Xendpay, a cross-border payment service in the UK, is expanding its services in Southeast Asia using Ripple’s technology to provide an improved payment process – customers can now make transactions in a few minutes, as compared to traditional payment methods with processing time of up to a few days.
Xendpay, headquartered in the UK, joined RippleNet earlier this year and this will facilitate new payment channels via RippleNet to Bangladesh, Malaysia, the Philippines, Vietnam and Indonesia. Their latest goal also includes developing this payment channel to Thailand as well.
Choosing RippleNet as a partner was done after much consideration as it removes the challenge of having to go through complex processes with local banks. It also caters for transactions of “smaller denominations”, for example, Malaysian Ringgit or Bangladeshi Taka.
Bhavin Vaghela, Head of Product Innovation at Xendpay, said: “Most of our customers are migrants who send money back to the home country. This money is necessary for their families both pay rent, electricity bills, medical expenses, and the education fee. As well as being an online service allows us to reduce latency (overhead) costs and send saving money to customers directly. “
Xendpay is widely used in migrant workers communities such as the United Kingdom, Canada, and South Africa. Moreover, individuals such as students and even online retailers will benefit from Xendpay. Imagine if students had access to a more convenient and quicker way to pay school fees and their daily expenses. Retailers, who deal with payments (domestic or international) every other minute, will appreciate paying lower fees for each transaction.
“RippleNet helps eliminate complexity, enabling us to market faster. Customers in Germany can send money through our system at 3 am on Sunday, and the money will be in the beneficiary’s bank account in Thailand within an hour after that. Moreover, from our latest data, we found that over 90% of our most recent payments in Thailand via RippleNet have been delivered within 10 minutes only,” Vaghela said.
Currently, recommended fees begin at £3.50, and Xendpay even offers a ‘pay what you want’ option subject to terms and conditions.