Ripple announced its partnership with Bank Dhofar, the second-largest bank in Oman, to allow cross-border payments in India. According to Ripple, the partnership will use RippleNet to collaborate with IndusInd Bank, a well-known bank in India.
Notably, the agreement is expected to execute a swift and cost-efficient mobile payment using Bank Dhofar Mobile Banking App. Thus, it comes as such an exciting moment to many.
Moreover, Navin Gupta, Managing Director of South Asia and MENA said,
“People need to send money to loved ones overseas more than ever. Ripple is thrilled to collaborate with Bank Dhofar and IndusInd Bank to use blockchain technology to make cross-border transfers from Oman to India”
Indeed, creating an application that allows efficient movement of payment is rapidly becoming a source of competitive advantage and distinction. It’s another proof point of Ripple’s vision allowing the world to transfer money the way it moves information today.
Consequently, customers of the said banks can swiftly transfer up to OMR 1,000 ($2,600) using Bank Dhofar’s app. This first-of-its-kind service in Oman is more crucial than ever as India remains the world’s leading remittance recipient.
With that said, Bank Dhofar’s relationship with Ripple enables a boost in customer satisfaction. Of note, RippleNet uses blockchain technology to enable partners across the world to enhance and grow their business performance. Lastly, it provides an exceptional end-user experience infrastructure that allows real-time payments with liquidity management solutions.