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by Ken Carabello for JetPay

According to the Worldbank, about 69% of Vietnam's adult population is without a bank account. This creates an enormous opportunity for cryptocurrency to permeate the region. Also standing to benefit from this service void, are blockchain companies such as mobile crypto wallet apps, settlement platforms, and digital ledger technology (DLT) in general. Currently, the most notable digital ledger that would stand to benefit from crypto growth in Vietnam would be RippleNet. And the digital token that could see the greatest boost from a mass crypto-adoption scenario in Vietnam, would be XRP.

Vietnam has a population of about 97 million people. Therefore, the 69% figure approximated by the Worldbank, works out to about 50 million people aged 15 or older, that don't have a bank account. No bank account means no ATM card, and essentially that these individuals are forced to rely on cash for their day to day operations.

Smart phone use in Vietnam on the other hand, is another story entirely. Recent statistics place users of mobile services in Vietnam at about 40% of the overall population. Since some of these users may be children, there is no exact figure on the number of adults that use these services. However, of the 50 million bankable adults in the Vietnamese population, I would say a safe estimate, is that anywhere from 35 to 40 million have a smartphone. Especially since pre-paid mobile services are ridiculously cheap to acquire in Vietnam (when compared to the West).

When you contrast the Worldbank statistics with those for mobile phone use in Vietnam, a clear picture emerges. There are 35 to 40 million users who could begin enjoy mobile payment features if cryptocurrency and DLT were to sufficiently penetrate this geographic area.

How long it will be before crypto saturates Vietnam (and the rest of Southeast Asia) remains to be seen. Yet Ripple's DLT already has a head start in the area. Vietnam's TPBank recently signed on with RippleNet to facilitate payments for Vietnamese nationals working abroad, who want to send money back home. Also, the crypto exchange Binance, announced in January that they have begun to allow peer-to-peer fiat-crypto payments that support the Vietnam Dong. So Ripple is already in the Region, and the Vietnamese have access to XRP on Binance. There is also another cryptocurrency exchange in Vietnam called BitcoinVN. However they do not offer XRP.

In any event, cryptocurrency and blockchain technology have already made their way to Vietnam. And 40 million out of 50 million bankable persons have a smartphone. Yet these same people have no bank account – and no ATM card. I see this as a fantastic growth opportunity for Ripple (the company). Since their digital ledger technology is the fastest, cheapest, and the best known for mobile payment settlement. And the XRP token will naturally benefit from a spike in RippleNet usage. Since – according to Ripple CEO Brad Garlinghouse, more than 20% of RippleNet transactions are settled using XRP.

All that needs to happen for this spike to occur, is regulatory clarity in the United States regarding crypto rules. This way, Ripple will have clear guidelines as to how the should proceed. Since it is an election year though, there has been some inevitable delay in getting these regulations finalized.

Still, China has already begun to take the lead from the United States in the advancement of crypto and blockchain technology. So United States regulators are well aware that time is of the essence. And Ripple has even threatened to pull up stakes and move to another country like England or Japan where regulations are clear, if the United States does not sort the matter out soon.

Considering all of these factors, it shouldn't be long before crypto in Vietnam takes off. The process has in fact already started. And Ripple and XRP are right there – a working prototype for global digital payments. With 50 million unbanked in Vietnam – 80% of whom have smartphones, it isn't difficult to surmise, that “Crypto-Vietnam” will be a reality in no time.

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#vietnam #xrp #ripple #payid #mobilepayments #ripplenet #crypto #cryptocurrency #blockchain #crossborderpayments

© 2020 JetPay.cloud

by Ken Carabello for JetPay

Just think! you'll be able to go anywhere, or be anywhere. And you won't have to worry about having cash on you. All you'll need is your mobile device. And if you decide to go to the beach? Hey, lock your mobile in your hotel room safe. Then swim away! When you get back to your hotel and retrieve your phone, everything you need to move about freely in a cashless world will be in the palm of your hand.

