Tranglo, one of Ripple’s ODL (Ripple Payments) partners, recently announced the launch of its direct-to-wallet cross-border payment solution, supporting over 30 eWallets.
The global payment hub announced this pivotal development in a recent press release, further highlighting the move on X. Notably, the launch represents part of Tranglo’s efforts to expand its broader cross-border payment services.
🚀 Exciting news! Our direct-to-wallet cross-border payment solution is live! 🌍💳
A game changer for #remittance partners, with an 8x increase in transactions seen by early eWallet adopters.https://t.co/s7sl3GMsDe
— Tranglo (@Tranglo) April 8, 2024
Tranglo already leverages Ripple’s ODL product to expedite cost-effective cross-border settlements across various regions. However, this latest initiative would allow the firm to facilitate fast cross-border transfers directly to eWallets.
Per the press release, the newly introduced product seeks to eradicate intermediaries inherent in conventional cross-border transfers to eWallets, a process often associated with heightened costs and diminished speed.
At this initial stage, the direct-to-wallet cross-border payments service is available in eight countries on the Asian continent: Nepal, Cambodia, Pakistan, Bangladesh, Indonesia, Vietnam, the Philippines, and China. The team plans to expand support to other countries as the product matures.
The press release indicates that the product supports over 30 eWallet services domiciled in these countries, with the list including GCash, PalawanPay, LinkAja and Astrapay, among others. Pro-crypto lawyer Bill Morgan lauded the move, touting it as a “great vision.”
Great vision and use case https://t.co/x4eWWmn4rh pic.twitter.com/8xYyr3OCs9
— bill morgan (@Belisarius2020) April 8, 2024
eWallets See Expansive Growth
Tranglo’s latest service represents an endeavor to capitalize on the rapid growth of the cross-border eWallet sector, a trend affirmed by Tranglo Group CEO Jacky Lee, who noted a twofold surge in transactions since 2021. According to him, Some corridors like GCC to Pakistan using eWallets experienced a surge of nearly 400% in transactions
Lee emphasized that one of Tranglo’s UAE-based partners and an early adopter of the service saw an eightfold surge in transactions to Indonesia and Pakistan following the introduction of the eWallet service. He noted that this underscores the considerable growth prospects associated with eWallets.
With a valuation of $9.55 billion last year, the eWallet market is projected to expand at a rate of 28%, with 26% of the global population expected to adopt the products in 2026, per the press release. Leading the charge, Asia Pacific commands the largest regional share at 32.3%.
The Tranglo-Ripple Partnership
Besides its foray into the eWallet scene, Tranglo has continued to dominate the cross-border payment industry, utilizing Ripple’s ODL. The company offers its Tranglo Connect product to firms for the facilitation of transnational settlements across over 80 countries.
Notably, as of May 2023, Tranglo had processed over $1 billion using ODL. The Crypto Basic revealed last September that Ripple’s ODL saw a 1,729% increase in cross-border payments with Tranglo. In August 2022, the firm opened a new payment corridor in the UAE to expand its reach.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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