One of India’s major banks, Federal Bank, has partnered with Ripple to create a blockchain based remittances product; India was the top recipient of global remittances in 2018 with over $80bn in volume; Federal Bank owns 15 percent of this market and the Ripple partnership will be a main driver behind increasing that volume; the speed of the product, which is one of the top reasons someone selects a provider, will be the key differentiator; experts believe the market is set to grow by more than 70 percent in the next 5 years due to more digital channels. Source.
