{"id":27490,"date":"2023-07-30T13:52:45","date_gmt":"2023-07-30T17:52:45","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=27490"},"modified":"2023-07-30T13:52:45","modified_gmt":"2023-07-30T17:52:45","slug":"ripple-report-foresees-blockchain-saving-financial-institutions-10-billion-by-2030","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/07\/30\/ripple-report-foresees-blockchain-saving-financial-institutions-10-billion-by-2030\/","title":{"rendered":"Ripple Report Foresees Blockchain Saving Financial Institutions $10 Billion By 2030"},"content":{"rendered":"

Blockchain technology is continually reshaping the financial industry, offering promising transformations in transaction processing. Its potential is immense, as outlined in a recent report<\/a> by digital payment network Ripple in collaboration<\/a> with the United States Faster Payments Council (FPC). <\/p>\n

The report presents a robust case for blockchain\u2019s role in expediting payment systems and the ensuing cost savings. But is the financial sector ready to embrace this emerging technology on a large scale?<\/p>\n

Financial Institutions To Embrace Faster Payment Systems With Blockchain<\/strong><\/h2>\n

The survey, which received inputs from 300 finance professionals spanning 45 countries, sheds light on the growing consensus about the advantages of blockchain. It illustrates a palpable shift in the perception of this technology across sectors including fintech, banking, retail, consumer technology, and media.<\/p>\n

Results show that global payments leaders are dissatisfied with legacy rails for cross-border payments.<\/p>\n

Learn why 97% believe #blockchain<\/a> and #crypto<\/a> will transform the way money moves in our latest whitepaper with @Faster_Payments<\/a>. https:\/\/t.co\/qacuAAzZrR<\/a> pic.twitter.com\/ForjM05Wbb<\/a><\/p>\n

\u2014 Ripple (@Ripple) July 28, 2023<\/a><\/p>\n

The majority of the surveyed professionals<\/a>, comprising analysts, directors, and CEOs, strongly assert\u00a0the potential of blockchain. Approximately 97% are confident that blockchain technology will be instrumental in expediting payment processes over the upcoming three years<\/p>\n

This widely-held conviction underscores the positive outlook toward blockchain, indicating a readiness to welcome its disruptive capabilities.<\/p>\n

A Catalyst For Cost-Efficiency In Cross-Border Transactions?<\/strong><\/h2>\n

Furthermore, the report highlights the cost-saving potential of cryptocurrencies. More than half of the respondents agreed that cryptocurrencies could significantly reduce payment costs, both domestically and internationally.<\/p>\n

The report predicts that blockchain\u2019s application<\/a> in global transactions could save financial institutions an estimated $10 billion in cross-border payment costs by 2030, substantiated by findings from fintech analysis firm, Juniper Research.<\/p>\n

With the rapid growth of e-commerce and businesses looking to penetrate international markets, the report anticipates a surge in cross-border payments. It estimates global cross-border payment flows could reach roughly $156 trillion by 2030, buoyed by a compound annual growth rate (CAGR) of 5%.<\/p>\n

Despite the optimistic views, the survey revealed a divide in opinions regarding the timeline for widespread merchant adoption of digital currency payments.<\/a> About 50% of the respondents were optimistic about significant merchant adoption within the next three years. <\/p>\n

However, predictions varied for the likelihood of adoption within the next year, with the Middle East and African regions exhibiting the most confidence and Asia-Pacific the least.<\/p>\n

Particularly,\u00a027% of respondents from the Middle East and African regions anticipate that a majority of vendors will adopt cryptocurrency payments in the following year.\u00a0While a mere 13% of\u00a0the Asia-Pacific (APAC) region forecasted the same transition period.\u00a0<\/p>\n

Regardless, over the past 24 hours, XRP has shown a slight uptrend<\/a> up by 0.7% with a trading price of $0.71, at the time of writing. This price action comes after the asset experienced a 4.1% decline in the past week.<\/p>\n

Featured image from iStock, chart from TradingView<\/em><\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Blockchain technology is continually reshaping the financial industry, offering promising transformations in transaction processing. Its potential is immense, as outlined in a recent report<\/a> by digital payment network Ripple in collaboration<\/a> with the United States Faster Payments Council (FPC). <\/p>\n

The report presents a robust case for blockchain\u2019s role in expediting payment systems and the ensuing cost savings. But is the financial sector ready to embrace this emerging technology on a large scale?<\/p>\n

Financial Institutions To Embrace Faster Payment Systems With Blockchain<\/strong><\/h2>\n

The survey, which received inputs from 300 finance professionals spanning 45 countries, sheds light on the growing consensus about the advantages of blockchain. It illustrates a palpable shift in the perception of this technology across sectors including fintech, banking, retail, consumer technology, and media.<\/p>\n

Results show that global payments leaders are dissatisfied with legacy rails for cross-border payments.<\/p>\n

Learn why 97% believe #blockchain<\/a> and #crypto<\/a> will transform the way money moves in our latest whitepaper with @Faster_Payments<\/a>. https:\/\/t.co\/qacuAAzZrR<\/a> pic.twitter.com\/ForjM05Wbb<\/a><\/p>\n

\u2014 Ripple (@Ripple) July 28, 2023<\/a><\/p>\n

The majority of the surveyed professionals<\/a>, comprising analysts, directors, and CEOs, strongly assert\u00a0the potential of blockchain. Approximately 97% are confident that blockchain technology will be instrumental in expediting payment processes over the upcoming three years<\/p>\n

This widely-held conviction underscores the positive outlook toward blockchain, indicating a readiness to welcome its disruptive capabilities.<\/p>\n

A Catalyst For Cost-Efficiency In Cross-Border Transactions?<\/strong><\/h2>\n

Furthermore, the report highlights the cost-saving potential of cryptocurrencies. More than half of the respondents agreed that cryptocurrencies could significantly reduce payment costs, both domestically and internationally.<\/p>\n

The report predicts that blockchain\u2019s application<\/a> in global transactions could save financial institutions an estimated $10 billion in cross-border payment costs by 2030, substantiated by findings from fintech analysis firm, Juniper Research.<\/p>\n

With the rapid growth of e-commerce and businesses looking to penetrate international markets, the report anticipates a surge in cross-border payments. It estimates global cross-border payment flows could reach roughly $156 trillion by 2030, buoyed by a compound annual growth rate (CAGR) of 5%.<\/p>\n

Despite the optimistic views, the survey revealed a divide in opinions regarding the timeline for widespread merchant adoption of digital currency payments.<\/a> About 50% of the respondents were optimistic about significant merchant adoption within the next three years. <\/p>\n

However, predictions varied for the likelihood of adoption within the next year, with the Middle East and African regions exhibiting the most confidence and Asia-Pacific the least.<\/p>\n

Particularly,\u00a027% of respondents from the Middle East and African regions anticipate that a majority of vendors will adopt cryptocurrency payments in the following year.\u00a0While a mere 13% of\u00a0the Asia-Pacific (APAC) region forecasted the same transition period.\u00a0<\/p>\n

Regardless, over the past 24 hours, XRP has shown a slight uptrend<\/a> up by 0.7% with a trading price of $0.71, at the time of writing. This price action comes after the asset experienced a 4.1% decline in the past week.<\/p>\n

Featured image from iStock, chart from TradingView<\/em><\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-27490","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/27490","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=27490"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/27490\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=27490"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=27490"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=27490"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}