Asheesh Birla, Vice President of Product at Ripple said that the firm is plotting its path to bitcoin-beating world domination by looking at the emerging economy of India and the one billion people using mobiles for banking.
Speaking at the panel on Scaling and Digital Disruption in Fintech, the Vice President of Product at Ripple, Asheesh Birla said that Ripple could win 50 percent of the Indian market with the company focused on the financial sector of the world’s second fastest growing economy.
He said: “We looked early on at India, and we looked at two billion people – a huge market. And we decided, how do you get two billion people onto Ripple? Do we give the currency away to every Indian, that’s like two billion – just give it away?”
Ripple is targeting the emerging economies with India predicted to become an economic ‘superpower’ by 2030 according to a US intelligence report.
The ‘Global Trends 2030: Alternative Worlds’, report from the National Intelligence Council (NIC) said: “In 2030 India could be the rising economic powerhouse that China is seen to be today. China’s current economic growth rate – 8 to 10 per cent – will probably be a distant memory by 2030.”
With working age population remaining the key indicator for future economic growth the report from 2012 said that “India’s rate of economic growth is likely to rise while China’s slows,” adding that, “in contrast, India’s working-age population is unlikely to peak until about 2050.”
India is currently the world’s third largest economy in terms of real GDP after the USA and the People’s Republic of China.
According to the World Bank India overtook China to become the fastest-growing major economy in the world as of 2015.
“Its record growth was in the third quarter of 2003, when it grew higher than any other emerging economy at 10.4 percent, however growth has fluctuated between 6-7 percent of GDP since Prime Minister Narendra Modi took power in 2014.
Mr Birla said that Ripple has a huge opportunity to develop banking in the economies of the future.
He said: “That was one idea. But then we realised that if you get the top three banks in India onto Ripple, you get 80 percent of the market share.
“And then we looked at – where’s the future? And so we realised in the next five years, one billion people will become banked in India, but they’ll be banked through their phone. So then we started targeting mobile phone providers and telcos.”
“And so now, I think that in our pipeline we have probably 50 percent of the market in India, either integrated onto Ripple or in the deal, in the sort of pipeline to be signed to India.
“And guess what, we’re going to take that back to Wells Fargo, and we’re going to say it’s not a better way to send into India than Ripple.”