- More than 80% of global finance leaders plan to incorporate crypto into their business models within the next three years.
- Ripple’s 2023 New Value Report highlights payments as a prime area for crypto adoption, with a focus on cross-border payments as a key use case.
As the digital revolution transforms the banking industry, outdated infrastructures are giving way to newer, more efficient systems, with blockchain and cryptocurrencies at the helm. The potential of these digital assets to revamp the traditional payment conduits has gripped financial decision-makers worldwide.
A huge shift in finance is underway. More than 80% of global finance leaders expect to begin using crypto in their business in the next three years.
Download the 2023 New Value Report to understand how to unlock the power of blockchain for your business. https://t.co/qQSHctnKW2
— Ripple (@Ripple) July 18, 2023
A Surge in Digital Finance
In the current digital-first banking era, user-friendly interfaces and enhanced user experiences are gaining traction. Yet, the fundamental infrastructures handling the transfer of funds between accounts remain in dire need of an upgrade.
According to Ripple’s 2023 New Value Report, approximately 44% of respondents envision payments as the most prominent domain for crypto adoption, with nearly half citing cross-border payments as the top use case for crypto. Traditional cross-border payments rely heavily on archaic rails, causing delays in transactions. In stark contrast, blockchain and digital asset technologies offer a seamless infrastructure, facilitating instantaneous transfers with reduced fees and complete transaction transparency.
Concealed Outdated Infrastructure
Despite the rapid rise of digital banking, the modern apps and services, which millions use today, still rely on the traditional payment rails built decades ago. The complexity of these old-fashioned systems, coupled with intermediaries’ requirements to validate transactions, invariably leads to inefficiencies and delays.
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As Ripple’s Head of Payments Products, Brendan Berry, eloquently puts it,
“The so-called innovation in this space often veils the limitations of the underlying infrastructure, providing consumers with an illusion of improvement.”
Crypto: The Future of Cross-Border Payments
However, the landscape is poised to change dramatically with crypto and blockchain’s radical capabilities. Crypto can effectively facilitate interoperability between different chains or tokens, dramatically reducing the time and cost associated with traditional cross-border transactions.
Berry further explains,
“Using a tokenized asset, the funds can move quickly without incurring the costs linked to traditional financial institutions acting as intermediaries.”
The Dawning of a New Era
A significant shift is on the horizon. A staggering 80% of global finance leaders anticipate integrating crypto into their operations within the next three years. Blockchain, by addressing the limitations of the conventional payments systems, is forging the path towards an era of seamless global payments.
For a more detailed understanding of why global financial and payments leaders believe in the power of blockchain and how financial institutions, regulators, and businesses can collaborate to actualize this new payments landscape, the New Value Report is available for download.
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