Ripple’s technology and XRP are showing great potential in the digital payment revolution of BRICS Pay. Partnerships with SBI Holdings, HSBC, ONAFRIQ, and Banco do Brasil have significantly boosted Ripple’s influence in this area. The recent technological updates and the introduction of the XRP native coin have generated considerable interest in how they can contribute to the BRICS Pay ecosystem. BRICS Pay, a groundbreaking initiative, aims to revolutionize digital payments among the BRICS nations, which together have a combined population of over 3 billion people. By linking a substantial portion of the world’s unbanked population and simplifying cross-border financial transactions, this project has the potential to bring about financial inclusion on a large scale.
Ripple’s expanding global network is a major advantage. The company has established strong relationships with financial institutions worldwide, many of which have a presence in BRICS countries. For example, SBI Holdings, a significant Japanese financial services company, utilizes Ripple’s technology for international remittances. This strategic partnership demonstrates how well Ripple can support and enhance the global financial infrastructure.
It is noteworthy how many financial institutions in the BRICS countries are utilizing Ripple’s technology. HSBC, an international banking and financial services corporation, serves these countries effectively. Additionally, Ripple has formed alliances with Banco do Brasil, the second-largest bank in Brazil, and ONAFRIQ (MFS Africa), a leading mobile money transfer service provider in Africa. These partnerships highlight the growing reliance on Ripple’s technology to facilitate secure and efficient financial transactions.
As of the time of writing, XRP is valued at approximately $0.4782, representing a 0.83% increase in the last 24 hours, according to CoinMarketCap data. However, it has experienced a bearish trend over the past seven days, with a decrease of 2.46%.
Meanwhile, a previous report has highlighted BRICS’ intentions to introduce a gold-backed currency in September, which would have a significant impact on the dynamics within the BRICS Pay network.
Overall, Ripple’s technology and XRP are poised to play a crucial role in the digital payment revolution of BRICS Pay, with their expanding global network and partnerships with influential financial institutions. The market data for XRP indicates its current value and trends, while the developments within BRICS suggest further potential for growth and impact.
