Ripple (XRP) Tansaction Fee. When it comes to banking, consumers do not see how prestigious institutions are; they first analyze transaction costs before anything else. With the increasing penetration of blockchain technology into the banking sector, cost issues have become the center of attention and that's where Ripple (XRP) outclasses other players.
Banks have been used for decades as the only way to send money abroad and because of the lack of competition; consumers have experienced a myriad of hidden costs that make the whole process unreachable to the average customer. This cost will drop drastically thanks to Ripple's digital coin, XRP.
Transaction costs, speed, dependability, and traceability are just some of the traits that make BBVA passionate and this can mean a lot to XRP. It opened a new marker in the Spanish market where BBVA Compass Banking is a major player. Coins will rise in the bank's network to spread its wings beyond Spain to Latin America, Mexico, and larger European communities.
Popularity of Ripple (XRP) in the Market
Banks are known to inflate transaction costs to cover their operations and make incoming profits into stocks and shareholders. If you have used banking services and cryptos and fiat, you will realize that digital coins are a better deal. Ripple XRP leads. This platform has more benefits than your local bank.
Head of Digital Transformation at BBVA Investment Banking Unit, Alicia Pertusa said:
"Ripple costs are 81 percent lower than the correspondent banking networks used for decades to send global payments. But with Ripple, companies can track their payouts. "
What makes Ripple popular in crypto verse is its business model and how it tries to keep the transaction costs at a minimum. Unlike the current banking system where it is never possible to keep track of your funds, Ripple transparency and traceability are what modern consumers see that have led to shorter lines in the banking room and at ATMS.
Ripple has been at the forefront to bring onboard reputable financial institutions and help them make transboundary money transfers easy, safe, transparent, traceable and above all affordable. However, there are many refusals from elected governments that are not ready for disruptive technology.
Trial of Success By BBVA With Ripple (XRP)
BBVA, a respectable Spanish banking outfit has confirmed that their experiment with Ripple is very positive. A statement from the bank said:
"BBVA is interested in innovations in cross-border payments, especially given our tracks in Europe, Mexico, the US and Latam. BBVA is an active participant in several initiatives in cross-border payments (and other areas where blockchain is applicable) and in the context of undertaking projects with Ripple last year to collect learning on the efficacy of cross-border payments in various contexts using money instead of cryptocurrency. We have also conducted a series of tests with blockchain consortia R3, Hyperledger and Ethereum Enterprise Alliance to gain insight into the use of blockchain in the financial blockchain sector. "
The success of the experiment came after Fleetcor, MoneyGram and Western Union had integrated and deployed the xRapid software successfully. This has dramatically reduced the cost of international money transfers, reducing the time it takes from sender to recipient from 4 days to several minutes, if not seconds. The Ripple BBVA collaboration will benefit both parties and consumers@BPI
