Ripple's International Remittance Solution, XRAPID Initiates Remittance to Philippines

Starting from June 23rd in U.S. Eastern time, Ripple will implement its remittance platform,"SendFriend" to the Phillippines using international remittance solution, XRAPID.

The launch of the "SendFriend" application took place this month and many people are paying attention to its new launch. The launch was limited to New Jersey, USA and is expected to expand throughout America in the future.

SendFriend is an international remittance payment platform using blockchain technology sponsored by the prestigious Massachusetts Institute of Technology (MIT). The aim is to drastically improve the process of handling large fees and delays of international remittances when families transfer money from the United States to the Philippines by the banks and brokers.

Realistically, sending money internationally using SendFriend saves 65% on commission and enables a process that used to take days to take place in a matter of seconds, raising a lot of expectations from the public.

In particular, the main focus of the launch of the international remittance platform, SendFriend is utilizing blockchain for international remittances.

While it is one of the great benefits of using an encryption asset to reduce the time and cost of conducting international remittances, the percentage of use is still low. Yet, the marketability is expected to grow quickly once people realizes that the solution to utilize blockchain of international remittances for B2C, such as SendFriend can actually work.

According to the Philippine Bureau of Statistics, 2.3 million Filipinos are going abroad to make money (in 2018), and the total amount of money sent by Filipino migrant workers from overseas between April 2018 and September 2018 was approximately about 236 billion pesos (about 13 trillion won.

Reporter Jenny Lee (news@dailycoinews.com)의 기사 더 보기

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