The amount of talk Ripple XRP is getting is astounding. The company has recently brought on a new client onto their payments network, it’s India’s largest bank known as HDFC Bank which is headquartered in Mumbai.
What’s making Ripple XRP’s price rise?
One reason why XRP’s price is rising is because HDFC Bank most likely is using the full extent of XRP Ledger.
Cashless payments rise in India
Cashless payments are taking off in India, growing faster than in other countries around the world. The shift has attracted a host of tech companies, backed by deep-pocketed foreign investors, battling for market share.
Digital transactions in India increased by 55% last year, compared with 48% in China and 23% in Indonesia, according to data from the Bank for International Settlements (BIS). By comparison, cashless payments grew about 10% in the UK, a developed market where card transactions are already entrenched.
Cashless payments have gathered momentum. The country has more than 10 million locations that can accept digital payments, according to KPMG, up from around 1.5 million when the government sought to snuff out banknotes. Digital transactions also got a boost from the Unified Payments Interface (UPI), which facilitates real-time payments between bank accounts.
As cashless transactions grow, competition is also increasing. Paytm, the country’s largest payments group, is looking to raise $2 billion from the likes of Ant Financial and SoftBank, to fend off US giants Amazon and Walmart, according to the Financial Times. While Paytm and PhonePe, owned by Walmart, are the biggest players, Google Pay is dominant in UPI transactions. Facebook is also waiting in the wings, as WhatsApp has been gearing up to launch its own payments service.
Ripple XRP & digital payments is set to emerge
Since this whole thing with coronavirus occurred, Ripple XRP and digital payments are set on a golden path.
A recent study from Research and Markets found that almost 50% of consumers worldwide are using digital payments more now than they did before the pandemic, and the majority of those consumers said they plan to continue using digital payments after the virus is contained.
Merchants should take notice of these shifting trends worldwide and assess how they can plan their future strategies accordingly. Here I’ve highlighted a few key digital payments ecosystems around the globe, among many, that we’re watching closely.
The past several months have highlighted the important role digital payments play. For merchants looking to maximize growth potential, adjusting to changing customer payment preferences can be just as important as the evolution of your product set or services. In examining the changing payment landscapes around the world, here are a few more things you need to keep in mind:
• As new services and opportunities show up through digital channels, more consumers (especially younger ones) are expected to consume more online. That was a fact before the pandemic and will be true well after it has passed.
• Whether it’s the introduction of new payment methods or a sudden change in consumer payment preferences, disruptions frequently involve opportunities for those who can adapt and make flexibility part of their go-to-market strategy.
• Finding success in emerging markets requires being truly local in your approach and execution. It means having operations or partners on the ground to help you make sense of each country’s unique attributes and requirements and help you take advantage of the opportunities while minimizing the risks.
Should you invest in Ripple XRP
The fact that Ripple XRP may be Swift’s successor, might now be in line for bigger things like powering the new financial system. Aggressive investors, in turn, might want to consider opening a small position in this emerging cryptocurrency play.
Ripple XRP appear to be a very good investment option, the Money Midnight Indicator is expecting its price to increase considerably in the next several years. The majority of the metrics point to this investment being highly attractive.