Blockchain technology is predicted to save financial institutions nearly $10 billion in cross-border payment expenses by 2030, says a report by Ripple and the U.S.
Faster Payments Council (FPC). Conducted among 300 finance professionals from 45 countries, the report revealed that 97% see blockchain as critical for improving payment systems over the next three years.
Over half the respondents believe the primary benefit of cryptocurrency lies in its ability to reduce costs.
As per Juniper Research, the use of blockchain in global transactions could result in significant cost savings for banks in the upcoming six years, potentially around $10 billion by 2030.
The report underscores that as the e-commerce market grows and businesses target international markets, cross-border payments will likely surge.
Predictions indicate that global cross-border payment flows could hit $156 trillion by 2030, driven by a 5% annual growth rate.
However, opinions diverged regarding the timeline for wide-scale merchant adoption of digital currency payments.
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Half of the participants were optimistic about most merchants embracing crypto payments within three years, but confidence levels varied regarding adoption within the next year.
Notably, participants from the Middle East and Africa showed the highest confidence (27%) in widespread merchant acceptance of crypto within the next year.
Conversely, respondents from the Asia-Pacific region were less optimistic, with just 13% predicting a similar adoption timeframe.
These findings follow a report from the Bank of International Settlements (BIS), indicating that up to 24 central bank digital currencies (CBDCs) might be in circulation in the next six years.
The BIS survey, which covered 86 central banks, revealed that 93% of them are exploring CBDCs, forecasting the circulation of up to 15 retail and nine wholesale CBDCs by 2030.
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