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- Ripple and FPC surveyed approximately 300 financial professionals across 45 countries.
- Blockchain technology could potentially save around $10 billion in expenses related to cross-border payments.
A study published on July 29 by Ripple, a digital payments platform, in collaboration with the United States Faster Payments Council (FPC), involved a survey of 300 financial professionals from 45 countries. These respondents come from various sectors, including fintech, banking, media, consumer technology, and retail.
The report suggests that by 2030, blockchain technology could enable financial institutions to save roughly $10 billion in cross-border payment costs. A significant majority of analysts, executives, and CEOs concurred that blockchain technology will play a crucial role in facilitating faster payment systems in the next three years, with 97% of those surveyed sharing this perspective.
Anticipated Increase in Adoption
Furthermore, over half of the participants believed that the primary benefit of cryptocurrency lies in its potential to lower costs. More than half of the survey respondents agreed that reduced payment expenses (both domestically and internationally) represent the main advantage of cryptocurrencies.
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In addition, financial technology research firm Juniper Research forecasts that banks will achieve considerable savings by implementing blockchain technology for international transactions in the coming six years.
Cross-border payments are expected to rise in the upcoming years, driven by the growth of the e-commerce sector and the increasing emphasis companies place on global markets. The report also highlighted the anticipated substantial increase in cross-border financial activities by 2030.
When inquired about when most retailers would start accepting digital currency payments, the responses from participants varied.
Half of the respondents expressed confidence that the majority of retailers would accept cryptocurrency payments within the next three years. However, there was less consensus regarding the likelihood of this occurring in the upcoming year.
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