Ripple, a San Francisco-based blockchain payments company, has set up a new office in India’s financial capital Mumbai to grab a share in the country’s multibillion-dollar remittance market.

The firm has selected former HSBC and Citibank executive Navin Gupta to head its operations in India.

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Commenting on the move, Ripple CEO Brad Garlinghouse said: “India is transforming itself into a digital economy and is an innovative leader in payments. Our new office in Mumbai, led by Navin, will allow us to respond to the rapidly-growing demand for frictionless payments by our current customers, Axis Bank and YES Bank, as well as other bank and non-banks across the country.

“Navin brings to the role a wealth of global banking and payments expertise that we are confident will drive demand for Ripple payments solutions into India. We are very excited to welcome him to the team.”

Ripple linked it foray into Indian market to the Indian government’s stated vision to transform the country into a digitally-empowered society.  It quoted reports that suggest India’s digital economy will surge to from current figure of $270bn to $1 trillion by 2022.

Gupta said: “India is the largest recipient of corporate and retail remittances worldwide, totaling close to $71 billion. The businesses and Indian expatriates sending money into the country want their cross-border payments to be as fast and seamless as payments made within India’s domestic digital payment network. Why should a cross-border transfer take any longer than an electronic transfer within India?

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“Ripple’s instant, cost-effective blockchain-powered payments can be a transformative component of India’s economy, helping bring the many who have limited access to payment services into the fold. We are committed to building our presence in this market with significant investment, and I look forward to expanding our local team with this vision.”

The company, which offers global payment services to financial firms around the globe, has previously opened new offices in Australia, Japan and in the UK.