PayGlobal’s ATM bank card payouts are considering XRP as the next cryptocurrency addition to the platform, allowing users to convert their cryptocurrency to fiat without the need for bank cards.
Headquartered in the UK, PayGlobal is an e-money agent providing e-wallet services to registered users. It is approved by the Financial Conduct Authority [FCA] and aims to provide a variety of end-to-end solutions to people who want to be paid with alternative payments, including cryptocurrencies. Registered customers can receive money via bank transfer, debit card, alternative payments, and Bitcoin [BTC] and Ethereum [ETH].
A recent poll on Twitter by PayGlobal asked users to vote for the cryptocurrency they want added to the roster. The nominees included EOS, XRP, and LTC.
Which crypto should we add for @Payglobalme cash at atm and bank card payouts?
— PayGlobal (@Payglobalme) March 10, 2019
XRP got the maximum number of votes, approximately 7,480 out of the 8,500 votes cast.
After the poll, PayGlobal tweeted,
“Thanks for the great community support in this poll. Over 8k responses. #XRP goes to the product team with priority. #CRYPTO”
The coin could be added to PayGlobal’s roster and soon, users in the EU will be able to go from crypto to fiat using their existing bank card, without purchasing a prepaid credit card.
The development is yet another feather on XRP’s cap as it has been seeing considerable progress over the past few months. Xpring, a Ripple-backed initiative has been encouraging users to explore the use-cases of XRP.
Recently, Wietse Wind, the creator of TipBot, received funding from Ripple/Xpring to continue his research and develop XRP-centric applications. Moreover, an XRP liquid index is being considered by Nasdaq, which if launched, would be a massive development for the cryptocurrency.
Additionally, Swiss stock exchange SIX will soon list XRP-based ETP from Amun AG, along with other cryptocurrency products.
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Mexico, Philippines are very large receive side countries when it comes to remittances, claims Ripple executive
Ripple, one of the prominent players in the FinTech industry, continues to make strides in the cross-border payment settlement ecosystem. The firm recently announced a partnership with MoneyGram, a money transfer company headquartered in Dallas. Ripple would be investing around $50 million in the company.
The agenda behind this investment is to increase the adoption of RippleNet, Ripple’s global payments network. Importantly, this would boost the use of xRapid, a product of RippleNet that utilizes XRP for cross-border payment settlement, considering MoneyGram has established its presence in over 200 countries.
Kevin Mole, VP of Product Marketing, recently discussed on-demand liquidity and XRP’s role in it, in an interview with RippleDrop. Upon being asked about on-demand liquidity, the VP stated that it was “a way for customers to send fast low-cost payments, without having to pre-fund the destination account.” The VP spoke about this further in the extended video released on 18 June. He said,
“Today’s correspondent banking network is so slow that in order to deliver a fast experience, you have to pre-fund accounts in the destinations in which you’re sending money to. You’re storing capital like cash really in those accounts for days at a time and that’s highly inefficient, it’s a poor use of money.”
He went on to say that on-demand liquidity places XRP in the middle of the payments taking place from one country to another. Mole added that this in turn, enables near-instant payment without the need of having funds in the destination account.
This was followed by the executive being asked about where on-demand liquidity was available. To this, Mole stated that it was currently available in Mexico and the Philippines. He added that Mexico and the Philippines were “very large receive side countries when it comes to remittances.” He further stated that $31 billion flowed into Mexico every year, while the Philippines saw an inflow of $33 billion on a yearly basis. Mole went on to state,
“We believe that there’s a large amount of demand there. And also, the types of payments that people are making into these countries like Mexico and Philippines from US and Europe and parts of Asia are really to cover necessities [….] So, this is a really high-impact cross-border flow and the first of many corridors that we will open up this year.”
Further, the Vice President of Product Marketing also spoke about the reason people would be interested in using on-demand liquidity. He stated that there were two key factors, speed and low cost, adding that XRP was the main reason for better speed as it settles payments within 3-5 minutes, as opposed to other payment rails.
“[…] second thing is low cost. so the ability to not have to pre-fund all these accounts around the world means you can use that capital which you would otherwise have had in various bank accounts to put to good use marketing your products lowing the cost of your product to the end-user it’s about growing your business […]”
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