Hello Steemit Friends,
Yes Ripple Expands Global Footprint with New Office in Mumbai, India and it was officially declared on its on 5th of September .It is true India is one of the more innovative regions in the world when it comes to digital finance.With the vision of our tech-savvy Prime Minister Narendra Modi for a digital India, Ripple Consensus ledger can become a catalyst for India’s digital economy as well.
Let me give you a brief idea about Digital India
Digital India campaign was launched on 2nd July by Narendra Modi,2015 with an objective of connecting rural areas with high-speed Internet networks and improving digital literacy.
Digital India consists of three core components. They are:
1.Development of secure and stable Digital Infrastructure
2.Delivering government services digitally
3.Universal Digital Literacy
Narendra Modi vision of digital India was well justified by him as we can see from his visits with Mark Zukerburg, Sundar Pichai. Number don't lie so let look at the statics of this mission.
As Ripple is a cost-effective blockchain-powered solution which provides benefits for all parties involved in the transaction mainly in banking sector lets look at some data of banking transaction.
With the ongoing digital drive in India, it is believed the number of users opting for online banking is expected to double to reach 150 million mark by 2020, from the current 45 million active urban online banking users in India.
Can Ripple helps India on its mission of digital India
With Bitcoin and cryptocurrency are still under observation by Government of India,it will be interesting to see how Ripple can make an impact over the next few years. But for sure it will be a catalyst in the mission of Digital India.The company has earned a lot of respect from financial service providers across Asia, so it will be good to watch how it gets its response from Government of India.
CEO Brad Garlinghouse explains this decision as follows:
“India is transforming itself into a digital economy and is an innovative leader in payments. Our new office in Mumbai, led by Navin, will allow us to respond to the rapidly-growing demand for frictionless payments by our current customers, Axis Bank and YES Bank, as well as other bank and non-banks across the country. Navin brings to the role a wealth of global banking and payments expertise that we are confident will drive demand for Ripple payments solutions into India. We are very excited to welcome him to the team.”
Navin Gupta has been appointed Country Manager for Ripple India, based on 20 years of experience at HSBC and Citibank across the US, Hong Kong, Japan, Taiwan and India.
Words from Navin Gupta:-
“India is the largest recipient of corporate and retail remittances worldwide, totaling close to $71 billion. The businesses and Indian expatriates sending money into the country want their cross-border payments to be as fast and seamless as payments made within India’s domestic digital payment network. Why should a cross-border transfer take any longer than an electronic transfer within India.
Ripple’s instant, cost-effective blockchain-powered payments can be a transformative component of India’s economy, helping bring the many who have limited access to payment services into the fold. We are committed to building our presence in this market with significant investment, and I look forward to expanding our local team with this vision.”