Ripple has joined the ranks of big cross-border payment companies such as UBS and PayPal. Today, it became the only cryptocurrency company featured in a list of the top 100 cross-border payment providers by financial data provider FXC Intelligence.
Ripple CEO Brad Garlinghouse demonstrated the transaction volume the platform is currently seeing in an interview with CNN earlier this month.
He revealed that the remittance platform had processed $54 million in transactions from the US to Mexico in the first week of February.
“That’s 7.5% of all flows from the US dollar to Mexican peso,” Garlinghouse said. “That’s up from 3% in December. So this is growing very quickly.”
Ripple partners have big ambitions
Many of the companies that appear on the FXC Intelligence list—such as MoneyGram and TransferGo—are also Ripple partners.
Earlier this month, Ripple announced a partnership with International Money Express (Intermex), a leading remittance services firm in Latin America and the Caribbean, and one of the largest remitter service providers in the world. Intermex processes more than 30 million transactions per year, according to the company’s own figures.
Another Ripple partner, Mexico City-based Bitso, is now processing 10% of MoneyGram’s flows into Mexico using XRP.
In a recent Messari podcast, Bitso’s CEO Daniel Vogel said the exchange hoped to eventually garner as much as 20% of the total weekly remittance market by using Ripple’s On-Demand Liquidity (ODL) product.
That’s some ambition: In 2018 alone, Mexico received over $35 billion in migrant remittance inflows.