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India is one of the more innovative regions in the world when it comes to digital finance. Various mobile payment applications are competing with one another. Cryptocurrency has also cemented its own legacy in the country as we speak. Ripple is the latest company to try and stake their claim in the country. A new Mumbai office has been opened, which will bring Ripple’s technology to India for the foreseeable future. This is another major step in the global expansion plans of this blockchain company.
Many fintech companies look at India as the next frontier waiting to be conquered. It is certainly true the region makes a lot of waves in the financial sector as of late. It is also a region which can greatly benefit from global payment services. Remittances and money transfers play an integral role in India’s economy for quite some time now. Providing a frictionless solution is what Ripple aims to do moving forward. Their new Mumbai office has been officially opened. The company also appoints Navin Gupta as country manager for Ripple India.
Ripple Wants a Foothold in India
India’s government recently unveiled a bold plan to transform the economy into a digital-first society. That is a rather ambitious goal, even in this particular region. Despite a strong focus on digitization these past few years, the digital economy is only now gaining serious momentum. Experts predict the region’s digital economy will reach $1tn by 2022, though. Being part of this mindset is of the utmost importance for companies such as Ripple. Moreover, there is a growing need for unified platforms to bring banks and payment providers into the Digital Age.
CEO Brad Garlinghouse explains this decision as follows:
“India is transforming itself into a digital economy and is an innovative leader in payments. Our new office in Mumbai, led by Navin, will allow us to respond to the rapidly-growing demand for frictionless payments by our current customers, Axis Bank and YES Bank, as well as other bank and non-banks across the country. Navin brings to the role a wealth of global banking and payments expertise that we are confident will drive demand for Ripple payments solutions into India. We are very excited to welcome him to the team.”
It will be interesting to see how Ripple can make an impact in India over the next few years. The company has earned a lot of respect from financial service providers across Asia. Their Ripple Consensus ledger can become a catalyst for India’s digital economy as well. Cross-border transactions need to be sped up, that much no one will deny. Ripple is a cost-effective blockchain-powered solution which provides benefits for all parties involved in the transaction. Right now, the company wants to establish a foothold in this region. It also appears they have “significant investment” to do so.