Aside from mobility, another benefit of the cashless society that's coming (and is partly already here), is transaction speed. Time is money. It is also the scarcest resource there is. Once it's gone, you never get it back. It is therefore far too precious to waste, waiting for a slow e-currency transaction to go through.

Say you want to send money from your crypto exchange wallet to your mobile spending wallet. If you do it with XRP, it takes only 4 seconds. And it costs almost nothing. This is thanks to Ripple, the company behind XRP, and the lightning fast transaction technology that they have in place – namely RippleNet.

Ripple's technology is so effective in fact, that more and more banks and governments have been adopting the technology. Soon, XRP will be a ubiquitous form of exchange. And with the onset of satellite internet, you'll be able to transfer and receive XRP anywhere on the planet.

So by all means, take a dip. You deserve it. And rest easy knowing that XRP and RippleNet technology have you covered. Soon, you won't need cash at all.

https://youtu.be/0O5SxCxiwh8

#xrp #ripple #ripplenet #payid #cashless #society #crypto #cryptocurrency #blockchain #mobilepayments #IoV #xrparmy

by Ken Carabello for JetPay.cloud

This week, Ripple held a live streamed event called UBRI Connect. UBRI is Ripple's University Blockchain Research Initiative. UBRI is an effort started by Ripple, to collaborate with leading universities around the world, with the aim of accelerating academic research, technological development and innovation in blockchain, cryptocurrency and digital payments.

UBRI Connect was streamed on Ripple's YouTube Channel. And while there were several videos that comprised the entire event, we have zeroed in on this one. Since it covers digital payments, and the issues we still face in bringing the Internet of Value to fruition.

It is a lengthy video. And many speakers were featured. The information pertinent to this article begins at 1:37:30. This is where Ripple's Chief Technology Officer, David Schwartz is speaking about digital payments and the Internet of Value.

https://www.youtube.com/watch?v=l_7Bc6evS_M

Among the Key factors that Schwartz cites as necessary to link the digital payments landscape in a viable way are: interoperability, and common namespace. Both of these, he says, are necessary in order for digital payments to work seamlessly, and for the Internet of Value to reach a level of functionality comparable to sending and receiving emails.

On Interoperability, David Schwartz indicates that we are not there yet. Many networks still do not communicate with each other. And until these gaps between networks are adequately bridged, a significant impasse on the road to the global Internet of Value will remain in place. However, Schwartz says there has been significant progress made toward solving the namespace issue. And he goes on to cite payID as a catalyst.

PayID is a universal namespace for payments. It was developed by Ripple, and brought forth in cooperation with the Open Payments Coalition. The Open Payments Coalition is a group of companies that support payID for transactions. There are currently 48 members – which amounts to 48 steps toward interoperability. There are also currently 125 million payID users. So the word is spreading fast. Ripple and the OPC only rolled out payID 3 months ago (at the end of June 2020).

PayID is an open source platform that is maintained by payID.org, a team of coders on which members of Ripple play a significant part. Yet while payID goes far in breaking down the namespace barrier, says David Schwartz, without key improvements in Interoperability, we are still nowhere near where we need to be if we want to see an Internet of Value that runs smoothly.

Hopefully, the brilliant minds that participate in Ripple's University Blockchain Research Initiative (UBRI) will continue to innovate. And new modes of interoperability will soon emerge. Though the Internet of Value may seem just out of reach, you should view things from a chronological perspective.

Consider how far we've come with blockchain, crypto, and mobile payments in just the last three years. Remember that technology and innovation keep on moving faster and faster (who uses dvd's anymore?!). It is through this lens, that you realize, the Internet of Value is right around the corner. We'll be there in no time!

https://www.youtube.com/watch?v=_mchn58NOmE

#xrp #payid #Interoperability #davidschwartz #ripple #IoV#runsonxrp #xrpcommunity #zerodoubt

© 2020 PayID.cloud

by Ken Carabello for JetPay.cloud

Anybody who follows XRP and crypto in general, knows that the Ripple token is hugely undervalued. It's so obvious, it almost seems as if there's a concerted effort underway to keep the price of XRP depressed for as long as possible. Probably so the group of people behind this concerted effort can stock up on as much XRP as they can before the price explodes. When you compare the performance specifications of XRP to Bitcoin (BTC) and Ethereum (ETH), there is no disputing the fact that XRP is the only coin that makes sense as a vehicle for online payments.

