The Scope Of Ripple cryptocoin In India

Since Ripple is a financial Technology which helps the bank to transfers the funds easily through its technology in just 2 to 3 days.
Now as well all know that our P.M Mr. Narendra Modi objective is to end the black money through digital payments and the penetration of formal finance in the hinterland of the country. He has initiated many scheme for this like the UPI (Unified Payment Interface) and after his initiative it has jumped to 20% in growth volume in March 2017.

Since India is a very large nation with a population of 1.3 billion where 65% of its population is youth and 90% of them own smart phone so the digitization move will be a great success. And because of digitization the payment will be mostly done via net.

Apart from the above it is a big challenge to provide banking service to the entire nation. But for this a huge infrastructure setup is not possible very soon. But India has a good infrastructure for internet services . Therefore Ripple can come to the rescue because it brings payments services to the unbanked because it supports Banks as well as non Bank. Withs its use Banks saves around $ 3.5 Billion. and more the transaction the more the saving and India will lead in this.

Many banks are using Ripple for transaction and in India some banks like Axis Bank are already using it. At the same time Ripple has also opens a new office in India Mumbai and is hopeful of a multi billion business from India. Because India receives a very large amount of corporate and retail remittance worldwide,which is close to US$71 billion and entire business house and conglomerates want a very fast cross-border payments within India’s domestic digital payment network.

So from the above we can say that the Scope of Ripple is very bright in India. We can say it is a blue chip of Cryptocurrency.