In a recent publication, Ripple highlighted that its payment solution for the cross-border payment market continues to leverage the utility of XRP.
Anderson, an XRP community researcher, drew attention to this information from Ripple to address growing concerns that the company might be moving away from using XRP for payment transactions. This speculation gained traction earlier this year when Ripple announced plans to introduce a stablecoin into its payment solution.
Despite Ripple’s repeated assurances that RLUSD would complement rather than replace XRP in their payment services, doubts have persisted. However, the latest publication from Ripple reaffirms XRP’s central role in its payment services.
The report highlights the friction between new technologies, particularly within the crypto space, and outdated legacy systems in global payments. Traditional financial infrastructure often fails to meet the speed and flexibility requirements of blockchain-powered companies, resulting in issues with liquidity, long settlement times, and limited exit options.
Ripple has previously demonstrated how real-time cross-border payments and a global payout network can bridge this gap, improving efficiency and reducing costs.
The company underscored that crypto businesses require rapid, flexible global payouts and instant settlements to meet customer expectations. Traditional systems are often inadequate, causing delays, high fees, and subpar experiences.
Many financial institutions also struggle with effectively off-ramping digital assets like stablecoins. As a result, they frequently impose costly foreign exchange rates and fees. Remarkably, Ripple’s strategy to address these challenges revolves around the use of XRP.
Ripple Leverages XRP for Enhanced Efficiency
Specifically, the report highlighted that Ripple Payments harnesses XRP and the XRP Ledger to offer the speed, accessibility, and cost-efficiency that cryptocurrency enterprises require. Using XRP, the transactions settle within seconds, enabling businesses to quickly adapt to market changes and deliver an outstanding customer experience.
Ripple Payments operates round-the-clock, year-round, including weekends and holidays. Notably, it offers a significant advantage by facilitating transactions outside conventional banking hours.
The solution enhances cost-efficiency by reducing the number of intermediaries in the international payment process and locking in exchange rates before transactions commence. This streamlined approach allows crypto businesses to pass on competitive pricing to their customers.
Ripple Payments also simplifies operations through a single API or user interface, connecting to Ripple’s global payments network. This integration provides seamless off-ramps for stablecoins and other digital assets, allowing for diverse currency payouts.
The result is an improved customer experience that fosters long-term loyalty and enhances a company’s reputation.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
