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The partnership between Ripple and Bitso is proving fruitful as millions of Latin Americans can use the service to send cross-border payments and enjoy cheap, fast and efficient transactions.
Through a post on the official website, Ripple detailed the benefits and growth of the partnership with Bitso, the largest exchange in Latin America. Thanks to Ripple, since 2018, Bitso has grown to be recognized as the largest money exchange in Latin America.
Bitso Head of Finance Barbara Gonzalez Briseno stated:
“We have the world’s largest liquidity of Mexican pesos to digital assets and are MoneyGram’s key exchange partner for remittances into Mexico.”
Briseno explained that after a decade working in different finance positions, she now clearly understands the challenges of sending money out of Mexico. She noted that, the traditional methods are time-consuming, very expensive for most people and marred by friction and uncertainty
With the traditional wire transfers surrounded by processes that require a lot of paperwork in order to be processed, the retail customers who use money on a daily basis are greatly affected by the slow process. However, this is not the case anymore, RippleNet and XRP has revolutionized how the cross border payments are done.
Changing U.S. dollars to Mexican Pesos using XRP as the base currency is proving very cheap, fast and very affordable to most. Briseno added:
“The transaction happens instantly, is much more cost-effective and you know exactly when the recipient receives it. Just a few months after starting work with Ripple, we are able to offer a fully functioning solution to our partners. Since July 2019, we’ve seen a major increase and adoption as well as the volume transfers we’re facilitating.”
Ripple and Bitso Partnership on the Move
The post noted that a typical wire transfer cost five times or more than what Bitso partners offer while using RippleNet’s ODL. With millions of migrant’s workers from Mexico working in the United States, they support their families back at home by frequently sending money in dollars and fast ODL will work in their favor.
It is estimated that with more than 11 million Mexicans in the U.S., the remittances between the two nations sums up to more than $35 billion annually. In respect to that, Bitso was able to penetrate 1.5% of the share, and hoping to multiply it ten folds in 2020.
Briseno noted that they are working on boosting financial access in the region with prospects of pushing forward to bordering countries. This will, in turn, see the greater Latin American connected using a friction-free exchange.
This comes as Ripple is working extra hard to expand its services to Asia and the wider global market. The company has made a strategic partnership with Azimo to cover the Philippines market and also partnered with Sentbe, Hanpass, and WireBarley to reach out to South Korea’s’ huge market.