Ripple is rising with over 200 clients across the globe that use Ripple’s blockchain products in their payment settlement systems. Will the blockchain firm be able to outclass other players in the global instant payments market this year?
Ripple Counts Among Global Instant Payments
Earlier in 2017, MRS Research Group had shared a public report, details about the global instant payment market. The report points out Ripple with other most significant and oldest instant payment platforms including – SWIFT, BlueCash, SITRAF, Vocalink, Swish, Danske Bank, Barclays, Paym, OCBC, PayPal, BPAY, Apple, NETS, and Alibaba.
Payment has always been a crucial aspect of everyday life. And when it comes to cross-border payments, it is even more critical to have access to the best platform that provides hassle-free, quick, and less-transitional fee payment service.
In contrast to other platforms that MRS research paper highlights, Ripple is one major company that encourages the disruptive tech among banks/financial institutions to use instant settlement system.
Many crypto enthusiasts believe Ripple is a direct threat to SWIFT and other companies mentioned in the list. However, the MRS research is yet to outline the performance of global instant payment market for the year 2019, but it’s more likely to see Ripple on the top of almost other oldest payment settlement systems.
Moreover, the latest patent application by Bank of America cites the name of Ripple for settlement system which appears on the limelight with more excitement. This is since the Bank of America is one of the most notable names in the banking industry, and this makes many enthusiasts becoming bullish on Ripple.
Ripple, as a real-time gross settlement system, entered the market in the year 2012. The firm follows two approaches – one as a blockchain platform for payment companies and another by having its native cryptocurrency, XRP. As per its second-quarter report of 2019, the firm is taking quite a conservative approach for quarter three despite the significant growth from the over-the-counter market. As TronWeekly reports, Ripple is restricting institutional sales to focus on where liquidity is most needed.
In a nutshell, it will be exciting to look at MRS’s report for the year 2019. Besides, it’s worth to note that the report contains detail analysis of global instant payment platforms with aspects including growth factors, constraints, opportunities, and challenges, etc.
What do you think, will Ripple stands on top of other global instant payment platforms such as SITRAF, SWIFT, BlueCash, Danske Bank, Vocalink, Swish, Barclays, Paym, OCBC, PayPal, BPAY, Apple, NETS, and Alibaba?
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.