Ripple claims that its technology dominates the market of India.
During the discussion of Scaling and Digital Disruption in Fintech senior Vice President, Ripple product Ashish Birla spoke about the Ripple intention to capture the Indian market and thus established themselves in the global economy. Birla said that Ripple, which owns 60% of the total number of XRP at a very early stage decided to act through the financial institutions in India. The company worked closely with banks and companies in the field of remittances with a view to persuading them to join RippleNet network for payment processing.
We very early on drew attention to India. Two billion people – a huge market. And we wondered how to make those two billion have started to use Ripple? One of the ideas was the option to distribute bitcoin to all these people. But then we realized that if you get three of the largest Bank in India, we will get 80% market share.
We began to think further and realized that in the next five years one billion people will become users of the banks in India, but they will interact through their smartphones. And we began to focus on the suppliers of mobile phones and telecommunications companies.
So now I think we have about 50% of the Indian market. Including those who are already working with Ripple and those who are just ready to make a deal. And then we’re going to come to Wells Fargo and say, “there is No better way to transfer money to India than Ripple”.
All about network effect. If we can do it in India. And if we can do it in Brazil, we repeat this in all emerging markets, I think it would be difficult – after all, we are not going to take no for an answer, and we will continue to build our network, until it becomes so valuable that Wells Fargo simply no choice.”
Birla believes that Ripple has changed greatly since the conclusion of its first deals in India and now enters into a minimum of one transaction a week.
Our decision to descend to earth and start from the needs of real business was in this wise. Although heavy. Facebook went to IPO in three or four years. But working with banks, sorry, that’s the challenge. It took us 3 years to build the product and start attracting banks. It was incredibly hard, but now it pays dividends.
Now, in 2018, we now sell our product to banks, and we conclude on the deal a week at least. It’s just incredible for a company like ours. In our industry, which many say will destroy the banking industry or completely change it, we come to the banks and say, “Let’s work together.”