Payment provider TransferGo says it has launched a Ripple-based solution that allows people to send money from anywhere in Europe to India in real time.
The platform’s founder and CEO Daumantas Dvilinskas says Ripple’s technology will allow the company to transfer money in an instant.
“We’re delighted to be one of the first companies in the market to offer our customers real time money transfers. By using Ripple’s revolutionary blockchain technology, we’re able to establish real-time communication between us and our banking partners in India, allowing TransferGo customers to send money to family and friends or make international payments immediately.”
The solution does not utilize XRP and instead relies on Ripple’s other blockchain-based products.
TransferGo has also launched a free money transfer service between Europe and India that is also powered by Ripple. This service is not in real time, and payments take two to three days to arrive.
Ripple senior vice president of customer success Marcus Treacher says TransferGo’s new service offers a sneak peek at the future of digital payments.
“At Ripple, we believe blockchain technology has the power to make money move as quickly as information moves today. TransferGo is a great example of a forward-thinking payment provider that’s leaning in to new technology to facilitate real-time, cross-border money transfers for their customers. That’s a big step forward.”
TransferGo says it has over 500,000 users and is adding 1,000 new customers per day. The London-based Lithuanian startup leads the migrant remittance market in Europe with over $1 billion in transactions.