The report notes that more than half of respondents "believe that lower payment costs <...> are crypto's primary benefit."
The recent announcement from Ripple, a digital payment network, paints an exciting future for the world of finance. By 2030, financial institutions could witness enormous savings of around $10 billion, thanks to blockchain technology.
In a revealing report released in late July, Ripple and the United States Faster Payments Council (FPC) surveyed 300 finance professionals across 45 countries from the banking, fintech, media, retail, and consumer technology industries.
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The diverse group of surveyed individuals were almost unanimous in their prediction. An overwhelming 97% of them firmly stated that blockchain technology will become a pivotal force in enabling faster payment systems within the next three years.
Moreover, it was agreed by a majority of the participants that the key benefit of cryptocurrency lies in its inherent potential to reduce costs. As quoted in the study:
In the survey, over 50% of respondents believe that lower payment costs — both domestically and internationally — is crypto’s primary benefit.
The belief is echoed by Juniper Research, a respected fintech analysis company, which forecasted that in the next six years, blockchain's role in global transactions will lead to a substantial decrease in banking costs.
The report predicts an inevitable surge in cross-border payments in the coming years as the world of e-commerce continues to expand and businesses focus on global markets. An exponential increase in international payment transactions by 2030 is projected, as per the report:
Global cross-border payment flows are expected to reach $156 trillion — driven by a 5% compound annual growth rate.
However, when it comes to digital currency payment acceptance by the majority of merchants, opinions among the participants were divided. While half of the respondents confidently believe that most merchants will switch to crypto payments within the next three years, the certainty levels about this happening within the next year varied.
Surveyed participants from the Middle East and Africa regions showed the highest level of confidence in this respect, with 27% being optimistic that most businesses would embrace crypto as a payment method within the coming year.
On the other hand, only 13% of the leaders from the Asia-Pacific region shared the same sentiment. Nevertheless, looking at the global pool of 300 participants, 17% believe such a shift could happen within a year.
The adoption of blockchain and cryptocurrencies holds enormous potential to transform the finance sector in the next decade. With significant cost savings and enhanced efficiency on the horizon, the future of financial transactions appears promising.
