Ripple XRP is to deliver the first real-time payments between Oman and India harnessing blockchain technology.
Oman's second-largest bank, BankDhofar, joined the payments network of RippleNet, enabling it to connect with Pune-based IndusInd Bank for the first real-time mobile payments.
BankDhofar customers will be able to use its app to transfer up to 1,000 Omani rials ($2,600) to accounts in India, the Ripple team has announced on Wednesday.
India is the world's largest receiver of remittance Tokens, the Ripple team said, citing third-party data.
“This service will enable BankDhofar to be one of the leading positions to offer a range of new products and instant payment services from Oman," said Abu Baker Karim Al Balushi, Bank head of digital banking. "We look forward to enabling the service to other countries across the world.”
The announcement comes a little over a week after the National Bank of Egypt partnership with RippleNet to set up a remittance corridor with the UAE via Dubai-based financial services firm Lulu International Exchange.
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