BankDhofar’s customers now can use its mobile banking app to send transactions up to $2,600 to Indian deposit accounts.
BankDhofar, the second-largest bank in the Sultanate of Oman, has teamed up with blockchain-based payments network RippleNet, as per a release today. The move enables users of its mobile banking app to send transactions to India.
“As the first bank in the Sultanate of Oman to join our global payments network, RippleNet, BankDhofar will connect with leading Indian private sector bank IndusInd Bank to drive real-time payments into India,”Ripple said in a statement published today.
The partnership aims to enable transfers conducted via BankDhofar’s Mobile Banking App “to be processed instantly, reliably, cost-effectively and with end-to-end visibility anywhere in the world.” The bank’s customers will be able to send up to 1,000 Omani rials (around $2,600) to Indian accounts.
“This service will enable BankDhofar to be in a leading position to offer a range of new products and instant payment services. We look forward to activating the service to other countries across the world,” noted Abu Baker Karim Al Balushi, head of digital banking at BankDhofar.
Instant cross-border payments
Meanwhile, India is the top country in the world by the total amount of cross-border remittances it receives on a regular basis, according to a report by the Global Knowledge Partnership on Migration and Development.
“More than ever, people need to send money to loved ones abroad. Ripple is excited to partner with BankDhofar and IndusInd Bank to enhance the cross-border payments experience from Oman to India to be easier, cheaper and more reliable with blockchain technology,”added Ripple’s managing director of South Asia and MENA Navin Gupta.
RippleNet was similarly used to establish a payments corridor between Egypt and the United Arab Emirates last week. Like India, Egypt is also ranked among the top five countries by the number of transactions it receives from abroad which plays a very important role in its economy.