Ripple Role in BRICS Pay: A Digital Payment Revolution

On Jun 25, 2024

Ripple’s technology and XRP show potential in BRICS Pay’s digital payment revolution.
Partnerships with SBI Holdings, HSBC, ONAFRIQ, and Banco do Brasil boost Ripple’s influence.

The latest technology update and the XRP native coin from Ripple have generated a lot of interest in their possible place in the BRICS Pay ecosystem. A ground-breaking effort called BRICS Pay seeks to revolutionize digital payments among the BRICS nations by enabling transactions for a combined population of over 3 billion people.

Through its ability to link a sizable percentage of the world’s unbanked population and simplify cross-border financial transactions, this project may actually bring financial inclusion to pass.

🚨 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… pic.twitter.com/SfQKiFY7Xg
— Good Morning Crypto (@AbsGMCrypto) June 20, 2024

Ripple’s Expanding Global Network

The main advantage of Ripple is its vast worldwide network of financial institutions, many of which have made their home in BRICS countries.

For instance, SBI Holdings, a sizable Japanese financial services company, uses Ripple’s technology for international remittances. This strategic alliance highlights how well Ripple can support and improve the worldwide financial infrastructure.

It is remarkable how many financial institutions in the BRICS countries are using Ripple’s technology. The international banking and financial services corporation, HSBC, does a good job of serving these countries.

Furthermore, Ripple’s creative solutions include Banco do Brasil, the second-largest bank in Brazil, and ONAFRIQ (MFS Africa), a top mobile money transfer service provider throughout Africa. These alliances show how many people are depending more and more on Ripple’s technology to enable safe and effective financial transactions.

XRP Market Data and BRICS Developments

At the time of writing, XRP was valued at about $0.4782, up 0.83% in the last 24 hours, according to CoinMarketCap data. Still, it shows a bearish trend over the last seven days, falling by 2.46%.

In the meantime, a prior CNF report has highlighted BRICS intentions to introduce a gold-backed currency in September, which would have an even bigger impact on the dynamics inside the BRICS Pay network.