Remittances take a long time because banks are using a 50-year-old system
Navin Gupta on what Ripple plans to do in India, how it wishes to become cross border remittance solution for the country, and more
San Francisco-based Ripple, a global financial settlement solutions provider, has now official entered India. Ripple provides cross-border payment solution. Since India is the largest remittance recipient in the world, it was an obvious choice for the company. As part of its India plans, the company recently appointed Navin Gupta to head Ripple India. Mint Money spoke to Gupta, who has worked with Citibank and HSBC across the globe and was also on the board of National Payments Corporation of India (NPCI) during the rollout of immediate payment service (IMPS) and national automated clearing house (NACH), on India plan, the details on cross border remittance and how it will work. As of now no financial transaction has happened from India on Ripple platform.