The day after day growth of this cryptocurrency, has been massive and yet very active. XRP is always coming up with new financial solutions that better its RippleNet. More than 100 banks and financial institutions across the world are members of the RippleNet.
A new system was recently developed and launched by an independent developer known as Weiste Wind. This new system lets users transfer cryptocurrencies via text. This new payment system called XRP Text.
The XRP Text system uses text messages as transaction triggers. It allows transfers of money via SMS or telegram. Users can send a specific amount of XRP token to a mobile number, withdraw or deposit specific amounts of XRP tokens to their wallets. Nothing is needed except the mobile number of the recipient and the XRP to be transferred.
XRP Text is added to the new applications that arise from cryptocurrency transfers with text messages, as we recently saw for example with Wuabit.
How it Works
The user first chooses whether he or she wants to use the telegram or SMS service. The user then sends instructions to the system whether to deposit, withdraw or send funds to another recipient’s mobile number by sending an SMS to one of the XRP bot numbers in relation to their country of origin.
Both the user and the receiver get a text message in case the user is sending money to another person. This therefore shows that XRP can also be sent to people who have never used this service before neither do they need to own a wallet for them to receive money.
Benefits of XRP text
Number one benefit of this new innovation is that the payment service is cost effective. XRP text works with TWILIO which charges a considerably small amount for the messages sent by the user. Transactions will incur the usual Twilio fees of $0.01 to $ 0.09. These dollars are first converted into XRP and then debited from the customer’s account.
Another advantage of this new technology is that the transactions are automatic and instant.
This new service is one more step towards the integration of digital currencies in smartphones and their ease of use.