Cryptocurrency and Blockchain to Drive $250 Trillion in International Payments by 2027

Ripple, a major player in the financial technology industry, has released research highlighting the growing importance of cryptocurrencies and blockchain technology in international money transfers and predicting that the market for these services will be worth $250 trillion by 2027.

To satisfy the increased customer demand for digital-first financial services, the global payments sector has been experiencing a considerable shift, with a greater focus on user experience and contemporary interfaces. Services, with the research highlighting the need for enhancements to the underlying infrastructure that allows for the transfer of funds between financial institutions.

The paper also argues that crypto and blockchain technology can facilitate fast and cheap money transfers. Nearly half of the respondents believe that cross-border payments are a crucial use case for cryptocurrency, and payments are the most probable driver of crypto adoption, according to Ripple’s 2023 New Value Report.

According to the paper, traditional methods of settling international trade transactions may be expensive and time-consuming. In contrast, the distributed ledger and digital assets provide a streamlined worldwide network for sending and receiving funds instantaneously, globally, cheaply, and transparently.

The research also predicts that by 2025, over 65% of Americans would use mobile banking and that by 2024, almost 1 billion Asians will bank online. However, it claims that these clients are drawn in by polished user experiences that conceal an ageing, disjointed backend.

The old payment systems used to conduct cross-border payments are now antiquated, inefficient, and expensive since they depend on legacy railroads constructed decades ago, which Ripple identifies as one of the most critical and problematic parts of the global economy.

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