Ripple's Blockchain Forging Ahead to Save $10B in Cross-Border Payments by 2030

Ripple’s Blockchain Forging Ahead to Save $10B in Cross-Border Payments by 2030

Time Stamp: July 31, 2023 2:22 AM
4 hours ago 2 mins read category : News
  • Ripple’s report, in collaboration with the United States Faster Payments Council (FPC), underscores the transformative potential of blockchain in the financial sector.
  • Blockchain technology could potentially save financial institutions around $10 billion in cross-border payment costs by 2030, according to the report.
  • The timeline for widespread merchant adoption of digital currency payments remains a point of contention, despite the overall optimism.

The transformative power of blockchain technology in the financial industry is becoming increasingly apparent. This is the central theme of a recent report by Ripple, the digital payment network, in partnership with the United States Faster Payments Council (FPC). The report makes a compelling argument for the role of blockchain in accelerating payment systems and the potential cost savings that could ensue.

The survey, which gathered insights from 300 finance professionals across 45 countries, highlights the growing consensus about blockchain’s benefits. It paints a picture of a shifting perception of this technology across various sectors, including fintech, banking, retail, consumer technology, and media.

The survey results reveal a dissatisfaction among global payments leaders with traditional methods for cross-border payments. A significant majority of the professionals surveyed, including analysts, directors, and CEOs, strongly believe in the potential of blockchain. Approximately 97% are confident that blockchain technology will play a crucial role in speeding up payment processes over the next three years.

In addition, the report underscores the cost-saving potential of cryptocurrencies. Over half of the respondents agreed that cryptocurrencies could significantly reduce payment costs, both domestically and internationally.

The report suggests that the application of blockchain in global transactions could save financial institutions an estimated $10 billion in cross-border payment costs by 2030. This prediction is backed by findings from fintech analysis firm, Juniper Research.

Ripple and XRP are poised for a promising future. With the ongoing advancements in Ripple’s payment protocol and the increasing adoption of blockchain, XRP is set to make substantial progress in the crypto space. The coin’s potential to revolutionize transactions suggests a positive future for XRP in the crypto market.

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