Interview: Ripple bullish on MENA expansion to cash in on crypto payments surge

Interview: Ripple bullish on MENA expansion to cash in on crypto payments surge

As more institutions in the MENA region look to adopt a crypto strategy, demand in the region is rising for more crypto-enabled cross-border remittance services, according to a top official at Ripple, the global enterprise blockchain and crypto solutions firm.

“We have seen a great deal of interest from institutions across MENA to use On-Demand Liquidity (ODL) to underpin the remittance services they offer, and we already have local payments service providers such as Pyypl using the solution to facilitate remittances between the UAE and other countries around the world,” Navin Gupta, Managing Director, South Asia and MENA, Ripple, told Zawya.

“Our clients and partners in the region are making use of our ODL crypto solution to facilitate cross-border payments as MENA continues to be a growing region for remittances. We expect to further expand our presence in the region as our business grows there,” he added.

Through Ripple’s payments network RippleNet, its customers can leverage the digital asset (XRP) for cross-border payments directly through a crypto wallet, allowing lower-cost transactions and instant settlement. XRP is a cryptocurrency and the native token of Ripple

Ripple’s cross-border payments technology is used by enterprises, and its clients are primarily banks, payments services providers and other fintechs.