International Money Transfers with Ripple Are Already Here. What’s Next?
SThe era of change has come to the financial world. Today the technology of money transfers develops rapidly and those in business must adapt to this. Cryptocurrency, in particular, is revolutionizing money transfers. Ripple stands out in this particular area as businesses are adopting it as a method of payment.
Only recently Vanessa Alexandra, who is the director of strategic growth at Xpring, announced that one of the main areas of Ripple’s strategy is the improvement of cross-border payments. Ripple is currently the third biggest cryptocurrency in the world and it is predicted to grow further. Already there are companies that are starting to use XRP in international business payments.
FlashFX: Mixing Money Transfers and Cryptocurrency
FlashFX is a money transfer startup that is making a place for itself in the competitive and fast-developing international money transfer market by using Ripple. Few businesses in this field use blockchain technology today, so this startup, potentially, can make a huge breakthrough because it offers the kind of service that’s steadily gaining popularity.
Overall, aside from integrating XRP into its money transfers, FlashFX offers services similar to all other businesses in this industry, such as TransferWise or Currencies Direct. One might wonder why this company isn’t up with those big names on the popularity lists, after all, it does offer an extra perk of using cryptocurrency.
The answer to this, as you can see from the FlashFX money transfer review, is that there is too little information about the company available. No one knows exactly how it’s using Ripple in its transfers or how it conducts the transfers in general. There is only one FlashFX office and it’s in Australia, its services are also limited location-wise.
Moreover, FlashFX currently cannot approach the leaders in the international money transfer industry because it doesn’t offer good currency exchange rates. Its offers are much lower than the bank rates, but they are also much higher than the offers from industry giants, like the aforementioned TransferWise. As this industry is extremely competitive, such a small company with higher than average rates simply cannot gain a lot of recognition.
But all this might change if cryptocurrency becomes more mainstream.
Is FlashFX Onto Something? Will Cryptocurrencies Take Over Soon?
If you wonder if cryptocurrencies will take a more prominent part in the world of finances, rest assured that they will. The incoming president of the European Central Bank agrees with this and states that current financial institutions will need to evolve and embrace the new money transfer tech.
Even today FlashFX isn’t the only company that provides cryptocurrency money transfers. Startups using blockchain technology include Abra, Circle, Coins.ph, and more. There is also the Xrapid, born from the partnership between Ripple and MoneyGram, and the number of businesses that accept cryptocurrency payment is also increasing.
Blockchain technology is sure to rise to prominence because it offers cheap, secure, and fast method of transferring money anywhere. It’s a much more efficient system than what banks and money transfer veterans like MoneyGram can offer. And those financial giants see this and are looking for ways to adapt to the new trend. You can see this from the programs like the aforementioned Xrapid.
It’s true that such programs are at the testing stage now, but the fact that they exist at all is proof enough of how much the financial industry is changing. With the world going progressively global, the importance of remittances and international business payments increases greatly. Cryptocurrency as well as online money transfer services like TransferWise, are rising up to meet the increasing demand for cheap transfers.
There are several obstacles standing in front of cryptocurrency, in particular, on its way to being the top money transfer solution. One of them is the lack of awareness about it. There are many websites and specialized forums for those interested in this topic. However, the public as a whole has very little knowledge and even less understanding of blockchain technology. Therefore, people avoid taking the risk and using something they cannot fully trust.
Educating the public on all levels is a necessary requirement for cryptocurrency to have a shot at becoming a top player in the modern financial industry. This is necessary for increasing trust and getting both regular people and businesses to use crypto in their daily lives.
Another major issue that prevents cryptocurrencies from becoming mainstream is their volatility. At the moment, this is impossible to fix. However, as banks are showing interest in adopting blockchain technology, there might soon come state-regulated solutions that will allow keeping cryptocurrencies stable enough for businesses to use them with minimal risk.
All in all, crypto isn’t going to replace fiscal money anytime soon. However, it’s getting a more prominent role in the market. Money transfer companies like FlashFX, which are starting to use cryptocurrency in their transactions, help this technology to push forward and evolve.