The global remittance landscape continues to evolve as digital payment solutions gain traction, particularly in regions with significant unbanked populations. Recent reports highlight how Ripple (XRP) and Stellar (XLM), two major blockchain-based payment platforms, are making considerable strides in providing instant remittance services in Malaysia. A recent X post by SMQKE emphasized the critical role these blockchain networks play in enhancing payment efficiency and accessibility. Ripple and Stellar —> Providing Instant Payment Remittance services in Malaysia pic.twitter.com/VrvJJxjTJP — SMQKE (@SMQKEDQG) January 28, 2025 Ripple (XRP) and Its Role in Cross-Border Payments Ripple (XRP) is renowned for its partnership with over 100 banks worldwide, forming a robust network that facilitates seamless cross-border transactions. The platform’s primary goal is to eliminate intermediaries in the payment process, allowing for quick and cost-effective international transfers. By leveraging blockchain technology, Ripple ensures that transactions between banks are completed almost instantaneously, significantly reducing processing time and transaction fees. In Malaysia, the adoption of Ripple’s technology for remittance services is driven by the need for a more efficient and affordable way to transfer funds across borders. The integration of XRP into financial ecosystems supports the seamless exchange of currency, with funds being converted to XRP and subsequently to the local currency within seconds. This feature has proven particularly valuable for migrant workers sending money back to their families. Stellar (XLM) and Financial Inclusion Stellar (XLM) takes a slightly different approach, focusing on providing financial inclusion to underserved communities. Unlike Ripple’s strong banking partnerships, Stellar operates as a non-profit organization aiming to reach economically marginalized areas. The platform facilitates low-cost transactions and supports unbanked individuals by enabling peer-to-peer payments without requiring a traditional banking infrastructure. In Malaysia, Stellar’s presence is growing as more remittance companies adopt its technology to offer quicker, more affordable cross-border payment solutions. The network’s ability to process transactions in real time while maintaining minimal costs aligns well with the financial needs of both rural and urban communities. We are on twitter, follow us to connect with us :- @TimesTabloid1 — TimesTabloid (@TimesTabloid1) July 15, 2023 Real-World Implementation: Mobile Money and bKash An important milestone for blockchain remittance services in Malaysia came earlier this year when Malaysian remittance company Mobile Money partnered with Bangladesh’s remittance company bKash to utilize RippleNet for cross-border payments. This collaboration facilitates remittances amounting to approximately $1.82 billion annually between the two countries. Through RippleNet, funds are transferred efficiently, enabling faster and cheaper transactions compared to conventional methods. This partnership demonstrates the practical application of blockchain technology in cross-border remittances , particularly for populations heavily reliant on sending and receiving money internationally. As Ripple’s network continues to expand, more companies are expected to leverage its ecosystem to streamline their payment services. The adoption of Ripple (XRP) and Stellar (XLM) in Malaysia underscores the growing acceptance of blockchain solutions in the financial sector, especially for international remittances. By enabling fast, reliable, and cost-effective transactions, both platforms are contributing to the modernization of the global payment infrastructure. As financial technology continues to evolve, Ripple and Stellar remain at the forefront of innovation, bridging the gap between traditional banking systems and the digital economy. Disclaimer : This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses. Follow us on Twitter , Facebook , Telegram , and Google News The post Ripple (XRP) and Stellar (XLM) Providing Instant Payment Remittance Services in Malaysia appeared first on Times Tabloid .
