Ripple executive Navin Gupta says that crypto-assets like XRP are the best technology that is able to trigger a revolution in the micropayments industry. In the XRP news today we read more about his statements made during the FinTech Abu Dhabi 2019 event.
During the event, the ripple executive and managing director for Southeast Asia, the Middle East, and North Africa, said that hundreds of millions of people will one day rely on micropayments to move value. Gupta says that the real-world use cases will allow the website more accessible to content for a few cents instead of signing up for a subscription:
“Let’s assume [the website] already has millions of subscribers and it’s reaching a saturation point. It wants to give you the right to read just one article at 10 cents… But there is no payment system in the world today which can accept 10 cents from Emily and pay it to [a publisher].’’
Gupta continued to explain that nobody is able to this at a reasonable price in just a few seconds so someone can just press a button on the other side and they are able to read an article. However, Gupta believes that cryptos can do exactly that. At a very low cost, they are able to allow everyone, for example, to read an article without the prolonged process of subscription. The micropayments are one area where a very large number of publishers are looking to find a venue to reach hundreds of millions of customers and to get them on board where they will be able to serve bite-size content.
Another potential use case that can emerge from XRP can be seen in the billion-dollar video game industry. Gupta pointed to the sale of virtual in-game items as a potential mainstream marketplace for micropayments. He said that his son will be happy to use it:
“He wins virtual swords. He will win different things but what he wants to do is convert his virtual sword into an ice cream. He wants to sell his virtual sword for a dollar for somebody else who wants it. He wants to get to the next level and convert that into ice cream. There is no payment system in the world that lets him do that.’’
The Ripple executive says that the micropayments industry is a huge market that has millions of customers waiting in line with growing demand but we are failing them because there is no such system. Ripple is currently trying to change that through investing and working in the ecosystem and helping them to enable the businesses.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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