Ripple Partner Tranglo’s Game Changing Cross-Border Payment Solution Goes Live
Highlights
- Ripple's partner Tranglo enables direct-to-wallet cross-border payment solution.
- Tranglo said the payment solution is a game changer for remittance partners.
- XRP lawyer Bill Morgan lauds the vision and use case.
Ripple’s partner and cross-border payment hub Tranglo on Monday said direct-to-wallet cross-border payment solution is now live. The new payment solution is a game changer for remittance partners providing an 8 times increase in transactions, as reported by early eWallet adopters.
Ripple Partner Tranglo’s Direct-to-Wallet Transfers
In a press release on April 8, fintech specialist Tranglo announced enabling instant and direct transfers to more than 30 eWallets. It’s a major expansion of its cross-border payment network.
The direct-to-wallet transfers make remittances more accessible and instant by eliminating the need for intermediaries. Tranglo asserts the move benefits millions of rural recipients, who often lack access to traditional financial institutions. The direct-to-wallet cross-border payment solution remains open 24/7 and is a reliable and convenient alternative.
“Our data shows that cross-border transactions to eWallets have doubled since 2021. Across the board, eWallet payouts are outpacing banking channels this year, with some corridors, like GCC to Pakistan, experiencing a surge of nearly 400% in transactions,” said Tranglo Group CEO Jacky Lee.
Tranglo’s direct-to-wallet transfers are available in Bangladesh, Cambodia, China, Indonesia, Nepal, Pakistan, the Philippines, and Vietnam. The firm’s biggest partner in the UAE recorded a massive 8x increase in transactions to Pakistan and Indonesia by using the eWallet payout service.
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XRP Lawyer Reacts to the Development
Tranglo has worked with Ripple on revolutionizing cross-border payments, including on-demand liquidity (ODL) across multiple payment corridors.
XRP lawyer Bill Morgan reacted to the latest development from Tranglo, lauding the vision and use case of the direct-to-wallet cross-border payment solution.
Great vision and use case https://t.co/x4eWWmn4rh pic.twitter.com/8xYyr3OCs9
— bill morgan (@Belisarius2020) April 8, 2024
XRP price jumped 2% in the past 24 hours, with the price currently trading at $0.607. The 24-hour low and high are $0.589 and $0.609, respectively. Furthermore, the trading volume has increased by 80% in the last 24 hours, indicating a rise in interest among traders.
Analyst Dark Defender believes XRP is preparing to breakout above the triangle pattern in the monthly timeframe. He predicts April will be turnaround month for XRP, with a price target of $1 quite reachable.
Total XRP futures open interest has also increased by 6% in the last 24 hours, with the major gains coming in the last few hours amid a market-wide recovery. While there is high demand from derivatives traders, a rally may not come until the XRP OI surpasses $1 billion.
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