Ripple has been noticed to be working closely with India and implementing xCurrent, it’s cross border payment messaging software, at a huge number of banks across India.
As we covered, in the DApps Festival held in Bengaluru, a senior integration engineer Ripple revealed that xCurrent implementation has been going quite successfully, with payments from the middle East to India finalizing within just one or two minutes, including the entire validation process of the transaction.
In 2018, Asheesh Birla, Ripple’s senior vice president of product, said it was possible that the company had already cornered at least half of India’s market.
“We looked early on at India, and we looked at two billion people – a huge market. And we decided, how do you get two billion people onto Ripple? Do we give the currency away to every Indian, that’s like two billion – just give it away?
That was one idea. But then we realized that if you get the top three banks in India onto Ripple, you get 80% of the market share. And then we looked at – where’s the future? And so we realized in the next five years, one billion people will become banked in India, but they’ll be banked through their phone. So then we started targeting mobile phone providers and telcos.
And so now, I think that in our pipeline we have probably 50% of the market in India, either integrated onto Ripple or in the deal, in the sort of pipeline to be signed to India. And guess what, we’re going to take that back to Wells Fargo, and we’re going to say ‘there’s not a better way to send into India than Ripple.”
Just yesterday, a rumor surfaced that India might very well ban all cryptocurrency except for something they might call a “digital rupee”. This leaked legislation has no authenticity and could take a long time before it is finalized, but it does bring about some insight on what is to come. India is the second-most populous country in the world, with 1.3 billion people. It has a gross domestic product of $2.6 trillion.