Let's look at 3 key factors – Transactions Per Second (TPS), Transaction Cost, and Settlement Speed. Upon evaluating these criteria, we'll be able to see how each coin measures up. And you will be able to decide for yourself, which coin has the most value in the area of Global payments.

Transactions Per Second – XRP handles 1500 TPS out of the box. And according to Brad Garlinghouse, CEO of Ripple, XRP is scaleable to 50,000 TPS. Compare that with BTC (15 TPS), and ETH (6 TPS). Is there any question why more and more banks are signing on with Ripplenet (#runsonxrp) as the platform of choice to move institutional-sized sums of money around the world?!

Transaction Cost - Compared side by side, if a given transaction costs $10 to perform with BTC, and $4 to perform with ETH, that same transaction would probably cost around $0.25 using XRP.

As you can see, when it comes to sending money, XRP offers a huge cost savings advantage over Bitcoin and Ethereum. XRP was designed with payments of all sizes in mind. BTC and ETH were not. And while each coin may be ideal for a distinct purpose, XRP is clearly the choice, where large-scale and/or frequent banking transactions are concerned. Banks know that at this point. As a result, one by one, they are falling in line to utilize #ripplenet.

Settlement Speed - On average, a BTC transaction can take up to an hour (or longer) to settle. ETH transactions typically take 5 minutes on average. Compare these figures with XRP's average settlement speed of 4 seconds. And again the choice is obvious. Time is money. It's as simple as that.

Bitcoin has its purpose; perhaps to remain as the “digital gold” store of value (at least for a time). And Ethereum gave the crypto community smart contracts. This was a game changer for sure. All three of these coins have value. The irony however, is that although XRP is the standout performer of the three, in what is probably the most significant area concerning the Internet of Value – bank transactions, it is also the most heavily undervalued.

As an anecdote, consider the fact that when gold was banned in 1933 by Executive Order 6102, people effectively had their gold confiscated. Then in 1934, when the Establishment was content that they had sufficiently stripped the masses of gold ownership, President Franklin D. Roosevelt raised the price of gold from $20.67 to $35 simply by declaring it so (that works out to an instant ROI of 72.5%), with a wave of his magic wand! The subsequent Gold Reserve Act of 1934 is what allowed him to do this. I can't help but see a similar dynamic surrounding XRP.

There's something big going on. All the signs are there. HODL your XRP! Don't sell it. And if you don't have a Nano Ledger already, get one as soon as you can. Move your XRP off of exchanges. And wait just a little longer. You'll be glad you did. The price of XRP must rise. And soon. It's simple logic.

https://www.youtube.com/watch?v=_mchn58NOmE

#xrp #ripple #ripplenet #globalpayments #payid #crypto #mobilepayments #cryptocurrency #blockchain #IoV #zerodoubt

© 2020 payid.cloud

by Ken Carabello for JetPay.cloud

1. Utility – XRP is the most widely used crypto in the Banking Sector. And it leads all other cryptos in the areas of remittances and micro-payments.

2. Functionality – XRP is the fastest and most inexpensive way to send money. Whereas it can cost up to a few dollars to send a Bitcoin transaction, the comparable XRP transaction only costs a few cents.

3. Adoption by the Banking Sector – More and more Banks and Payment Services are adopting the XRP platform. Some of the Key Participants are: HSBC, Bank of America, Sumitomo Mitsui, Banco Santander, Barclays, Royal Bank of Canada, Moneygram, the list goes on.

