Tranglo, a RippleNet partner specializing in cross-border payments, recently announced a significant innovation: a direct-to-wallet service facilitating international transfers to over 30 popular eWallets across eight Asian nations. This initiative builds upon Tranglo’s existing use of Ripple’s On-Demand Liquidity (ODL) product for efficient cross-border settlements.
Traditionally, transferring funds internationally to eWallets involves intermediaries, leading to delays and increased costs. Tranglo’s new solution aims to eliminate these hurdles. By streamlining the process, users can send money directly from abroad to recipients’ eWallets in participating countries. This not only expedites transactions but also reduces associated fees.
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The service is currently available in eight Asian nations: Nepal, Cambodia, Pakistan, Bangladesh, Indonesia, Vietnam, the Philippines, and China. Tranglo plans to progressively expand its reach to encompass additional countries as the product matures.
Supported eWallets include popular options like GCash, PalawanPay, LinkAja, and Astrapay, catering to a vast user base within the region. Pro-crypto lawyer Bill Morgan took to his X account to praise the development. He wrote, “great vision”.
Tranglo’s initiative aligns with the booming eWallet market, particularly in Asia. Jacky Lee, Tranglo Group CEO, emphasized a twofold increase in eWallet transactions since 2021. Notably, specific corridors, like transfers from the GCC region to Pakistan utilizing eWallets, have witnessed a about 400% surge.
Lee further cited the experience of a UAE-based Tranglo partner, an early adopter of the service. Following the introduction of eWallet transfers, their transactions to Indonesia and Pakistan increased eightfold. This rapid growth underscores the immense potential of eWallets in facilitating cross-border payments.
Beyond its eWallet foray, Tranglo leverages Ripple’s ODL product to provide its established “Tranglo Connect” service. This solution empowers businesses to conduct international settlements across more than 80 countries.
Read Also: Major Japanese Financial Institution Adopts XRP for Global Money Transfers
As of May 2023, Tranglo had successfully processed over $1 billion through ODL. There was a 1,729% increase in Tranglo’s cross-border payments using ODL in September 2023. Additionally, in August 2022, Tranglo expanded its service offerings by establishing a new payment corridor in the UAE.
Tranglo’s innovative direct-to-wallet service, coupled with its ongoing collaboration with Ripple, signifies a significant advancement in the realm of cross-border payments. By streamlining transactions and reducing costs, this initiative has the potential to revolutionize financial accessibility for individuals and businesses alike, particularly within the burgeoning Asian eWallet market.
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