International Payments – Global Wallets
Retail cross border payments today incur high charges and long settlement times exposing businesses and consumers to fluctuations in the currency exchange rate. This also makes cross-border micro payments infeasible. Cross-border exchanges are carried out through a patchwork of correspondent banks that introduce significant lifting fees.
Ripple platform and payment protocol use blockchain technology to facilitate easy cross-border payments. We introduce global wallets, which can be realized using blockchain based payment protocols, such as Ripple. Global wallets can be loaded in the local currency and expended anywhere globally where instant conversion takes place with the best enabled forex rate offered through the blockchain ecosystem. We have built a demo for global wallets using the Ripple blockchain platform. Ripple records all transactions on the public Ripple Consensus Ledger (RCL). It facilitates a marketplace of market-makers that offer competitive exchange rates and fees on a per-transaction basis.