It is no surprise that digital assets like XRP are regarded as the technology that will trigger the much-awaited revolution in the micropayments scene. One Ripple executive thinks so. The Ripple chief in focus is Navin Gupta. Gupta serves as the Managing Director of Ripple for the Middle East, Southeast Asia, and North Africa. During FinTech Abu Dhabi 2019, Gupta said hundreds of millions of people are expected to depend on micropayments to move value/money one day.
Gupta has attached greater importance to micropayments in the future. He even cited some real-world use cases such as allowing websites access to content for just a token instead of paying for a subscription.
According to Gupta cryptos can allow micropayments faster and at a negligible cost. He believes that micropayments are one area where a large number of publishers seek an avenue to meet hundreds of millions of users and get them on board. This way they will able to serve them bite-size content.”
Video Game Industry Could offer a Use Case for Micropayments
Another potential use case for micropayments could pop up in the video game industry. The billion-dollar industry sells games. According to Gupta, the sale of virtual in-game features is a potential mainstream marketplace that facilitates micropayments. Gupta says his son is already ready and is waiting for this. Here is how he put it:
“My son wins virtual swords and different things. The question is what if he wants to convert his virtual sword to ice cream? What if he wants to sell off his virtual sword for money? He will want to move to the next level before converting the virtual sword to ice cream. No payment system will allow him to do that. Everybody says to him, ‘your sword is valuable.’ However, he just needs ice cream. So the question is what can we do? It will be ideal to take the digital asset from him, through XRP, we can convert it to ice cream.
These are big markets in waiting. They will offer hundreds of millions of users. It is a market where there is pent-up demand but we are failing because micropayments system hasn’t launched yet. Ripple, is beginning to change this through investing in companies, working in the space and helping these firms find their businesses. This gives an idea of whose time has come.
