Menu IconA vertical stack of three evenly spaced horizontal lines. This story was delivered to BI Intelligence “Payments Briefing” subscribers hours before appearing on Business Insider. The move comes as legacy remittance players seek out ways to better compete with digital upstarts. Digital-first remittance players are still much smaller than dominant legacy providers, but they’ripple world growing more quickly, and could represent a substantial threat down the line.
That’s likely because these firms can take the costs they save from not operating brick-and-mortar locations and pass them onto consumers — something popular at a time when remittance volume is growing and costs are high. If legacy firms want to remain atop the industry, they need to find ways to compete. This pilot could show if enlisting blockchain and technology is a viable way of doing so. Blockchain technology, and Ripple in particular, could increase speed and efficiency. That could help the firm find level ground. The retail costs that legacy players must maintain make it hard for them to compete with upstarts on pricing.
So if they want to do so, they’re going to have to find other places to trim costs. Looking toward methods like Ripple could free up funds for legacy players, which they could then use to pass on cost savings to consumers directly, or save and re-invest in other types of digital innovation. If the firm ultimately sticks with Ripple, it could be a big win. Quantifies how large the remittance market currently is. Discusses what some of the barriers to growth have been for the remittance industry in recent years. Identifies what factors are going to lead to continued growth going forward. Considers ways digital-first startups have begun to disrupt traditional remittance companies and bring down fees.
Breaks down what legacy firms are doing to hold off these challengers, while also evolving with the changing technological trends occurring globally. Explores what firms in the industry will have to do going forward in order to avoid being outperformed in an industry that is becoming increasingly saturated. Interested in getting the full report? Subscribe to an All-Access pass to BI Intelligence and gain immediate access to this report and over 100 other expertly researched reports. As an added bonus, you’ll also gain access to all future reports and daily newsletters to ensure you stay ahead of the curve and benefit personally and professionally. Your customers will get a kick out of Ripples when they see their own selfies, favorite quotes, or special messages and images on their drinks.
The Ripple Maker is a revolutionary printer that adds beautiful high-resolution images and messages onto frothy drinks, from lattes to nitro-brewed coffee and cocktails. That’s why we challenge our corporate partners, our colleagues, and ourselves to take responsibility for the collective fostering of positive change in the world. The Slight Edge to the Big Brothers Big Sisters of America, a national non-profit organization that embodies our “Pay it Forward” philosophy in a real and practical way. The mission of Big Brothers Big Sisters is to foster positive and enduring one-on-one mentor relationships with children facing adversity. We believe the biggest ripples you create occur when you impact the lives of others. His name is Chris Larsen, and he’s the co-founder and former CEO of Ripple, which created the digital token known as XRP. He’s now one of the world’s richest billionaires, thanks to XRP’s incredible hot streak.