Ripple has published a new report that showcases the immense potential of these technologies to revolutionize the global payments industry. This industry is projected to reach an astounding value of $250 trillion by 2027.
The “2023 New Value Report” reveals a significant shift in the payments sector in recent years. More consumers now demand digital-first banking services that provide a seamless user experience and modern interfaces.
However, notes the outdated and inefficient underlying infrastructure supporting money movement across accounts. The report highlights that 44% of the respondents consider payments as the primary driving force behind cryptocurrency adoption.
A huge shift in finance is underway. More than 80% of global finance leaders expect to begin using crypto in their business in the next three years.
Download the 2023 New Value Report to understand how to unlock the power of blockchain for your business. https://t.co/qQSHctnKW2
— Ripple (@Ripple) July 18, 2023
Additionally, nearly half of them view cross-border payments as a crucial application for crypto. Furthermore, more than 65% of the US population will utilize mobile banking by 2025. Online banking will garner close to 1 billion users in Asia by 2024.
Moreover, many customers remain oblivious to the underlying fragmented and outdated systems that fuel their transactions. It suggests these systems’ sluggishness, high expenses, and lack of transparency, particularly regarding cross-border payments.
The Benefits Of Blockchain & Digital Assets For Cross-Border Payments
Ripple presents the argument that blockchain and digital assets provide a superior solution for cross-border payments. This technology enables faster, cheaper, and more transparent transactions.
By facilitating interoperability between different tokens or chains, blockchain ensures seamless connectivity. Additionally, digital assets can function as a bridge currency, eliminating the complexities associated with multiple currency conversions and intermediaries.
The report appears Ripple’s payment network, RippleNet, as a prime example of how blockchain and digital assets can significantly enhance cross-border payments. By connecting more than 300 financial institutions in over 40 countries, RippleNet enables instantaneous money transfers with minimal fees and complete visibility from start to finish.
To facilitate seamless cross-border transactions, RippleNet leverages XRP—a native digital asset on the XRP Ledger—as an on-demand liquidity solution. It suggests that the global payments industry is on the verge of a revolution thanks to crypto and blockchain technology. It predicts that by 2027, this industry will soar to an astonishing $250 trillion.
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Furthermore, it reveals an exciting statistic: more than 80% of finance leaders worldwide have plans to integrate cryptocurrencies into their businesses within the next three years. This data signifies a growing recognition among these leaders regarding the immense value and benefits offered by these technologies, particularly for cross-border payments.