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xRapid Report: Saves 40-70% Off Traditional Fees for Cross-Border Payments

xRapid Report: Saves 40-70% Off Traditional Fees for Cross-Border Payments

Ripple has recently uploaded a report on some hard numbers regarding a new series of pilot tests with xRapid, which is the company’s platform that uses real-time settlement with XRP to provide instant liquid currency and increase cross-border money transfer speeds.

For instance, current payments between US and Mexico using xRapid saves users a whopping 40-70% off typical prices at a financial exchange broker. Ripple says xRapid saves end-users money and has a faster delivery time compared to using traditional foreign transfer methods.

The Pew Research Center estimates that nearly $600B in cross-border payments are sent from relatives to their families in their home countries, which results in about $30B in transaction fees each year.

With xRipple’s estimates, it could bring the cost down to about $12B at the lower end of the spectrum using a 55% discount as average savings per payment. This just goes to show a real-world use of XRP that’s actually in practice. The savings can be passed onto customers, which would definitely aid those who would need to send cash in the first place.

Here’s an infographic showcasing the benefits of xRapid (via Ripple):

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