Ripple has just released a report that reveals the growing impact of crypto and blockchain in the cross-border payments industry. The document highlights four key elements.
The Crucial Role of Crypto and Blockchain in Cross-Border Payments
For a few years now, the digital revolution has been reshaping the global payments industry. It puts the user experience first. Indeed, today’s users demand more efficient digital banking and fast transactions. To meet these needs, blockchain technology and crypto are emerging as key solutions.
This is one of the key points developed in The report from Ripple published on July 18. According to this document, 44% of participants consider payments to be the main driver of crypto adoption. They specifically recognize cross-border transactions as a major use case for crypto.
The Benefits of Blockchain for Cross-Border Payments
Unlike old, slow and expensive methods of cross-border payment, blockchain offers seamless global network. Payments are now made instantly, with reduced fees and full transparency.
The obsolescence of traditional payment systems
Also according to Ripple’s research report, traditional payment systems are now proving to be inefficient and expensive. They are hindered by:
- complex regulations,
- compliance requirements,
- currency exchanges,
- time zones.
Blockchain technology and crypto then impose themselves as the solution for a true globalization of payments.
Ripple’s Bold Crypto Projections
According to Ripple, the value of cross-border payments should reach $250 trillion by 2027. This growth will be boosted by crypto and blockchain.
Another fact: Over 80% of finance executives plan to integrate crypto into their businesses within the next three years. This will obviously have a significant impact on the global economy.
With a projected value of $250 trillion, the growing adoption of crypto and blockchain thus promises to transform the global financial landscape. File to follow…
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