The former head of eBay products R. J. Pittman said that Ripple through their products xRapid and XRP can play an important role in increasing global growth of e-Commerce.
At a recent conference Ripple Swell 2018 in San Francisco, Pittman noted that to date, online transactions account for approximately 10-20% of all transactions in the United States.
– Now we are talking about the importance of payments in the future. And we are absolutely not ready for a turning point… we Have a payment infrastructure? We have scalability? Do we have a cost model? Because if not, then this will be a big problem with a subsequent increase in the number of digital payments, said Pittman.
Pittman believes that the XRP, xCurrent and xRapid can significantly change the modern infrastructure of digital payments, in particular for companies such as eBay.
– Buyer wants to know: have sent the seller the goods? The seller wants to know: whether to pay the buyer? Where is the money? True if the shipping address? And in most countries there is a middleman like PayPal, but not all. In the end it turns into a kind of game in the guessing game. Because of this, similar issues are the most frequent cause of calls to call centers. We had thousands of people in the call center that answered questions about where my product and where pay. And even if the buyer sends the money, it does not mean that the seller received the money, and the deal was settled. At the moment when it happened, was a completely different level of secrecy. And today, after listening to several speakers, I’m willing to say that Ripple, thanks xCurrent and xRapid, is going in the right direction will definitely help such businesses like ours, which has many buyers and sellers in 190 countries, said Pittman.
According to Pittman instead of fear of change, payment platforms and e-Commerce companies could receive a significant boost thanks to the technology of cryptocurrencies and the blockchain.
Inefficiency in processing payments, global payments across the border or even credit cards in local country that are incredibly outdated, is their price. Therefore, financial institutions have reason to implement such innovations. And they should not be afraid to lose any gains that they had in the last few decades. On the contrary. The idea is to open opportunities for unconventional growth, which can be tenfold, if you look at the numbers from the financial institutions using online decision today, said Pittman.
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