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BankDhofar taps Ripple for Oman-India remittances

BankDhofar taps Ripple for Oman-India remittances

Oman-based BankDhofar has joined Ripple's payment network to connect with India's IndusInd Bank for real-time mobile remittances.

Thanks to RippleNet, BankDhofar customers will be able to transfer up to OMR 1,000 (around $2600), to deposit accounts in India - the top remittance receiving country in the world - instantly through their mobile app.

Ripple says its blockchain-based network means that payments will be processed instantly, reliably, cost-effectively and with end-to-end visibility anywhere in the world.

Navin Gupta, MD, South Asia and Mena, Ripple, says: “Ripple is excited to partner with BankDhofar and IndusInd Bank to enhance the cross-border payments experience from Oman to India to be easier, cheaper and more reliable with blockchain technology.”

Comments: (1)

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 28 May, 2021, 12:221 like 1 like

Is it realtime from one fiat to another or just within Ripple?