The financial behemoth Ripple recently announced a collaboration with the Faster Payments Council and published a white paper outlining how it plans to use cryptocurrency to revolutionise how money is moved around not only in the United States but also internationally.
In a tweet, Ripple made fun of the white paper, saying that the leaders of the payments industry worldwide are “dissatisfied with legacy rails for cross-border payments.”
The document—referred to by Ripple as a “white paper”—describes how top payment providers anticipate that the crypto and blockchain industries will revolutionise current payment systems.
Crypto and blockchain to enhance payments globally
According to the paper, the development of cryptocurrencies and their rise in popularity are “exciting for the future of payments.”
More than 300 leaders in the payments sector, including analysts, directors, VPs, and C-level executives, participated in a poll that was conducted by Ripple and the Faster Payments Council.
They originate from 45 different countries and work at every level of this business, including banking, retail, fintech, even media and entertainment.
Most attractive feature of crypto for payments
The report emphasised 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 quantities of money using XRP, Ripple is already well recognised for revolutionising the cross-border payments industry. The finance behemoth has started dabbling in stablecoins and CBDC, as reported by U.Today.
