Ripple about to change how you send money crossborder

U.S. BankDigital Product Leader

The international remittance market is growing at a very fast pace. Remittance market has been always profitable lucrative business & surely has positive futuristic growth. The World Bank estimates show it has grown 11% from 234 Bn 2004 to 534 Bn 2012 & is expected to grow $685 Bn by 2015.  These numbers represent only the official channel of remittance, combining formal & informal remittance the market is fairly bigger.

There are many challenges in this business of sending & receiving money across the border. The funds are still queued & the fees are still at higher side. Technology would be one way to revolutionize the speed & cost of remittance. It is also observed that maintaining brick and mortar cash-in / cash-out network is one of the costliest driver of higher fees.

Ripple Labs introduced ZipZap and SnapSwap, which claims to be able to send money in 5 seconds & virtually at no cost. So the question arises is how do they make money ? Ripple with its Bitcoin solution is one of few bitcoin decentralized startups who are trying to disrupt this space. What does this mean for companies like Western UnionMoneyGramXoom & traditional financial institutions like banks are they ready to face this wave & beat the competition ? Will these providers slash their fees ? There many questions that come to mind as remittance industry is about to seem major turnaround very soon.

What do you think will Ripple change disrupt remittance industry ? Will consumers adopt Bitcoin for sending money across the border ?

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Aalok Jariwala

U.S. BankDigital Product Leader

Aalok Jariwala - Product Manager, Mobile Payments/Offers/Banking, , Aalok brings with him entrepreneurial aspiration & acumen with his extensive experience in area of Mobile Banking, Payments & Offers (branchless banking in emerging countries). Currently, Aalok holds product manager position at U.S.Bank. Prior to U.S. Bank, Aalok worked as Director of Product & Sols at SourceTrace Systems for branchless mobile banking/payments solutions heading south east Asia products. Aalok hold™s Master of Science degree in Computer Science from San Jose State University, a post-graduate degree in Computer Engineering, a diploma in Business Management and a diploma in Mechanical Engineering.

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