Ripple Technology and XRP Showcase Potential in BRICS Pay Digital Payments Revolution
Partnerships with SBI Holdings, HSBC, ONAFRIQ, and Banco do Brasil are enhancing Ripple’s influence. The latest technological update and Ripple’s native currency, XRP, have sparked considerable interest regarding their potential role in the BRICS Pay ecosystem. BRICS Pay aims to revolutionize digital payments among BRICS nations, catering to a combined population exceeding 3 billion people. By connecting a significant portion of the global unbanked population and simplifying cross-border financial transactions, this project holds promise for advancing financial inclusion.
BREAKING: RIPPLE CONNECTIONS TO “BRICS PAY” A NEW GLOBAL DIGITAL PAYMENT PLATFORM !!
BRICS PAY is a digital payments platform being developed by the member countries of BRICS (Brazil, Russia, India, China, and South Africa).
BRICS PAY aims to enable digital payments…
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June 20, 2024
Ripple’s Expanding Global Network
Ripple’s primary advantage lies in its extensive global network of financial institutions, many of which are based in BRICS countries. For instance, SBI Holdings, a major Japanese financial services company, utilizes Ripple technology for international fund transfers. This strategic alliance underscores Ripple’s capability to support and enhance global financial infrastructure.
Significantly, numerous financial institutions from BRICS countries leverage Ripple technology. International banking and financial services giant HSBC is notably active in these regions. Additionally, Ripple’s innovative solutions include Banco do Brasil, Brazil’s second-largest bank, and ONAFRIQ (MFS Africa), a leading provider of mobile money transfer services in Africa. These alliances highlight the increasing dependence on Ripple technology for secure and efficient financial transactions.
XRP Market Data and BRICS Developments
At the time of writing, XRP is valued at approximately $0.4782, marking an increase of 0.83% over the past 24 hours, according to CoinMarketCap data. However, it has seen a downward trend over the last seven days, declining by 2.46%.
Meanwhile, a previous CNF report highlighted BRICS’ intentions to introduce a gold-backed currency in September, which could significantly impact dynamics within the BRICS Pay network.
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