A week after Santander’s customer service team made a gaffe on social media, the banking giant revealed plans to ramp up its Ripple system usage with a brand-new app – Paygo FX. Paygo FX will use the same xCurrent systems that Santander is currently using for its banked clients, but it will be able to send money anywhere in the world – rather than the 19 countries One Pay FX currently allows. This is a huge move from the bank, and its new app will help it win fans all around the world, and hopefully a few new clients in the process.
Not Limited to Santander Customers
If you’re dying to get your hands on Paygo FX, but are worried because you’re not a Santander customer then you don’t need to fret. Paygo FX can be used by anyone in the world who has a mobile phone and internet connection. Simply download the app from the app store, create an account, fund it and you’re good to go. This app will be critical in helping people from all over the globe send money to friends and families living in a different country. The fees per transaction will be drastically less than using traditional banking methods, meaning it will be very popular in developing countries.
xCurrent is Taking Off
It’s the news all Ripple fans have been waiting for, xCurrent is finally getting the usage that it deserves. Up until now, a handful of firms have been using the platform, but few have begun using it as the core of their systems. This move from Santander will likely spark other companies to follow suit and run more transactions through the system. Remitly has been mulling over dabbling with xCurrent, and this move from Santander could help push it over the edge and take the plunge.
No XRP Being Used
Ripple has two platforms – xCurrent and xRapid – but only one of them uses XRP for transactions. xCurrent is the platform that doesn’t require banks or institutions to use XRP for transactions and instead uses distributed ledger technology (DLT) and proprietary tech to whisk transfers around the globe for a miniscule cost. Sorry XRP fans, this news isn’t going to cause the moonshot you were hoping for.
As Santander ramps up its relationship with Ripple, other companies will follow suit. However, the question over whether Ripple actually has as many partners as it claims is still yet to be seen. Ripple could be banking heavily on the PR from Paygo FX.