On 5th September, TransferGo announced its collaborated initiative with Ripple Labs to start the international payment gateway for its Indian customer base. This gateway is powered by Ripple Lab’s powerful blockchain technology to transfer funds to any bank in Europe to their friends and family in real-time. The payment is said to be instant and TransferGo’s Indian banking partners have already started to provide the services from 5th September.
Earlier, international payments were done by SWIFT (Society for Worldwide Interbank Financial Communication) and the transfer process took a time span of 3-4 days for transfer. TransferGo’s real-time transfer offers instant transfer with fewer transaction charges.
The company has a high expectancy with the release of the new service in the market. According to the CEO of TransferGo Daumantas Dvilinskas, ‘high’ Ripple adoption in the Indian market was a factor for the idea of the services. Also, the use of blockchain technology unveils a new horizon for TransferGo to launch new services and products. Also, the company has hinted at a new ‘free’ money transfer service at a mid-market price that can be launched in coming 2-3 business days.
According to SVP of Ripple Marcus Treacher,
TransferGo is a real-time example of a forward leaning company which uses future technology to facilitate real-time border cross money transfer, and that is a huge step.
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