4. Liquidity - Through its On Demand Liquidity (ODL) system, XRP solves the liquidity problem that banks have when large sums of money are transferred. Banks no longer have to tie up large pools of cash funding Nostro and Vostro accounts in order to settle large transactions. This legacy nostro-vostro process was a major part of the reason why cross-border transactions took days to settle. Now with ODL, XRP is bought with one currency, then sold for the other.

And voila! Transactions settle in seconds!

5. Remittances – XRP now holds 10% of the US – Mexico cross border remittance market. And more corridors are opening up. Vietnam's TPBank recently began using Ripplenet, largely because it saw a market opportunity where Vietnamese citizens working abroad want to send money home to their families. Then there's Brazil. Ripple opened a Sao Palo office in June of 2019. Ripple's apparent intention is to utilize the the Brazil location as a strategic position from which, remittance corridors can be opened up all through Latin America.

6. Micro Payments - These are payments involving Small to Medium-sized Enterprises (SME's). According to Marcus Treacher, head of Customer Success @Ripple, legacy payment systems (ie. SWIFT) are slow, uncertain, prone to errors and extremely expensive. However, Mr. Treacher goes on to state that new blockchain technologies like Ripplenet – which uses XRP to settle transactions, will enable SMEs to invoice and receive international payments immediately, and with a high level of certainty. As more and more SME's utilize Ripplenet, the price of XRP will surely rise. Simply from the increase in demand.

7. ISO 20022 - In May of 2020, Ripple became part of the ISO 20022 Standards Body. ISO 20022 will replace SWIFT as the de facto global data standard for modern payments. By adhering to the ISO 20022 standard, Ripple's digital ledger technology (DLT), Ripplenet, is further validated in the world of traditional finance and payments. And remember, Ripplenet #runsonXRP.

8. Adoption at the Retail Level - More and more payment gateways are allowing retailers to accept XRP payments. Examples are Coingate, and Coinpayments. And the mother of all payment gateways, PayPal, which recently partnered with the European exchange, Bitstamp. In my view, there is only one reason that Paypal would do that. They don't want to be left out of the retail crypto-payments game when it really kicks off. Paypal also announced in June of 2020 that they would soon be allowing their users to buy and sell crypto. And that PayPal is planning to incorporate a digital (crypto) wallet into their platform. So PayPal is obviously getting ready for what they know is coming. It likely won't be long before you can make retail purchases anywhere using XRP. You won't even need to convert your XRP to crypto before you can spend it.

9. PayID - this is a new identification protocol that was developed by Ripple and the Open Payments Coalition. The software for the platform is maintained and updated by the team of developers at payid.org. PayID simplifies the process of sending XRP (and other cryptocurrencies), by allowing you to assign your XRP wallet address and destination tag to the payID identifier. Then when you want to receive a payment, instead of having to give out your XRP wallet address and destination tag, you only have to give people your payID identifier. Most companies that offer payID's are crypto wallet apps. These apps automatically make your payID and assign it to your app wallet. However, PayID.cloud lets you assign a payID to any wallet you choose. The simplification that payID adds to the mobile payments space will be a huge catalyst in the increase of crypto and XRP usage.

https://www.youtube.com/watch?v=0O5SxCxiwh8&t=8s

10. Word of Mouth - Word of mouth is the best promotion there is. And daily, word is spreading about what a fantastic token XRP is. And how, all things considered, you should stock up on XRP sooner than later. Since the price is sure to rise drastically in the near future. As a result of the hard work of YouTubers such as the Digital Asset Investor, Kevin Cage, and The Bearable Bull (to name a few), the awareness of XRP has exploded in recent months. And this trend continues. The #XRPArmy is on all social media platforms, rallying for XRP day and night, all over the world!

These are only the 10 most obvious reasons that XRP will soon blast off. I only touched briefly on each one. If you do further research and gain greater insight into the power of XRP, you will certainly agree that the countdown has begun. And XRP is cleared for a moonshot!

#xrp #payid #fintech #ripple #ripplenet #remittances #micropayments #crossborderpayments #mobilepayments #fastpayments #xrpcommunity #xrparmy #zerodoubt