National lender State Bank of India is reported to be considering a tie-up with cryptocurrency firm Ripple to power instant remittance payments into the country.
The crypto-firm has seen rapid growth in interest in the country following news last month that Kotak Mahindra Bank would implement its xCurrent system for payments. India’s finance sector has expanded greatly in recent years and the country is now the largest receiver of remittances, with some U$69 billion flowing into the country in 2017.
Originally created from the Bank of Calcutta, making it the oldest commercial bank in the Indian subcontinent, SBI is the largest bank in India with a 23% market share in assets, alongside a share of one-fourth of the total loan and deposits market
“Ripple established a Mumbai office in 2017 and aggressively began partnering with financial institutions across the country to improve access to services for consumers and businesses, alike,” a spokesperson for Ripple commented.
Last month, Ripple announced that Kotak Mahindra Bank will add its 1300 branches to the RippleNet decentralized network of payment providers. Kotak will use xCurrent to power instant remittance payments into the country.
“Improving remittances services into and out of India means less fees and more money for families who rely on those funds that are sent home… This trend is increasing across payment providers and banks inside and outside of the country — further underscoring the mounting opportunity in remittances to India from around the world,” Brad Garlinghouse, Ripple CEO, said.