TransferGo has announced that it is launching its Payment service in India. The firm uses ripple blockchain for the transactions to take place.
According to the Press Release, TransferGo is available to make real-time money transfers to India from Anywhere in Europe. This channel between Europe to India has over billions of USD in transfers. And this shows why TransferGo picked this channel from Europe to India.
“We’re delighted to be one of the first companies in the market to offer our customers real-time money transfers” said Daumantas Dvilinskas Founder and CEO of TransferGo
TransferGo is also offering a free service, to transfer money and there is no additional fee. But using this free service money transfer takes time up to 2-3 days. And if in the real-time money transfers need to be done then there is a small transaction fee for it.
Ripple Blockchain used in TransferGo
With the help of Ripple blockchain, the transactions take place faster than any other “multiple slow incumbent communications systems”. By this means, the transactions will be much faster than the traditional payment system.
“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.” said Daumantas Dvilinskas Founder and CEO of TransferGo.
Also Ripple’s SVP, Marcus Treacher said they believe in blockchain technology that will make money move quickly as information moves today. And he mentions about TransferGo is an example of a future payment provider and is adapting to new technology for real-time cross-border payments.
Let’s see how this payment service works in India because of the transaction being quick it might gain popularity. Also, there are companies who transact from Europe to India every day for their business this will be very helpful for them.
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