San Francisco-based FinTech payments firm Ripple has expanded its operations to India by opening an office in Mumbai.
The company has appointed Navin Gupta as country manager for Ripple India. Gupta is a full stack transaction banker with over 17 years of experience across relationship management -amp; sales, product management and global strategy roles.
“India is transforming itself into a digital economy and is an innovative leader in payments,” said Ripple CEO Brad Garlinghouse. “Our new office in Mumbai, led by Navin, will allow us to respond to the rapidly-growing demand for frictionless payments by our current customers, Axis Bank and YES Bank, as well as other bank and non-banks across the country. Navin brings to the role a wealth of global banking and payments expertise that we are confident will drive demand for Ripple payments solutions into India. We are very excited to welcome him to the team.”
Gupta said that India is the largest recipient of corporate and retail remittances worldwide, totaling close to $71 billion. The businesses and Indian expatriates sending money into the country want their cross-border payments to be as fast and seamless as payments made within India’s domestic digital payment network.
Gupta added that Ripple’s instant, cost-effective blockchain-powered payments can be a transformative component of India’s economy, helping bring the many who have limited access to payment services into the fold.
“We are committed to building our presence in this market with significant investment, and I look forward to expanding our local team with this vision,” said Gupta.
India’s government recently announced a vision to transform the country into a digitally-empowered society and knowledge economy. Some predict India’s digital economy will reach $1 trillion by 2022, from $270 billion today. A key component of this forward-thinking vision includes the India Stack, an ongoing project to create a unified platform to bring India’s population, banks and payment providers into the digital age.