- Ripple is targeting 14 key “high potential” regions around the world.
- The “Last-Mile Playbook” outlines how Ripple partners can achieve widespread adoption in each country.
First released in mid-2020, Ripple Labs promoted its “Last-Mile Playbook for Global Payments” via Twitter yesterday. The guide discusses for potential and existing partners why it is not enough to offer new solutions based on the legacy system. On the other hand, the document also provides deep insights into which countries and regions Ripple Labs is targeting and how they plan to achieve broad adoption.
14 key regions
As Ripple Labs writes within the playbook, the “last mile” in payments is often fraught with crucial inconsistencies and obstacles. Blockchain technology, meanwhile, enables streamlining of the entire payment system, “especially the last mile, where speed, transparency, and liquidity are critical to efficient payment processing.”
In this regard, the inconsistencies in the last mile of payments are due to differences in policies and infrastructures between countries. “In many emerging economies, much of the global population remains unbanked and must seek alternative means for payment receipt. To meet this demand, the last-mile payment incurs additional time for settlement and costs.”
The adoption of blockchain alleviates these constraints by unifying the underlying infrastructure and uniting the framework of institutions and suppliers working on top of it—thereby, enabling a seamless last mile process that meets consumer expectations and needs.
Ripple has identified 14 key regions – Argentina, Australia, Brazil, Colombia, Europe, Poland, India, Mexico, Nigeria, Peru, Philippines, Thailand, the UK and the US – that offer “high potential.” On a scale of 1 to 5 (yellow to blue), the “blue countries” on the map are the most attractive because they have “I.) a high level of inbound small value payments (over $100 billion)” and “II.) a modern domestic small value payment system.”
Ripple’s “winning moves”
In the guide, Ripple specifically describes what it will take for countries to achieve full-scale and widespread adoption – the “winning move.”
Winning Move Get ahead of the FX regulations and liquidity management to protect your margins
Be ready to connect to NPP for a competitive edge, if and when it becomes widely
available for straight-through processing of cross-border payments.
Work with a local clearing agent that has an FX partner set-up for your business use case.
Providing real-time settlement or certainty or arrival will differentiate you against the competition.
For a competitive edge, access SEPA Instant for real-time payments.
Ensure optimal payment experience at competitive prices for a cost-conscious customer base.
Optimize liquidity management for payouts into Mexico to protect against currency volatility.
Given Nigeria’s strictly controlled FX market and multiple ‘parallel rates’, perfect your FX and payout provider set.
With over half the population unbanked, access to cash payouts is key.
Cash payouts via pawn shops are the preferred remittance payout channel.
For a competitive edge with instant, last mile settlement, leverage Express ELIXIR for low-value payments, as opposed to ELIXIR.
Access PromptPay for the most efficient last mile remittance payouts.
Connect to FPS to provide transparent, real-time and low-cost payouts.
Provide transparency for FX and USD payments, pricing and the payment status for a competitive edge.