Blockchain Technology to Further Boost Cross-border Payments

• Around 300 financial experts were polled across 45 nations by Ripple and FPC.
• Blockchain tech may save about $10B in cross-border payment expenses.

In research released on July 29 by Ripple, a digital payments network, and the United States Faster Payments Council (FPC), 300 financial experts were polled across 45 nations. These individuals work in fields as diverse as fintech, banking, media, consumer technology, and retail.

The analysis estimates that by the year 2030, blockchain technology may save financial institutions about $10B in cross-border payment expenses. Analysts, directors, and CEOs all agreed that blockchain technology would be essential in allowing speedier payment systems over the next three years, with 97% of respondents holding this view.

Increased Adoption Rate Expected

Additionally, more than half of the participants thought that cryptocurrency’s ability to reduce costs is the greatest advantage of all. More than half of respondents to the poll agreed that decreased payment costs (both locally and internationally) are crypto’s key advantage.

Moreover, financial technology research firm Juniper Research projects that banks will save a significant amount of money by using blockchain technology for international transactions over the next six years.

Cross-border payments are projected to increase in the future years. This is because the e-commerce industry is developing and companies place a higher value on global marketplaces. Also, the paper noted the predicted large growth in cross-border financial activities by the year 2030.

When asked when the majority of stores will begin accepting digital currency payments, however, participants’ responses were mixed.

Fifty percent of respondents were sure that most retailers will accept cryptocurrency payments within the next three years. However, opinions were more divided regarding whether or not this would happen in the following year.

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