Ripple, the fintech company using blockchain technology for the real-time settlement of payments, is making headway towards its goal of becoming the global leader in cross-border payments and remittances, as their partner, Mercury FX, completed the first-ever commercial payment using xRapid to the Philippines.
Mercury FX, a global currency exchange provider with offices in London, Hong Kong, and Cape Town, made history by completing their first-ever commercial payment using Ripple’s xRapid to the Philippines on March 5, 2019.
The payment was made for an individual client in the UK who needed to send money across the world to pay for his honeymoon.
— Mercury-fx Ltd (@mercury_fx_ltd) March 5, 2019
Is XRP-Powered xRapid Gaining Traction?
xRapid is the preferred cross-border payment solution among Ripple and XRP hodlers, as it utilizes the digital asse, XRP to offer on-demand liquidity and deliver real-time payments while dramatically reducing costs.
It’s been speculated that if xRapid gains traction the XRP token will benefit greatly: demand will increase due to a wide range of use and the price will increase as a result.
Now XRP fans may get what they’ve been waiting for, as Mercury FX said in February that they plan to open up as many as 10 payment corridors using Ripple’s XRP-powered xRapid by the middle of this year.
“We have plans for the Middle East. We have plans for Canada, imminently. But I think the really exciting thing that xRapid and Ripple brings is it actually brings access to new markets that perhaps aren’t actually accessible now… It’s two countries today. It could be 10 before the middle of the year. And what stops it from being any more than that?”
Moreover, in January 2019, Mercury FX revealed details about their largest xRapid commercial payment to date, where they sent $4,574 from the UK to Mexico via xRapid. According to the global currency exchange company, the payment was executed in a matter of seconds, saving the company 31 hours and $102 in fees as opposed to a traditional method of money transfer.
Going back to the Ripple Regionals Conference, Constance proclaimed that he sees Ripple’s xRapid as an effective alternative to SWIFT.
“We did our first live commercial payments a couple of weeks ago. So we are now making payments for a UK corporate to Mexico to import Mexican food. And they are moving a lot faster than payments would go through Swift, at a much lower cost.”
The Mercury FX CEO then carried on to explain that Ripple’s xRapid payments system is far superior to systems like SWIFT, especially for companies involved in import/export or remittances, where they have high-volume payments.
Do you think xRapid will see a lot more adoption in 2019? Will the price of XRP benefit from this? Let us know what you think in the comment section below.