The huge size of Thailand’s remittance industry has made many fintech company to shift their focuse on proffering a faster and easier means of transfering funds in and out of the country. This time around, London-based remittance service provider, Azimo, is linking Thailand through RippleNet.
Azimo and Siam Commercial Bank (SCB) are Ripple partners. The two are collaborating to ease money transfer into the country using RippleNet.
The instant payment service comes at a time the World Bank posited that Thailand is among the world’s top remittance destinations. Par World Bank estimate, Thailand receives around $6.7 billion every year.
The instant and cheap remittance service gives Azimo a great opportunity in the country due to the high cost of transfer services in the country.
The collaboration will enable Azimo to make use of PromptPay, a seamless and instant remittance infrastructure enabling payment into bank accounts in Thailand.
Importantly, it makes use of RippleNet, a global payment delivery network making use of blockchain technology and in some instances, through On-Demand Liquidity that uses cryptocurrency XRP.
The global remittance industry is tilting towards an instant payment system as its demand continues to rise. This has heightened the need for using RippleNet’s ODL since it completely abolishes account pre-funding and eases payment transfer with the used of XRP.
Meanwhile, despite the economic breakout, the usage of XRP in some payment corridors like Thailand and Mexico especially, is back on the rise.
The Mexican ODL corridor as extracted from Bitso Exchange indicated a new all-time high.
The XRP Liquidity in that country moved from 21,157,313 to 22,466,988, adding more than a million in a day.
— Liquidity Index Bot (@LiquidityB) April 4, 2020