Blockchain will save financial institutions $10B by 2030: Ripple
Blockchain has the potential to save financial institutions approximately $10 billion in cross-border payment costs by the year 2030, according to a recent report.
Published by digital payment network Ripple, in collaboration with the US Faster Payments Council (FPC) on July 29, the report surveyed 300 payment leaders across the world, from various sectors, such as fintech, banking, and retail, across 45 different countries.
Results show that global payments leaders are dissatisfied with legacy rails for cross-border payments.Learn why 97% believe #blockchain and #crypto will transform the way money moves in our latest whitepaper with @Faster_Payments. https://t.co/qacuAAzZrR pic.twitter.com/ForjM05Wbb
The survey highlighted that 97% of those leaders firmly believe that blockchain technology will play a crucial role in facilitating faster payment systems within the three years.
It was also pointed out that there is a substantial anticipated increase in international payment transactions by the year 2030.
“Global cross-border payment flows are expected to reach $156 trillion – driven by a 5% compound annual growth rate (CAGR)," the report noted.
Related: X’s ad revenue sharing: Crypto payments on the horizon?
The report revealed a split in opinions among the surveyed leaders over when the majority of merchants would embrace digital currency payments.
While 50% of those surveyed were confident that most merchants would adopt crypto payments within the next three years, there were varied confidence levels whether it would happen within the next year.
Middle East and African leaders showed the highest level of confidence, with 27% of them believing that most merchants will accept crypto as a payment method within the next
Read more on cointelegraph.com
