The financial powerhouse Ripple recently announced a collaboration with the Faster Payments Council and published a white paper outlining how it plans to use cryptocurrency to revolutionize how money is moved around not only in the United States but also throughout the world. The report, referred to by Ripple as a “white paper,” explains how top payment providers anticipate the crypto and blockchain industry to transform current payment technologies. Ripple teased the white paper by tweeting that the global leaders of the payments industry are “dissatisfied with legacy rails for cross-border payments.”
Blockchain and cryptocurrency will improve payments internationally
Ripple and Faster Payments Council conducted a survey, in which more than 300 leaders of the payments industry, including analysts, directors, VPs, and C-level executives, participated, and the results were published in the report as being “exciting for the future of payments.”
They originate from 45 different countries and work at every level of this business, including banking, retail, fintech, even media and entertainment.
The most alluring aspect of cryptocurrencies for payments
The report emphasized that even though trillions of dollars are still transferred globally using “an antiquated and expensive payments system,” cryptocurrencies and the DLT technology are presenting a growing opportunity for better ways to transfer funds internationally, including lower fees and greater transparency.
97% of respondents believe that blockchain technology and cryptocurrencies will significantly change the payments sector during the next three years, particularly the cross-border ones. In the next one to three years, the majority of retailers will begin to take cryptocurrency, according to more than 50% of poll respondents. The most alluring aspect of digital currencies, according to them, is cost reduction.
With its ODL technology, which enables moving massive sums of money using XRP, Ripple is already well recognized for revolutionizing the cross-border payments industry. The finance behemoth has started dabbling in stablecoins and CBDC, as reported by U.Today.
