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Ripple and National Payments Corporation of India

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Google-backed payment company Ripple is in talks with banks in India and the National Payments Corporation of India (NPCI) to facilitate account-to-account transfers globally, without having to be part of any payment network.

Read more at:
http://economictimes.indiatimes.com/articleshow/58393329.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

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“The advantage of using Ripple is that banks can develop solutions for very small value transactions such as travel related payments up to large trade remittances by corporates. It is cheaper, faster and there is immediate confirmation of settlement,“ said Rao.

I think this has something to do with micropayments?  It ties in with a recent class they gave on it to a women's business group a couple weeks ago. 

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2 hours ago, Hodor said:

I think this has something to do with micropayments?  It ties in with a recent class they gave on it to a women's business group a couple weeks ago. 

a16z's podcast had an episode a few months back with the head of India's version of Amazon/Alibaba.  They were discussing how most people in India are unbanked and will often pay cash on delivery which obviously causes many problems.  The company was working on creating their own version of paypal/alipay to allow for online payments.  

I'm sure you've also seen the articles about India forcing citizens into banking by getting rid of much of the cash in circulation.  Reading articles about their online payments seriously reminded me of 1996.

So I think that not only large funds transfers or micropayments but everything else in between is in need of innovation and new technology.  

Edited by CNFlinch

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If you haven't already, I recommend to read the post by @tommytrain here on current developments in India. Very interesting read. Great to see what technology can do for society/economy. Wonderful opportunity for Ripple.

Btw, Ripple Mumbai office confirmed: "You will develop, scale and operationalize our Mumbai office..."

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9 minutes ago, Hodor said:

Next stop, Apple Pay and Alipay! :sun_bespectacled:

Yes sir, found this as well but fell asleep before I could post it. Seems as if they did indeed get the UPI approved....TEZ app.

Google debuts Tez, a mobile payments app for India that uses Audio QR to transfer money

Link: https://techcrunch.com/2017/09/17/google-debuts-tez-a-mobile-wallet-and-payments-app-for-india/

"Supported banks include Axis, HDFC Bank, ICICI and State Bank of India and others that support UPI. Online payment partners include large food chains like Dominos, transport services like RedBus, and Jet Airways. And tellingly, to help address one of the many ways that the Indian market is fragmented, the app has support for English, Hindi, Bengali, Gujarati, Kannada, Marathi, Tamil, and Telugu."

Edited by RLP18PharmD

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Hi @Hodor, I saw this too but couldn't connect the dots with Ripple being involved. Of course i know that Google Ventures invested a significant amount in Ripple however if the connection, as per the article, is obvious to some due to the specifics of the technology involved then i would need that explained to me. Unfortunately i'm not that clever with the technical architecture which this whole industry is built on therefore if there is a connection then i would appreciate it explained in layman's terms if possible.

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