UniPAY, Exchange4Free, FairFX, RationalFX, and MoneyMatch are among 5 new customers to adopt Ripples xVia API solution to power payments. xVia provides a payment platform for less developed countries with emerging markets so they can make faster payments and mitigate manual reconciliation costs.
Emerging markets often have some aspects of a developed market, but don’t necessarily have a high income, many opportunities for foreign investment, capital flows, or any other developed qualities. The four largest emerging markets are Brazil, Russia, India, and China.
These markets currently face obstacles for global payments as they do not have financial systems in place to that of more developed countries. They are often reliant on banking systems outside their own countries so they can take part in global commerce. Digital commerce in these emerging markets is growing with more businesses looking to join the global economy. Hedge funds in the fourth quarter for China and India, were up 20 percent, reaching USD 230 billion in assets under management.
Africa currently is dependent on mobile money for its primary method of commerce. Vietnam is quick to follow China with growth in e-commerce and is looking to digital wallets as a means for cross-border payments. South East Asia’s digital trade is rapidly growing with almost 30 percent of online sales made over social media.
Shaping the future of global commerce
Millions of new businesses and people are all looking to access the global market. India is set for more than a billion new people to be interested in banking over the next five years. With transaction times growing, a higher demand for financial services we need to improve the way in which we exchange currency around the world. “Ripple’s goal is to provide a fluid flow of money that can help provide the opportunity both into and out of emerging markets, but also broadly around the world.” Blockchain technology has the ability to create a decentralized solution to improve global commerce.