray into global payments network has made it experienced enough to now enter the micropayments sector.
It wants to build on its fundamental product portfolio and offer ‘cooler’ products to its customers. Ripple microloans seem to be perfect product offering shortly.
Blockchain-based Ripple micropayments for emerging markets
In emerging markets, even small loans are a big deal considering the huge market for such loans. And Ripple thinks if loans are disbursed through the blockchain network, they are more efficient and safer compared to traditional technology. However, the role of XRP in this plan is not confirmed by Birla.
Company’s recent activities suggest its risk-taking capabilities. For example, 1 billion dollars was invested by Ripple in Coil – a platform that monetizes web content and rewards crypto content creators, especially those working on XRP. Its deal with Moneygram is another notable mention in this regard.
Birla adds that the diversity in Ripple employees is pushing the barriers of exploration beyond crypto. He emphasizes that a workforce that is global and comes from diverse backgrounds helps them innovate better.
It unlocks a huge potential in terms of ideas and addresses problems that go beyond developed markets. Ripple micropayments have emerged from such teamwork.
Resolving problems in emerging markets
Effective global cross border payments are a huge problem in developing countries. So are micropayments! Financial flow is disrupted due to lack of technology.
And Ripple’s globalized workforce helped tap into such problems and create solutions to resolve them. Ripple is looking into more such specific issues and create solutions that cater to them. They are looking to expand beyond the USA.
Birla says the company is also looking to open another office in a prominent US city to attract more talent.