The enormous size of Thailand's remittance industry has forced many fintech companies to shift their focus to offering a faster and easier way to transfer funds within and outside the country. This time around, remittance service provider based in London, Azimo, connects Thailand via RippleNet.
Azimo and Siam Commercial Bank (SCB) are Ripple partners. The two are working to ease money transfer into the country using RippleNet.
The instant payment service comes at a time when the World Bank has said Thailand is among the top remittance destinations in the world. According to estimates by World Bank, Thailand earns about $6.7 billion annually.
The fast and inexpensive remittance service is giving Azimo a great opportunity in the world due to the country's high cost of transferring services.
The partnership would help Azimo to make use of PromptPay, a seamless and instant remittance system that allows for payment into Thailand's bank account.
Importantly, it uses RippleNet, a decentralized payment processing network that uses
blockchain technology and, in some cases, on-demand liquidity that uses XRP cryptocurrency.
As the demand continues to rise, the global remittance industry is tilting towards an instant payment network. This has intensified the need to use RippleNet's ODL as it fully abolishes pre-funding account and allows transfer of payment with XRP's used.
In the meantime, given the economic downturn, the usage of XRP in particular in some payment corridors such as Thailand and Mexico is back on track.
A new all-time high was indicated by the Mexican ODL channel, as derived from Bitso Trade.
In that region, XRP liquidity shifted from 21,157,313 to 22,466,988, adding more than a million per day