Former eBay chief product officer R.J. Pittman says that Ripple, xRapid and XRP could become extremely important for the role in the e-commerce growth.
Ripple could play an important role in e-commerce
During Ripple’s recent Swell conference which took place in San Francisco, Pittman said that only about 10-20% of all transactions in the US are currently performed online.
“We talk about the importance of payments in the future. We are nowhere close to hitting critical mass… Do we have the payment infrastructure? Do we have the scalability? Do we have the cost models in place? Because it’s going to get bitterly competitive when everything – every single transaction, every type – is being done digitally.”
Pittman said that Ripple’s digital asset XRP, xCurrent and xRapid may impact e-commerce a lot and he called Ripple’s products a potential lubricant in the global machine that’s powering cross-border payments for companies such as eBay.
He believes that Ripple’s products are the ideal steps in the right direction for his business which involves lots of buyers and sellers with merchants across 190 countries.
“We need new solutions because we only need to move the needle or move the dial on some of that friction problem in very small increments to have a transformative effect in the financial architecture of our company – or of eBay – we should say,” he continued.
The blockchain technology supports e-commerce developments
Pittman said that instead of being afraid of change, payment platforms and e-commerce firms could bee seeing massive development and growth if they decide to use the benefits of the innovative blockchain technology.
He believes that the indeficiencies that are involved in the processing chains for payments whether we’re talking about global payments across borders or even credit card settlements in the US are something antiqued. He concluded saying that there’s room for innovation and growth.