Ripple pointed to APAC (Asia Pacific) market opportunities in 2020 in a new report. Ripple is currently actively promoting itself in Asia. Many companies here integrate Ripple technology, indicating the great profitability of such a move. Thus, Ripple is gradually gaining momentum in this part of the world. Now, in a new report on the official Ripple website, she spoke about the global payment opportunities of the APAC money transfer market 2020.
Ripple points to APAC market opportunities: Details
Ripple pointed to APAC (Asia Pacific) market opportunities in a report, analyzing the situation with remittances in 2020. According to Ripple, the number of those who send money home has gradually increased here. In 2018, the World Bank reported APAC cash flow growth of 12 percent, and this figure gradually increased. The only brake in this case, as Ripple emphasized, is the problem with the service for money transfers in specific states. The senders of funds there have to deal with high cost, failures and low speed.
Blockchain technology in general, and Ripple in particular, offer a way to replace the already clearly outdated infrastructure. Ripple’s projects provide good speed, transparency, reliability, and access is no more complicated than, for example, email. This will allow those who want to send funds home to make it much easier. Moreover, as Ripple emphasizes, the APAC market has already matured enough to improve the process of sending payments to consumers through the blockchain. In particular, Ripple singled out the Philippines, where the inflow of money from abroad is huge. More than 10 million people in the Philippines are labor migrants sending their earnings home. The inflow of remittances stimulates the country’s consumer spending, strengthens its reserves in foreign currency and promotes local investment.
Ripple also noted that for the stronger economies of Australia and Thailand, the blockchain in digital transfers is extremely important. Labor migrants from China, India, Vietnam, and the Philippines often come to these countries. Ripple expects market opportunities in these states to grow substantially over the next five years. The aggregate annual growth rate, according to Ripple, may be 24.2%. In the case of using the blockchain, as Ripple emphasizes, the problem with commissions for money transfers will be solved.